It is easy for a company to become enthralled with what is going on within the business and lose focus on external market forces. However there is a lot to be gained from taking a step back and monitoring how the market is changing and how competitors are presenting themselves. With so much information out there in the online arena, it is often hard for companies to use this critical information source.
We have developed a structured and comprehensive process to analyse market trends and new developments to help our clients maintain a competitive advantage. We continuously track relevant information from a range of different sources, and at regular intervals we will aggregate the intelligence into a usable format.
The type of information collected – from regulatory changes to articles on new product developments – the information sources used and the competitors of interest are completely tailored to meet our client’s individual needs.
Our process is:
Customizable: create your own points of interest and hot topics to be tracked and monitored.
Creative: use of multiple different information sources and platforms with deliverables that attractively visualize content for greater impact.
Comprehensive yet concise: we will trawl the web and leave no stone un-turned, however only relevant and interesting news will be reported.
Real-time: receive critical ‘hot off the press’ stories as and when they are released (alongside monthly summary reports).
Actionable: recommendations on how to respond to news stories, as well as how these factor into appropriate marketing frameworks.
In an innovation driven market, our client wanted to understand what steps competitors were taking in new product development, and how industry focused websites were assessing product performance.
What we did
We set up a variety of automated bots and programs to monitor industry specific ‘chatter’ from a variety of different online information sources. Certain ‘hot alerts’ were set up (e.g. articles and posts focusing on sustainability of new products) at the request of the client and general sweeps of targeted sites were conducted.
Different search engines, specific competitor and supplier websites and industry specific news outlets were targeted to provide the most relevant and actionable feedback for our client. Secondary research was used to supplement the automated information by reviewing competitor websites, press releases and social media accounts to monitor marketing sentiment.
These findings allowed our client to gain a deep understanding on its competitors’ activities, and to develop a plan to better defend and strengthen its position.