No matter your business area, you will always have competitors. This is a fact that you must accept and try to take advantage of it. Most of you would wonder how your rivals can have a positive influence on your activity and why you need competitors monitoring tools… These are good questions so let’s find answers and increase your business perspectives in the end.
Why is competitor activity important?
Let’s start with a definition. A rival is a company, an organization, or a freelancer who shares the exact business area with you. On the one hand, such opponents are focused on the same target audience and take away from you customers you may sell your services and goods to. On the other hand, their activity could be a useful source of information for your company’s development.
In general, there are 2 main types of competitors:
– direct rivals who serve customers with the same services or sell the same goods as you. For instance, if you are an owner of a karaoke club then all other karaoke clubs are your competitors;
– indirect ones who work in other business areas but satisfy the same customers’ needs. For instance, all entertainment facilities (ice skating, bowling alley, nightclubs) will be competitors for a karaoke club owner.
Also, you should take into account potential rivals who don’t pose a serious threat to your company at the moment. They may do it in the future and use a strategy of monitoring competitors to extinguish you soon. That’s why it’s better to take a proactive role and scale your business using your rivals.
Key advantages of monitoring your opponents
Marketing experts have many ideas on how to help companies be proactive using the strategy of competitive analysis. Let’s see 3 main reasons why every company must monitor competitors.
You will access your rival’s public experience
Every rival of your business is a perfect free case to analyze successful and unsuccessful strategies. By tracking your competitor’s website using only Firefox and social media accounts in apps you can notice useful ideas, unexpected failures, efficient marketing instruments, and so on.
Remember that it’s better to stay in the shadows and not let your opponents understand you monitor them. For this reason, you require having a good VeePN extension. For instance, a VPN proxy VeePN has many helpful features and positive feedback. It allows you to use a free VPN proxy so it doesn’t leave evidence of your activity. Also, this is a free VPN no logs that suits your business safety strategy.
All you need is to add VeePN to your web browser. You can use Mozilla or another software that is compatible with this extension. Turn on this VPN anytime you plan to monitor your rivals to protect yourself.
You will detect and improve your weaknesses
Even if your company is successful at the moment, it doesn’t mean everything works properly. Mistakes happen but accumulating mistakes is a much worse scenario than a single failure. That’s why you have to compare your business’ activity to others so you can detect issues and find fast solutions.
For instance, by knowing the pricing policies of your opponents on the market, you may optimize your prices. Such an opportunity is extremely helpful for companies whose services’ fees vary a lot. As a result, you can select optimal prices that would be reasonable for your customers and improve your competitiveness.
You will find the worthy trends
Business trends change very fast. Yesterday’s viral content was a key to success in SMM but today people ignore Facebook and Instagram because they decide to fight against the addiction to social media platforms. As a result, monitoring opponents allows you to notice useful insights and implement trends before they become too popular.
For instance, opponents often put their offices and stores near each other. It seems to make no sense but such a strategy is called clustering. The clustering trend was used to help businesses be located in the places of accumulation of their target audiences. That’s why you may see a variety of restaurants on a street because this place is attractive to tourists and they would like to have dinner after a walk.
If you don’t understand why it is good to locate near competitors then you need to clarify 2 things. First of all, your customers will have a bigger choice and you may attract them by improving your services. Second of all, a variety of companies in the same place may make them overwhelmed and prevent sales. That’s why this and other trends are constantly changing according to the customers’ behavior.
Monitor to get ahead
Also, the search monitor competitors could give you many other benefits. Your company can prevent financial losses, avoid threats, discover new audiences, increase the number of your customers, and so on. Long story short, you need to track your opponents all the time to win a business battle.
So now you know how important it is to have a competitive environment for small and huge companies. For all these reasons, you should track your rivals and make monitoring a part of your business strategy.
Try to find and analyze your opponents regularly if you want to beat them. Use high-quality instruments to receive the latest insights and trends. Don’t forget about a VeePN so you can protect yourself and leave no evidence of your tracking. As a result, you will gain many bonuses for your business and increase your success!