UpStart Business Journal : Tips for Monitoring Competition
In today’s competitive markets, every piece of knowledge that puts your business one step ahead of the competition is always critical. Sometimes this knowledge can stem from the competition itself. Here are six easy ways to monitor your competition to look for a competitive advantage…
1.) Subscribe to their blogs
Businesses these days are becoming more and more transparent, use this to your advantage. Reading their blogs and posts can help you understand their newest features and latest products.
2.) Use their products
Using the competition’s websites often can help you discover new features on their webpages before they are officially released. Many companies “soft-launch” features little by little, keeping up to date with their websites can help you learn and detect these new features.
3.) Look at their photos
With social media and corporate websites, pictures are extremely easy to come by. Taking a look at each of these pictures can help you assess the company by finding out its culture, what computers and hardware they use, even how many employees they have.
4.) Monitor their press releases and news
Similar to reading their blogs, monitoring press releases and news can give you all sorts of information on the competition. To keep up with these, set up Google alerts to notify you.
5.) Monitor their Twitter and Facebook pages
A lot can be said of how people perceive your company, and the same goes for your competition. Monitoring these two social media sites will allow you to learn how the public feels about your competition, what they like and dislike can both be helpful.
6.) Understand their employees
Employees are the greatest asset to any business. Understanding the competiton’s employees can help you learn about the company, why it was started, and what drives the people behind it. Understanding them can be as simple as following them on LinkedIn or Facebook, use the web to your advantage.
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