Spying on your competitors is a must. Even though the word ‘spying’ naturally feels covert and wrong, you are simply in a business sense, becoming prepared to stand the best chances possible in a given marketplace.
Most of the biggest brands and well-known global companies use competitor tracking to keep their profits and progress so high. So, in fact, if you aren’t checking up on competitors, then you’re doing it wrong.
What you need to do is invest in a good competitor tracking software to do the hard work for you and glean the valuable data so you can leave yourself and the employees to focus on what you do best. If you are searching for good tracking software, Price Trakker’s competitor price monitoring software is a great place to start. They offer a number of strong solutions to get you in the know and competing to the highest standard you can.
Ethical And Legal Ways To Spy On Competitors
Competitors are strongly connected to your own interest, so spying on their moves makes total sense and is an essential part of the marketing mix. Your competitors are also targeting the same customer base and demographics, so they can provide plenty of useful information for you to tap into.
Here are some very ethical ways to spy on competitors, just like how all of the big companies are doing it to get the best data possible:
Finding Direct And Indirect Competitors To Understand
It all starts by finding out who your best competitors are and then classifying them. Your direct competitors sell exactly the same things you do. Indirect ones are also relevant even though they don’t offer the same products; they are targeting the same audience you are after. This means spying on them will give you insight into general marketing and communication methods that are working that you can also use.
Social Media Monitoring
Monitoring social media channels is something that practically anyone can do. Nowadays, social media is one of the biggest marketing tools out there for making consumers more aware of your brand, increasing sales and engagement levels too. So, watching out for your competitors’ keywords usage, wordcounts, language used, imaging, color schemes and more can give you a good idea of what’s working for your target audience.
Checking Out Digital Communities
Forums and online communities are also a good place to spy out the land and what is happening in terms of people’s reviews and recommendations. This will give you an idea of what people are buying and also who they are being influenced by for their purchase decisions.
It may be that there are influencers on these forums that are touting certain brands and once you track them down on Instagram, it could paint a bigger picture of that brand’s marketing strategy. As you can see, there’s plenty to consider when it comes to ethical spying on your competitors. Doing so can boost revenue, profits and consumer engagement.