Big businesses place a high amount of their time and resources on collecting information about their competitors in terms of their target audience, services, products, and other aspects, so as to have a competitive edge. Unlike big brands, small businesses normally lack the resources required to track their competition effectively. However, if you are a small business with limited resources, there are relatively inexpensive ways you can use to track your competition. With up to date competitive information, businesses can perform an analysis of what is happening in the market.
Start with social media
Your competition is spending most of their time on social media, the likes of Facebook, Twitter among others. They are making all efforts to attract followers and convert them into loyal customers, as well a building awareness of their brand. You will do yourself a lot of goodness to track what your competitors are doing on social media. Tools such as TweetDeck and Hootsuite can be very important in tracking what your competition is doing on social media.
Besides tracking what your competitors are doing on social media, you also need to track their workforce. To gain an insight into your competitors’ workforce, you can make use of LinkedIn. LinkedIn can help you get information on the number of employees a business has, the tenure of those employees, their professional backgrounds, as other information. Such kind of information can be very useful to help you determine your recruitment and retention efforts.
You need to monitor the media presence of your competitors. There are numerous online resources that can help businesses monitor how often competitors have been named on social media. Talkwalker Alerts works same to Google Alerts and is structured in such a way that it keeps track of competitors as well as all mentions that happen on social media. Using social mentions. You can track content that is posted on sites such as blogs, including new stories and video. Other tools such as Meltwater news provide ways to track and deal with reputation management.
Trying their Products
Another sure way to keep up with what your competitors are doing and offering is to try their products yourself. Take their products, use them and tell how good they are. What you learn for you testing the products can help you influence your strategies towards twerking your products to include new features or an upgrade.
Talk to Customers
You can try talking to who have a have a better stance over what you are offering and what your competitors are offering. Talking to your customers can be an effective and inexpensive way to collect competitive intelligence. Ask they the reasons they have selected your business over the others. If your competitors are receiving press, seek to find out why they are receiving such press.
You can as well seek to partner with software companies that can help you create a customized dashboard that can help you have an easy tracking of all insights under one platform. Ensure that you have data analysts who can work on the dashboards and extract vital reports for your business.