We will never get weary of emphasizing the importance of monitoring the work of competitors. You are not the only player on the market. Therefore, you cannot work fully by yourself without paying attention to other players. Monitoring the work of competitors allows you to see what marketing strategies they use and what results they get. In addition to understanding what is working and what is not, you can also compare your performance with that of your competitors.
Monitoring competitors allows you to create a unique product and place special emphasis on this uniqueness in your strategies. Generally, all products look good after the marketers have worked on them. However, there has to be a special feature that forces customers to choose a particular product.
Highlighting your advantages also allows you to justify the price of a product or service as monitoring competitors helps when it comes to price formation.
Situational marketing has become the main driver of sales in recent years. When a trend appears, it is extremely important to use it in time. You have probably noticed how, after a certain trend has already been used and abused by the audience, some company gets a wake-up call to implement it for their situational marketing. What does such an attempt look like? Somewhat pitiable.
Thus, you need to strike while the iron is hot. How does monitoring help with this? With special tools, you can monitor the increase in the use of certain words, which signal the development of trends. This way, you can predict trends and react to them in time.
The way you see your customer journey may be different from how customers actually interact with your brand. After contacting the company, clients share feedback about their experience on social media or forums. The ability to find and analyze this feedback allows you to build a better customer journey so that a potential user of the product becomes a customer, and the customer, in turn, comes back to make a repeat purchase.
In most cases, companies monitor not only their mentions but also those of competitors. In this way, overall monitoring analytics show the percentage distribution of mentions between companies, which also helps to understand the share of brand penetration in the market.
One of the strategies to increase the share of penetration is to increase the content distribution channels. They help create awareness and attract more consumers. Monitoring also allows you to track information about your competitors' distribution channels.
The more links from other sites lead to yours, the higher it comes out in search engine results. Whenever there are existing mentions of the company on the sites, all you have to do is contact the owner of the source and ask to add a link. However, you need to discover these references first. This is something brand monitoring can help you with.
Yet another area of planning where monitoring comes in handy. Research of the market and competitors allows you to evaluate and compare the budgets of companies as well. Should it be necessary to increase your budget, you will be able to explain it to the management and the financial department.
Now you will no longer question the importance of monitoring for marketing specialists. All that is left is to establish what answers you want to obtain with the help of this universal tool.