Research tells us that by closely monitoring our competitors, we can gain a valuable insight into their marketing strategies, which would reveal opportunities, while also revealing their weaknesses. What your competitors do has an indirect effect on how potential customers might respond, and with that in mind, here are some effective monitoring strategies to use on your competitors.
- Discover Your Competitors’ Keyword Strategies – In the cut-throat world of digital marketing, you need all the help you can get, and by taking a close look at the keywords that your competitors are using, you can identify specific keywords that they are not targeting and you can adjust your keyword insertions accordingly.
- Price Monitoring – Of course, price is a very important aspect of marketing, and by using an application that carries out ecommerce competitor price monitoring, you can identify your strengths, as well as your competitors’ weaknesses. By tracking competitors’ pricing, you can quickly identify situations that you can take advantage of, and this will help you to attract price conscious consumers by setting your prices at the right level.
- Social Media Activity – There are software packages that can track your competitors’ social media activity, which allows you to gain an insight into what people are saying about your competitors. If, for example, the application notices negative comments regarding your competitors and their products, then you can make sure not to make the same mistakes.
- Monitoring Articles About Your Competitors – There are software applications that can automatically download and save articles that contain data about your competitors, which can be read at a later date. Reading such articles can certainly give you a valuable insight into how the consumer relates to your competitors and their products, which allows you to learn from their mistakes and adopt successful strategies that are beneficial.
- Monitoring SEO Activity – You can actually get specific software that allows you to monitor your competitors’ SEO activity over the last few years, and this allows you to see what has worked for them and, of course, what has not. You can find out what keywords they have bought under AdWords, and you can even find out how much they paid for those keywords and the number of clicks those generated.
- Monitoring Competitors’ Advertising Campaigns – This enables you to see very clearly which ad campaigns have worked for your competitors and which have not yielded good results, and this data can influence your advertising campaigns in a positive way. In the event one of your competitors finds a very productive strategy to advertise, you will know all about that, and can set up a similar campaign, which should bring positive results.
Cutting edge business software allows you to do things that were impossible a few years ago, and having the ability to monitor your competition can really make all the difference when planning your marketing strategies. Monitoring your competitors allows you to avoid mistakes that they have made, plus you can replicate winning formulas that they have used, which should guarantee success.