Valuable Competitive Insights Are Provided by Media Monitoring

Many companies are saying that they are keeping tabs of their competitors – without knowing that they’re just doing the basics. They monitor their competitors for branding and keywords – the thing is that what they do with all those information? And how can they predict what other brands are up to? This means that they need to go in-depth and really understand the competition. But how?

You may consider this post as a legal means of customer stealing… errr, we mean customer service and acquisition!

Monitoring the feeds of other key players in your industry can open a huge opportunity for acquiring new customers.

Imagine if someone posts a blog about your competitors because of a very “unfortunate incident”? As they say a disgruntled customer can make his sentiments known to other thousands of people online – which is definitely true! What if for some unknown reason your competitor wasn’t able to catch that as soon as possible?

If there’s someone who mentions a competitor’s name with some complaints, why not get your get your sales team working and reach out to that person?

How about visiting that particular post and leaving a comment saying, “We take customer service to the next level, and we take complaints really seriously, and quickly. We hope you can give us a try and see how we compare to the competition?”

It is of utmost importance that you’re able to position your brand as very helpful in the market and always willing to go the extra mile just to solve people’s problem. If you can do that, then you’re off to a great start.

This is only one of the reasons why you should monitor your competitor online.

Monitoring competitors will also allow you to understand their marketing strategy. How frequently they interact with customers and what they’re saying on their blogs can also be powerful tools in analyzing their business. This will also help you gain a better understanding about what’s working for them.

Monitoring your competitor can also help you discover the industry influencers who are engaging with them – like leaving comments on their blogs or engaging with them via social media. This also helps expose what makes your competitor tick with these industry influencers.

By “listening” to your competitors, you also become aware of emerging industry trends. Being aware of these trends will help you discover which campaigns in the industry are getting more traction.

When was the last time you really “listened” to your competitors? And what did you do with the information you gained through them?

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