You can’t live in a little bubble when you own a business; which is why checking on your competitors is so important. You can avoid the situations where they’ve failed, venture out to new opportunities they haven’t tapped, and use methods they’ve succeeded in.
But keeping track of your competitors can be overwhelming when you’re minding about 5 social media accounts, 3 websites, and other stuff. So get yourself a platform that will let you keep track of everything with ease and let you stay updated and in the know about what’s going on in your niche.
What You Need
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Plan with media monitoring platform
Setup Steps
Set up your Mention account.
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Register for an account at https://mention.com.
Start tracking.
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Click Create your first Alert.
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Choose who you’re monitoring, click A Competitor.
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Type in the name of your competitor and click Next Step.
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Add in the pages related to your competitor for you to monitor.
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Select the sources and languages you want to include > ClickView Results.
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Start your competitor analysis. Go to Insights Center > Click on a competitor.
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Choose a type of graph.
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You’ll find the results from the last seven days. Configure the options on the right panel to see the results that you’re after.
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Click the + sign to add a competitor for you to compare with > Your results will show up.
Find your competitors.
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Make a list of your competitors.
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Find their social media accounts, websites, etc.
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Get a platform to use like Mention. They offer real- time results and are used by big brands Microsoft and Adobe.
Timeframe
Time to do: 1 day
Time to see results: 1 month
Additional Tips
Visit your competitors as a customer and experience their products and their services. Study the people who run the company. Consider buying stocks if your competition is a publicly traded firm. Find your competitors’ clients and talk to them about what they like and if they’d consider buying from you instead. Check on their websites and reviews about them. Join conferences where your competitors would be.
Potential Results
Competitor analysis is an incredibly helpful way for you to earn more and move up your industry’s ladder. Increase your sales with better-informed marketing strategies.
