In many ways, competitor monitoring is beneficial for long-term brand success. Knowing how local and major rivals are faring, especially through the eyes of the customer can be additional data that you can use to form new strategies or tactics that help your company stand out and appeal to new customers.
Thankfully, there are a few strategies that you can employ with reputation management software that can help you get the competitor data you need to make meaningful changes today.
Why is Competitor Monitoring Important?
Aside from keeping frequent track of your competition, competitor monitoring can yield valuable data that can weigh in on next steps. For instance, if a local rival is seeing an influx in traffic, your competitor analysis report can tell you via customer experience reviews. This bit of knowledge can help you create new marketing assets that better attract consumers or even fuel changes to your current service that make it even better than the competition.
Put it another way: competitor monitoring can reveal insights that you would otherwise ignore or not even notice. It’s a valuable tool that shouldn’t be overlooked because the insights provided can be crucial to making operational changes that improve the customer experience and your brand in the long run.
How to Conduct Competitor Monitoring
The easiest place to start your competitor monitoring efforts is through a brand’s online reputation. The right competitor analysis tools measure your brand reputation against those of your rivals, whether they are down the street or halfway around the world. For starters, you can see how much positive sentiment you get from your customer reviews compared to those of your competitors.
With customer experience analytics, you can dive deeper into your analysis. Specifically, you can see top positive and negative keyword trends, which can show you areas where a rival is doing well, and more importantly, where they are having issues. This data alone is powerful knowledge that can be used to better attract and retain customers.
When combined with local SEO software, you can further elevate your competitor monitoring efforts by keeping an eye on each competitors’ overall performance based on rating and reviews. These can help you decide whether your current reputation management strategies are effective or if they need changes.
Conclusion
Starting up your own competitor monitoring plan is easier than you think thanks to today’s competitor analysis tools. With just a few clicks you can see how your brand compares to the competition, and make the necessary adjustments in your operation and customer experience that pulls customers away from your rivals and directs them to your business.
Combined with other reputation management strategies, your brand can easily rise above the competition and see long-term success.
