Analyzing competitors’ activities is the starting point for any strategic business decision. Tracking your competitors’ actions allows you to predict their next moves, get inspiration and identify changes in the market.
Why should I analyze my competitors’ activities?
If you want to be recognized as an industry leader, you must always be one step ahead of your rivals. The basis and at the same time the most important aspect that will provide you with material for analysis is reliable research. The information gathered will allow you to
- identify the strengths and weaknesses of the competition,
- know the strategic objectives of your rivals,
- find a niche in the market and, therefore, gain a competitive advantage,
- obtain benchmarks that will allow you to implement best practices in your business
- draw conclusions from the failures and mistakes made by your competitors,
- convince your competitors’ customers,
Having a vision of your company means being one step ahead of your market. Without wasting time looking for the right information.
It is to have a maximum of information on :
- product
- customer
- competitor
- prospect
- market
- tool
Once you have captured the desired information, you must process it and distribute it to the right person.
It is necessary to organize the watch in the company in a recurring way.
You can start with market research (qualitative, quantitative), sectorial, but you have to set up or buy the results of these studies.
It is important to understand that monitoring is not only reserved for large accounts but for all companies (small and medium-sized businesses)
- press
- newsletter
- trade fairs, exhibitions
- conference
Analysis of the content and keywords of competitors
A well conducted competitive analysis also relies on monitoring the activities of rivals in terms of content creation and positioning. By knowing the strategy adopted by the rivals, it is easier to implement and optimize your own actions.
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