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Competitive Monitoring Metrics That Will Give You An Edge Over Your Competition
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Competitive Monitoring Metrics That Will Give You An Edge Over Your Competition
June 08, 2017 / ClickMaven

Competitive Monitoring Metrics That Will Give You An Edge Over Your Competition

Comparing your company or brand against your competition is vital to your success.

If you’re wondering why you should be keeping an eye on your competition here are a few reasons why:

Benchmark your brand: you can’t tell how good your brand is doing if you don’t know where you stand in your industry. You may think having 500 mentions a week is great, but what if your competitors are bringing in 5,000? Competitive monitoring gives context to your own metrics.

Learn from their hits and misses: You’re able to watch your competitors’ business strategies play out, and analysing them helps you learn from others’ mistakes and avoid making them yourself. Likewise form their successes.

Find new opportunities: Monitoring is not just about watching and taking notes. It’s also about using the Intel to take actions. That can range from reaching out to influencers talking about your competitors to generating leads from their unhappy customers.

But the list of benefits goes on. The thing is, competitive monitoring gives you key insights to make better decisions, which can go beyond marketing and sales. It can be used for improving your product, your customer support, or your PR strategy.

Share of voice by locations
This is crucial when your business is international, or if you want it to be. When entering a new market, it is important to know what the existing playing field looks like. By looking at what countries your competitors are present, you might also discover new markets that you should venture into. If you’re contemplating opening a new office, check where you’re most popular, and go where your potential customers are.

Top languages
This goes hand in hand with share of voice by locations. By looking at the top languages of your competitors’ mentions, you’ll discover new demographics to target. You may find that you need to adapt your marketing campaigns, website, and offer support in specific languages that you didn’t think about.

Brand sentiment
Sentiment is kind of like a metric that adds context to other metrics. So you might have the majority of the share of voice against your competitors, but you won’t want that if all those conversations are negative. It will add more context for your share of voice metric, and compare and contrast the sentiment of different competitors’ social mentions. You’ll be able to report on how the market views your brand in comparison to your competitors in response to different campaigns and events.

You can also look at individual positive and negative mentions of your competitors. What do people like and dislike about their product or marketing campaigns? This can help your sales, marketing, and product team figure out how to offer more of what your customers are looking for. You can have a clear view of which channels bring in the most discussions for you and your competitors, be it social media, blogs, forums, or more. This helps you figure out where you need to double down and focus on, and which ones you should just forget about.

Trending topics
Trending topics is a quick way to find out what conversations about your competitors are about, without having to go through every single mention. This is useful for understanding what people are most interested in, so you can steal ideas for content creation and future marketing campaigns.

In closing the lesson here is you can’t evaluate how well you’re doing without comparing your organisation against its competitors, same goes for your brand. It’s always better to get that reality check yourself than have someone else tell you, “You’re not as good as you think. And that is why competitive monitoring is imperative to your organisations success.

Source: Publi.sh.com

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