02 Oct Learn how to spy on your competition in 3 simple steps
Spying on your competition should be part of your monthly planning. In such a saturated digital space, we need to analyze what strategies and proposals different competitors offer to the audience that you might share in common.
It is important to note that spying is not the same as copying. We are not telling you to do what your competitors do because if you do so, you will lose the “value” or “differential” that your brand offers.
A thorough analysis of your competition will give you the advantage to rethink or innovate with better ideas and products, but it depends on several aspects. It is also crucial to assign a category or list them according to their importance.
The first of these could be defined as relevance assignment. Not all your competitors represent the same “threat” or exert the same “pressure.” Identify which ones are more relevant and those that are not to make the most efficient use of our research time.
The second would be the identification of digital ecosystems. There are no shortcuts here; you must all of their networks and note what they do and what they don’t, and you should do this periodically. This is as close as it gets to being a private investigator.
Our last step would be to review metrics and growth. You should identify what their growth strategies are, evaluate their effectiveness, and measure their marketing efforts.
If you study your competition, you will discover strategies you didn’t know about, find inspiration, have an edge or more innovative action plans, and avoid surprises that could affect the overall performance of your brand or business.