Competition monitoring - keeping you up-to-date at all times

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Competitor monitoring is an essential component of marketing strategies. Its purpose is to monitor and evaluate the activities and developments of competitors.

In this article, we explain the benefits of competitive intelligence and show you why you should keep an eye on your competitors.

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What is competitive intelligence?

Competitor monitoring is the ongoing investigation of other companies, i.e. competitors, in one's own industry. This is why competitive intelligence is often referred to as competitive intelligence.

You can't do without competitive intelligence

This includes keeping an eye on your competitors' social media activities, price changes, marketing campaigns and product launches.

The results of this competitive intelligence provide companies with insights into the activities and strategies of their competitors, which they can then use to define and strengthen their own market position.

Why is competitive intelligence an important tool?

More and more companies are trying to communicate with their customers via multiple channels. This can make it difficult and confusing to keep up with the competition.

  • What do they post on social media? 
  • What is your email marketing strategy? 
  • What kind of content do you publish on your blog? 
  • Where do they get most of their traffic from?

By monitoring the competition, you always have an overview of this data.

The aim of competitive intelligence 

The aim of competitive intelligence is to find out where and how your competitors are outperforming your brand and where you have the opportunity to overtake them.

Observing the competition also involves collecting data on market trends and other important aspects of your industry. Companies can then analyze this data to derive actionable competitive insights and develop long-term strategies to gain competitive advantage.

The five main advantages of competitive intelligence 

Here are five key benefits of competitive intelligence:

You are one step ahead of the competition

The biggest advantage of competitive intelligence is that it gives you the insights you need to gain the upper hand. 

By keeping an eye on your competitors' activities, you can learn from their successes and failures, develop safe strategies, better position your products and differentiate your brand. 

For example, you can anticipate the launch of a new product or a company merger before it actually takes place. This information can help you to quickly bring a better product to market or develop strategies to prevent this merger from losing market share.

You can identify untapped markets 

By monitoring competitors' weaknesses, changes in customer demand, market trends and potential threats, your brand can capitalize on new opportunities before others do. 

For example, you could discover niche market segments that your competitors may be neglecting, such as a different age group or different interests. 

Or you might find that their customers are asking for a new feature. You can integrate this function into your product before your competitors do.

You stay up to date with industry trends

In business, things change constantly and usually very quickly. Perhaps there is new automation software that cuts marketing costs in half. Customers may demand more environmentally friendly products. Or there's a new viral trend that all your competitors are jumping on. 

Competitive intelligence helps you stay on top of all the latest news. You can adopt new technologies earlier, adapt your offerings to customer preferences, change your strategies and avoid missing out on short-term but potentially lucrative marketing trends.

You can discover potential gaps in your strategy 

Observing the competition is not just about seeing what others are doing. It's also about understanding your own strengths and weaknesses. By analyzing your competitors' social media, for example, you can uncover gaps in your own strategy. 

Maybe you need to share more engaging content. Maybe you're using outdated formats or posting at the wrong time. Researching your competitors can also uncover weaknesses in your products, services, business model and other areas where innovation and improvement make sense.

You can set benchmarks for future performance

By observing the competition, you can set realistic targets for your company. These can be sales targets, customer satisfaction values, the number of registrations or engagement rates. 

For example, you might notice that your competitor consistently gets good reviews on Google for their customer service. This could help you set benchmarks for your customer service team so they can try to get as many or more positive reviews as possible by the end of the quarter. 

Or monitoring the competition could show that your competitor is ranking well on search engines for several commonly used keywords related to your niche. Your goal could be to outrank them by creating high-quality content on these specific topics.

Conclusion 

You can't do without competitive intelligence. You must always be well informed about who your direct and indirect competitors are and what they are doing. 

With this knowledge, you will not only be able to master the numerous challenges of the ever-changing business world, but you will also always be one step ahead of your competitors.

Reputable mystery shopping agencies and mystery shopping agencies such as Mystery Agency can help you with competitive intelligence by offering their professional services so that you can focus on your work.

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