Agent XX, who has heard the question, beckons you closer.
“Spying on the competition is another of my favorite activities. I start by making clear that is nothing illegal, because we intercept only public data that everyone could retrieve… if they knew how to do it and if they had the right tools, of course!” she exclaims with a smile.
“What would you know about it?” Agents XX asks.
“Of course. Although I would rather say that it is NOT monitoring the competition that’s a big disadvantage!” Agent XX says with her usual tone of someone who knows something more, and can’t wait to tell it to you.
Are you not convinced yet that monitoring your competitors it’s vital? Here are three reasons that will make you change your mind.
Think how easy is it for people to gather information about products and services!
Reading online reviews and evaluating the different offers, in a few clicks they unveil all the pros and cons of products and services.
It’s not unusual to see clients who know more than the same company about the offer of their competitors!
It seems a paradox, but many companies we worked with didn’t have a clue about the type of products their competition were selling, especially in other countries they were not so familiar with. They didn’t know if they were launching new products and they had no plan on how to monitor price changes and new offers.
Today it’s possible to advertise on music platforms like Spotify, or to sell through Amason Dash, small devices that allow customers to re-order the same product simply pushing a button.
You sure understand how useful it is to know what the competition is doing to find inspiration and not to stay behind!
They start as innovative projects, proposing new technologies and new business models, and shortly grow more and more. Day after day, the startups snatch the market shares of solid companies, which often notice it when it’s too late!
Another story would be intercepting these projects when they start, to turn them into allied or to plan the necessary countermoves.”
“It depends on the goals, as always” answer Agent XX.
“First of all, we spy on competition’s marketing strategies, to understand which channels they are exploiting and which of them are working more for them.
For example, we can identify what lead generation initiatives are they putting in place, as “bring a friend” promotions or sweepstakes, and how do they promote them.
On social networks, then, we spy on the publishing strategies on each channel: how often they publish that type of post and what’s their tone of voice. We find out if they are launching new campaigns, and we evaluate whether the fans response is positive or not.
From this analysis, companies can discover valuable information to optimize their strategy, to avoid making the same mistakes – if there are for example posts that had a very negative response! – and to take inspiration from the posts that have been very successful.
The company can also clearly see if it is doing better or worse than the competition, and then set achievable goals to improve its visibility.
But we do not just spy their marketing strategies. We can also provide a complete map of the products and services offered by competitors, complete with their prices and their distribution strategies.
This way, we help companies define their positioning and their product/service offer, thanks to the full picture of what’s already happening in the market.
“Precise as always, XX” exclaims Agent 007. “I would only add that in addition to social networks, we can also spy on the websites of competitors.
Maybe one of your competitors has just launched a brand new website, but do they really have more visits than your website?
We can estimate how many people visit it and even wiretap how users come to your site, whether by email, from the social network or from Google searches. Information that are very useful not only to improve the content of your website, but also to make the right changes in your online strategy. “
“Good question,” replied Agent XX. “Again, the answer is: ALWAYS!!
The best thing is to monitor competitors continuously, through tools that warn you in real time when something important happens. If this is not possible, you should monitor them periodically, at least on a monthly basis.
In those cases, which unfortunately are quite common, we start with a full analysis of the competition and then proceed with the ongoing monitoring of the most dangerous competitors.
Since there are no more questions, Agent XX collects her things, greets and leaves the room.