If you’re a business owner or manager, you’re no stranger to monitoring your competitors. Depending on your role and profession, it might be anything from a 10 minute industry round-up each morning to in-depth analytics and estimation of resourcing. No matter what your monitoring activities look like, it is vital to stay abreast of what your competitors are doing for a whole host of reasons.
1. You can identify opportunities
When you know exactly what your competitors are up to, you can identify areas where they may be falling short. That might be related to customer relations or expectations, or it may be more resourcing-based. Either way, this presents you with an opportunity to one-up them, letting you either cut your costs or maximise profit in ways that they are not taking advantage of, placing you in a better position moving forward. Using specialised software to engage in competitor monitoring is advantageous because it lets you be consistent and thorough – check out the options for functions like carrying out an ASIC search or company search from software development experts like GlobalX Legal Solutions (find out more at this URL).
2. They might know something you don’t
If your competitor suddenly starts doing something unexpected, pay attention. You better believe they aren’t just doing it for fun – just as you wouldn’t make significant changes just because you felt like it, nor would they. They may have insider information, or better forecasting systems; whatever the reason, it is an indication that you should sit up and put some serious effort into figuring out what is driving their decisions.
3. Avoid doing the same thing
You know that guy who tells a joke and everyone just sighs because another person told that joke literally five minutes ago? You never want to be that guy. There’s no point in rolling out a creative marketing campaign only to find out too late that a competitor has done it all before. You don’t just look silly – you also look like you stole their idea. Then you have the added effort and expense of managing negative reactions. Once added to the under performing campaign, it adds up very quickly and if it is your responsibility to be across monitoring competitors, you will have a lot of explaining to do.
4. Get ahead of the game
Keeping your competitors in mind when you make decisions will drive you to push harder and explore new avenues wherever possible. Using your competitors as a motivator can help you expand the boundaries and break through barriers, giving your business first-mover advantage and placing you in the front of consumers’ minds. These both tend to translate well into conversions, meaning you are getting your return on investment, and positioning your business well for the future.
Monitoring competitors is about more than just seeing what prices they put on their products or services – it often involves a great deal of research and analysis. Do you have anything you would add to this list?