The Wildwood team has recently worked with media intelligence and social monitoring company Meltwater to develop a webinar on competitor benchmarking and its importance.
We were delighted to be asked to present a webinar by the Meltwater team as it gave us the opportunity to explain the benefits of monitoring and analysing competitor data. Within the webinar we provided a brief introduction into competitive intelligence, outlined why it is important and more importantly how it can be done.
Competitor benchmarking is a good way of understanding how you company is performing against others and importantly ensure that you stay competitive in the market. It provides you with insight into what a competitor is doing, what works, what doesn’t work and what you can use to your own advantage, whether that’s by adopting successful practices or avoiding ineffective ones.
It’s important for you to know as much as possible about the market you or your client operates in so you can run effective campaigns and target the right audience. Understanding trends and patterns in the market will also help you make timely decisions based on the products and services consumers are searching for as well as spotting opportunities to raise and improve your own profile. By understanding how your competitors are engaging with customers and the language they use and topics they speak about, you can join the conversation.
It allows you to optimise strategy and improve the effectiveness of internal and external marketing campaigns. Importantly, with proven results, you can fight for more budget.
Perri Robinson, Head of Marketing UK & Ireland at Meltwater, comments, “By paying attention to the data that your competitors and their consumers leave on the internet, you’ll be able to make better, more informed strategic decisions. Social media data can provide insights on your competitors reputation, engagement and what their audience like and dislike about their products. Analysing media coverage can reveal acquisitions, hirings and important brand mentions. This data can then be broken down to reveal brand sentiment, share of voice and reach.”
The important thing to remember is that it doesn’t have to be difficult. Competitor benchmarking can fit around your business and its departments, being as broad or as granular as you like. There’s no set approach. It all comes down to do your aims and what areas are important to you.
These are five key things we feel are vital if you are considering running competitor benchmarking:
- Be clear about what you are benchmarking
- Remember that benchmarking should be an on-going process
- Use the right tools
- Have the right tracking and analytics in place
- Make it actionable
You can watch the webinar here
If you would like to find out how competitor intelligence could help your business, please do get in touch and learn how we can help.