Why it is useful for a business to follow its industry and competitors

Why it is useful for a business to follow its industry and competitors

Any business is always a part of an ecosystem with its own characteristics and rules. You can scale, expand a niche, focus on a new target audience, launch new products or, conversely, enter new markets, and agree to decide on any of the listed steps, you will always need information to make decisions, data, which have become a weighty argument or clue for improving the existing situation.

Thanks to automated monitoring, today it is possible to collect information quickly and efficiently from resources for which manual processing is much more difficult and time-consuming. And this applies not only to monitoring social networks where content is produced and distributed at the speed of light, but also, for example, television monitoring. According to a study by Nielsen Global Media, in 2020 the number of TV news views in the world almost doubled compared to 2019. According to forecasts, the dynamics will only intensify in the next few years. Next, let’s look at examples of how you can use the monitoring of industry news and competitors to your advantage.

1. For a quick reaction to painful industry topics

Any industry has its own x-themes that evoke a positive and the same polar set of themes with a negative. For example, for the banking sector, painful topics can be – “inflation”, “depreciation of the hryvnia”, “bankruptcy” and others. Typically, such topics cause panic waves of public opinion, so it is good to work them out by building up a positive mood in the media. Measurements of tonality in such cases make it possible to understand that the situation does not get out of control. The dominance of the negative will be the first alarm bell for you.

2. To find new clients

The agricultural company, which is engaged in the cultivation of industrial and grain crops, thanks to the monitoring of competitors, learned that as a result of the rains, one of the key competitors received serious problems with the wheat harvest and would not be able to cover the needs of all its customers this season, including producers of beer and bakery products. Using the information received, the sales department managed to bring in 3 new clients, whom their competitors had to let go due to lack of grain.

3. To build a reputation

The CEO’s reputation is a trump card in the sleeve, which can be used in different ways – from industry expertise to broadcasting individual messages that will strengthen the position of a business in the market. Broadly speaking, building a CEO’s reputation is built on individuality and industry demands. And the more accurately the popular industry trends are adapted to the personal context, the better it will work in practice. If you are building a CEO’s reputation from scratch, then start by analyzing the reputation of other CEOs in your industry, find out what communication channels they use, assess the level of negativity on them in media and social networks. If the plans are to strengthen the CEO’s reputation, then the path may be the same, but the goals will be different.

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