In any healthy business atmosphere, competition helps. Competition pushes the boundaries, forces companies to seek betterment constantly, and encourages creativity and innovation.
However big or small you are, if you want to be at the top of your industry, you need to keep track of your competitors. All the digital marketing today is based on information: about the competition, their plus points, and current trends. It’s called ‘Competitive Monitoring.’
It helps in adapting to the market changes, understanding customer demands, solving issues that have long plagued the industry, and making far more profitable decisions.
This strategy of monitoring all the competitors and their websites is essential to identify potential or existing competitors, learn their behavioral traits and what elements they’ve included in their websites, and finally anticipate their decisions. As a result, your business can always be ahead of the curve and beat the competition.
Why is it important?
Your business strategy should incorporate this tracking of the competitors and their websites, as it’s the face of any business in this modern age. In addition, it will give you a guide about what to do and what not to.
Tracking your competitors’ websites provides you with deep insights into the latest trends in your industry. Then, you can creatively plug them into your campaigns, products, or services. You need to keep up with the times as a business because people look for different things differently. So, if you get stuck, you risk becoming obsolete.
Competitor monitoring also plays a very important role in offering an overall design about them and their specific strengths and weaknesses. It’s like a youtube reviewer telling you the pros and cons of a product or service, but in this case, you can hire the reviewer to analyze for you. You can fix what you’re lacking in your business and emphasize the aspects you’re already better in.
Also, this tracking helps sniff the start-ups or businesses, which may very well shake up the industry in the future. As a scout, competitor monitoring identifies them and lets you know if they’ve captured the imagination of a newer class of audience. Then, you can set your business up to pull them in.
To avail of these benefits, you need to know about the biggest brands and their website experience, the industry leaders, and the top-class newcomers. There are various perks of monitoring them:
- Regular checking
The website is the first and most significant point of interaction between a business and its customers. This is the place they will come to check you out. So you need to represent yourself in the best way possible.
Take website screenshots to make the job easy and organized. Then you can analyze them at your own pace and time.
Regularly checking your competitors’ websites will be a good parameter for your own. You can judge their recent changes, events, launches, presentation, articles, images and visual aids, navigation, user experience, etc.; whatever you find good enough or efficient, you can use that on your website too.
- Check their pricing
You need to price your products and services rightly, especially if you’re trying to attract some traffic to your website. If you overcharge, customers will start looking for alternatives, and if you sell yourself short, nobody will believe in your quality.
So, you need to trade on a very thin line. And here, tracking your competitors’ pricing and the response to that pricing can help. Check their pricing pages, offering features in certain price ranges.
- Check their content
You can trackyour competitors by thoroughly analyzing their content too. Look for the content that’s performing the best for them, identify the most effective keywords in their content, try to attend their webinars for some inside knowledge into their vision, and maybe even sign up for their newsletters too.
- Take help from the internet.
You can monitor these competitor websites through the most modern and penetrative way that’s the internet. First, check their social media skills and the brand-building techniques they’re using there. Then, learn from their selection of apps/platforms, the sorts of updates they provide, how frequently they do it, their preferred topics for content, whether their posts have enhanced their reputation, and what kind of customers get attracted to these updates.
As we all have heard and perhaps agree that it’s “Better the devil, you know.”
So it’s always a good strategy to know your competitors inside out. That way, you’ll never repeat their mistakes and always know how to tackle them when they’re doing well. You can even automate some of the monitoring and tracking.
If you do it well enough, your marketing strategy will lead you straight to your customers ‘ Bookmarks section, and your website will never lay idly.