Competitor Monitoring
Providing real-time insights into your competitors’ activities, competitor monitoring helps you identify emerging threats to your business and anticipate changes in the market. It’s an essential tool for staying ahead of the competition.
Competitor Monitoring involves keeping a keen eye on competition
How do you track your market competition and stay ahead? Well, the answer lies in intelligent competitor monitoring. It refers to the process of tracking competitor information like tactics, strategies, strengths, and weaknesses to use this information to leverage your business and make smart decisions. Competitor monitoring essentially involves gathering information such as the competitor’s products and services, pricing strategies, marketing campaigns, sales tactics, customer reviews, and other relevant data points.
Why is competitor monitoring necessary for business growth?
Competitor monitoring is indispensable to growth as it helps you identify growth opportunities and, thereafter, adapt your strategy for success. Here are the top reasons why competitor monitoring is important:
Competitor monitoring and competitor analysis: Similar, yet different
Competitor monitoring and competitor analysis are often used interchangeably. Though closely related, they’re distinct concepts.
Competitor monitoring is about tracking and collecting competitor data that matters. It’s the first step to conducting a competitor analysis.
Competitor analysis is about extracting valuable insights from the data collected. Essentially, it’s using the information from competitor monitoring to assess your competitors' strategies, identify their key success factors, and evaluate the threats and opportunities they present to your business.
If you’re looking to develop a brilliant sharp business strategy and differentiate yourself from the competition, you need both!
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