Benefits of Monitoring Competitor Activity

Monitoring the activities of competitors provides business owners with valuable insight into the trends of the industry and the new tactics that are being implemented. It can also help you uncover new opportunities where your competitors fail to perform. With repeated competitor monitoring, tracking your performance against the competition becomes easy. 

The rapid changes in the business can also be identified with a strategically placed monitoring strategy. This will include planning your business's online reputation strategy at first. It enhances your marketing effort and attracts a new customer base. 

Let’s take a look at the 7 key benefits of monitoring competitor activities. 

Find new marketing strategies

Even after crafting a perfect marketing plan, you can fall short if you’re unaware of market trends. These trends, however, are very dynamic and there is always a possibility that your marketing tactics won’t work after a certain period. But by monitoring your competitors’ activity, you can easily figure out what kind of strategies work and avoid the ones that don’t. 

For instance, you can keep an eye out for your competitors’ social media presence. By just looking at the comments and outreach of social shares, you can identify new ideas and opportunities to gain a tactical advantage over your competition. 

Find new backlink sources for organic traffic

It's not a mystery that backlinks play a major role in improving the search presence of a website for a given set of keywords. Backlinks also divert organic traffic from third-party websites to your business which is essential for improving customer engagement. With help of online tools like Semrush or Ahrefs, you can easily identify the backlink sources that your competitors are using. 

Some of these tools are also helpful in understanding which content is gaining traction. It will help you generate new content ideas for your backlink-building strategy and attract customers. Backlink analysis is one key aspect of competitor monitoring. 

Convert dissatisfied clients into customers

Monitoring your competitors’ activities at regular intervals will help you identify dissatisfied customers from their business. You can take advantage of this opportunity by reaching out to these dissatisfied customers and offering them your products or services. 

But the important thing to remember is to approach them with professionalism like you would pitch your business to any other ideal customer. It’s not appropriate to push the customer into engaging with your business. Keep in mind they have already encountered a bad experience and are looking for an efficient alternative. 

When a customer appears to be interested in your business, you can present a solution(s) that meet their requirements and are convenient for you to deliver as well. By doing this, you can gain many new customers by monitoring your competitors.

Discover unexplored opportunities

Reviewing competitor activities will help you identify the products, services, and customer base of your competitors. It will help you identify new unexplored opportunities that you have been missing out on to expand your customer base and stay ahead of the competition. These unexplored opportunities can be something that only your competitor is offering but not able to satisfy customers with it. 

You can create a plan of action to serve the needs of those customers. It will also help you identify the customers whose requirements are not being fulfilled by your competitor. Introducing new products or services can help you reel in customers that were looking for a wider range of options.

Identifying new threats

Keeping a check on your competitor's activity will help you identify any potential or upcoming threats. You can evaluate these threats beforehand and take necessary actions to safeguard your business and online reputation. Identifying these threats at their inception will help you diminish them before they can cause any damage. 

These threats can be - 

• Entry of new competitors in the market.
• A manager or partnership between your competitors to acquire a more significant portion of the market.
• Drastic reduction in price to steal your customer base.
• Negative reviews and information being distributed by your competitor about your business. 

These scenarios are a few examples of threats that can affect your market. With competitor monitoring, you can take action before such things happen. 

Maintain a credible reputation

Keeping yourself updated about the market trends and monitoring the competitor's activities can help you present your brand in a better way. You can take advantage of the aspects they are failing to perform to enhance your business identity. This will help you acquire a wider segment of the audience and develop a positive reputation online which is advantageous for your business to grow.

Forecast your competitors' next moves

With a close study of your competitor's activities, you can predict their future moves and marketing strategies. This can be beneficial for you to make your product and service stand out. When you have prior information about the next moves of your competitor, you can analyze its impact on your business and take necessary actions to secure your customer base.

Here's how Freshreview can help your business!

Monitoring competitor activity has a lot of benefits as we have already discussed. While keeping a track of your competitor's activities, it is also necessary to maintain a positive image of your business. Your competitors will also be spying on your business to divert your customers. Customer review is a crucial element to stay ahead of the competition. Freshreview can help you build positive reviews and manage your placement to gain an advantage over the competitive edge and attract new customers.