Why you Must Monitor your Competition

The Made Simple Group
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Business success does not happen overnight – well mostly not. It takes time, effort, some bumps along the way and most importantly (in my opinion at least), research.

The Great Aristotle once said ‘The secret of success is to know something nobody else knows’ and this is the type of thinking one should apply when going through the research process; scrutinise and examine what others are doing, and from that, understand what isn’t yet being done. This could ultimately set you up with a winning strategy.

It is imperative that you monitor competition in your chosen industry; fortunately there are many ways in which this can be done. Online tools such as Google Alerts, TalkWalker and Mention (all free!) are great for monitoring activity of your competition in terms of what type of marketing material they are putting out.

Of course it is equally important to understand how your own customers feel about you. Therefore use the above tools to find out what people are saying about your business. You may be surprised by how often you’re mentioned in forums and social media. Which leads nicely onto…

Another excellent method to keep tabs on your competitors is to track their social media activity
. Following your rivals and seeing what they are posting, retweeting and pinning (etc) can be insightful, and whilst I certainly wouldn’t condone directly replicating someone’s social media strategy, I do believe that you can always learn from what others are doing. Assessing how others disseminate their content across various social media platforms can offer a different perspective on how to approach and interact with your target audience.

By using the right monitoring and research tools it’s possible to build a savvy, well informed, and most importantly, customer centric strategy. Good luck!

This blog post was bought to you by David Goulden from the Made Simple Group


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