Why We Recommend Keeping Track of Competitors

Looking for additional ways to stay relevant in the fast world of business? Look no further than your nearest competitors. Competition is a driving force for many businesses and staying tuned into your rival’s marketing tactics can ensure you stay competitive long into the future.

While competitor analysis is a key part of initial market research, many businesses forget to check in once they hit a stride in day-to-day maintenance. This can be a critical mistake. There are numerous benefits to understanding the surrounding landscape, yet businesses often overlook this task as part of their regular business practices.

As a PR firm, we make it our business to know your competitors. Not only does it help us identify opportunities to differentiate your business, but it also serves to prompt growth. As with any of your marketing-related contractors, advertising, marketing, PR, crisis management or otherwise, the onboarding process should include competitor analysis or mapping. This will enable you to stay agile and aware of your business landscape.

To begin implementing the practice in your business, increase employee involvement and gather a team. Ask each team member to list competitors of your business. There will likely be variations, and that’s good – it prompts interesting discussion. Use the exercise checklist at the end of this post to see what each team member should bring to the discussion. Be prepared to share insights. 

Once the list is compiled, it's important to keep tabs on your competitors. This semi-annual “check in'' with your competitor list will keep it accurate and up to date. Take time to follow them on social media and intentionally track their practices each month. For example, follow their Instagram, and LinkedIn pages. Additionally, make an effort to check for accounts on newer platforms, such as TikTok. When visiting these pages, ask yourself the following questions. How is their audience growing? How does their growth compare to yours? What does their engagement look like? How active are their followers? What kind of posts are getting the most traction?

Take into consideration everything from the layout of their grids to vacant positions and who they are actively recruiting. Consider how often they are posting. When evaluating their open positions, think about where they are experiencing growth and what their current focus is. Also consider their press coverage – what events are they attending or sponsoring? Are they speaking at events in markets you are unaware of? This information will also help you understand where their attention lies.

Lastly, consider signing up for your competitor’s email list, as it allows you to peek into their process and see what they are sharing with their audience.

There are plenty of tools that can help with a competitor analysis. These include: Page Transparency on Facebook, SEM Rush, and Built With. Additional clarity and insight will accumulate as you gather information over the first few months. Be prepared to gather the information and incorporate it slowly as you gain understanding of your audience’s options and strengthen your business presence. Avoid direct style copies of your competitors. Instead, investigate their weaknesses and adapt your strategy to make gains where they have lost. It's one of the most basic ways to create differentiation in saturated markets.

By incorporating monthly competitor tracking into your business, you will broaden your reach and gain insight to spark further growth for years to come.

Follow our step-by-step instructions below:

• Make a list of 5-10 competitors.

• Competitor analysis: name, web presence, social media presence, reputation, pricing, clientele, industry relationships, location, branded app, loyalty program, newsletters, brand colors, tone of voice, and differentiators.

• Follow social accounts.

• Track month to month.

• Discuss findings with your team

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