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How to conduct competitive monitoring?

Competitive monitoring in 3 easy steps:

  1. Choose which competitors you’ll analyze
  2. Choose what you want to monitor
  3. Choose the tools you’ll use

1. Choose the targets
– which competitors you’ll analyze

We need to think not only about direct competitors – those brands whose products look just like yours – but also those chasing your same market. There are three main categories of competitors:

  • Direct competitors offer the same product as you.
  • Indirect competitors target the same need with a different product.
  • Replacement competitors compete for the same budget.

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2. Choose patterns
– what you want to monitor

One benefit of real-time competitor analysis is you’ll know when they launch new campaigns and products. It goes without saying that if a competitor produces something exciting or innovative, you need to know right away. Decide which of these elements are most important to track based on your own marketing strategy.

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3. Choose tools
– what you want to monitor

There is a range of different tools you could choose. Web tracking tools, Social listening tools and finally monitor backlinks let you find sources that link to your competition and tell you their best-performing pages.

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Need Help? Schedule a Meeting

Just pick the time that works for you.
Axel Hoehnke will be your point of contact.

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