Competitors & Peers
Simply counting the number or frequency of mentions you and your competitors are getting and toning them for sentiment is insufficient — you need to know exactly WHAT is being said (or not said).
Understanding how to differentiate your brand means knowing as much as possible about your competitive landscape and harnessing this insight to revamp your existing strategies and tactics. Competitive Intelligence can be especially important in noisy and crowded markets where everyone is talking about the same topics.
A strong competitor and peer tracking strategy helps you:
Comprehensive, accurate coverage about your competitors lets you benchmark your own communications initiatives and plan future tactics. Discovering where your peers stand when it comes to industry trends, brand drivers, message penetration, and spokespeople coverage will help you identify where there is room for improvement and where you are strongest, and allow you to plan accordingly.
Determine Who’s Covering Your Competition But Not You
Determining which influencers are covering your competitors is an essential way to uncover new outreach opportunities. Pair this information with specific data about what these authors have been writing about, who they are quoting, how frequently they cover a topic or brand, and your team can craft pitches that are sure to hit the mark.
Harness Market Intelligence
Companies can glean all manner of useful insights about customers’ perceptions of their company and competitors’ products through media intelligence. Compare the messages that your competitors are putting out about themselves to messages key authors and outlets are writing about. You might be surprised to find that there is a disconnect. Competitive intelligence like this can show you easy gaps that you are well-suited to fill.
Share your findings with other parts of the organization like the C-Suite, investor relations, marketing and product development to ensure that your company is always one step ahead of the competition.
Most departments or business units monitor key performance indicators to determine how well they’re achieving their tactical and strategic objectives.
Using competitive media intelligence to understand your competitive landscape is almost as important as managing your own brand.
Managing communications in an industry with very few direct competitors might seem like a cake walk. Until you need to differentiate your brand from only a handful of others – then it gets interesting.