Keeping abreast of your rivals might seem like a time-consuming exercise, but in business, it is definitely something worthy of your time and effort. Without this, you are flying blind, lacking knowledge of key insights that can be invaluable in developing your own strategy.
With competitor monitoring you can:
- Identify what you do best
- Be assured that you are on the right track
- See where others are spending the most money
- Identify where to invest your budget
- Optimise your business goals
- Correctly position your business in the market
- Identify changes and potential threats to the market
Understanding online competitors
Regardless of its size, no business can succeed without an understanding of its industry and who its primary competitors are. In the digital age, it is important to realise that your online competitors may not necessarily be the same as your main offline ones. Online, SERPs (Search Engine Results Pages) can be filled with unexpected contenders vying for the same results space as you, whether it be paid ads, organic results or a featured snippet as Google’s Position Zero.
Search engines are getting smarter and continually updating their algorithms. Google’s Bidirectional Encoder Representations from Transformers (BERT) algorithm (2019) is one of such sophisticated systems, capable of understanding the context of articles through NLP (Natural Language Processing). This allows Google to favour the article that answers the user’s question most precisely and most effectively. The source of that answer doesn’t necessarily need to belong to your market or even the same industry.
Competitor analytics right to your Customer Intelligence Platform
At Lighthouse8, we take a data-driven approach to competitor monitoring and let the facts speak for themselves. K8 does not need any preconceptions of who your competitors should be, but by using publicly available information from multiple data sources in real-time, she monitors their activity and provides actionable insights right into a customised reporting dashboard.
This data is then averaged out by K8 which allows our clients to highlight where the competition is, specifically spending on Paid Social, Paid Search, SERPs and organic campaigns. She can then use this information to action campaign changes that maximise results in real-time.
While shopping online, most of us don’t even realise how much effort we put into monitoring prices. When searching for a product, we will usually look around several retailers and vendors to see who is selling it at the cheapest price. By analysing competitors’ prices, you can effectively optimise and be agile with your product pricing strategy. Price monitoring can provide invaluable business intelligence data to identify market fluctuations, new competitor campaigns or other industry trends.
Identify what you do best
There are likely many similarities in how your competitors are optimising their business strategy. By arming yourself with the knowledge of what your competitors are doing, not only you can identify where you excel individually, but also learn and capitalise on gaps in the market.
Competitor monitoring can also provide the reassurance that you are on the right track in driving your business to success. The information provided can assist in figuring out winning strategies while opening you up to new opportunities for ideation, growth and adaptation.
Find out more about K8 and our Customer Intelligence Platform.