Marketing & Digital Agencies Competitor Monitoring
A procedure for systematically tracking and analysing competitor activities, positioning, and performance to inform marketing strategy and identify opportunities.
Purpose
To maintain awareness of the competitive landscape, identify threats and opportunities, and provide actionable intelligence that informs marketing strategy and tactical decisions.
Scope
Covers ongoing monitoring of direct and indirect competitors across all relevant channels including websites, social media, advertising, content, pricing, and deliverable changes.
Prerequisites
- Defined list of competitors to monitor
- Competitor monitoring tools and subscriptions
- Competitor intelligence template and reporting cadence
Includes provisions for Australian Consumer Law (ACL), Privacy Act compliance for customer data, and ACMA spam regulations.
Step-by-Step Procedure
Define Monitoring Scope
Identify the competitors and the specific activities and channels to monitor based on strategic priorities.
- 1.1Review and update the competitor list with direct and indirect competitors
- 1.2Define the monitoring categories such as deliverable changes, pricing, content, and advertising
- 1.3Set up monitoring alerts and tools for each competitor
Collect Competitor Intelligence
Gather information on competitor activities from multiple sources on a regular basis.
- 2.1Review competitor websites for deliverable, pricing, and messaging changes
- 2.2Monitor competitor social media activity and engagement
- 2.3Track competitor advertising activity using ad monitoring tools
- 2.4Review industry news and press releases mentioning competitors
Analyse Findings
Analyse the collected intelligence to identify patterns, strategic shifts, and implications for the organisation.
- 3.1Identify significant changes in competitor strategy or positioning
- 3.2Assess the potential impact of competitor activities on the organisation
- 3.3Identify opportunities and threats revealed by competitor analysis
Prepare and Distribute Report
Compile the analysis into a competitor intelligence report and distribute to stakeholders.
- 4.1Update the competitor intelligence report with the latest findings
- 4.2Highlight the most significant changes and their implications
- 4.3Distribute the report to marketing, sales, and leadership teams
- Focus the report on actionable insights rather than exhaustive data dumps
Inform Strategy
Present key competitive insights in strategy meetings and ensure findings are incorporated into marketing planning.
- 5.1Present significant competitive changes in marketing team meetings
- 5.2Recommend strategic responses to competitive moves
- 5.3Update competitive positioning and messaging as needed
Update Competitive Profiles
Periodically update the comprehensive competitor profiles with accumulated intelligence.
- 6.1Update each competitor profile with new data and analysis
- 6.2Refresh the competitive comparison matrix
- 6.3Archive outdated intelligence and maintain current records
Quality Checkpoints
Common Mistakes to Avoid
Expected Outcomes
Whether competitor reports are produced and distributed on the scheduled cadence.
Average time from identifying a significant competitive change to implementing a strategic response.
Frequently Asked Questions
How often should competitive analysis be updated?
Weekly monitoring of online activities is recommended, with monthly summary reports and quarterly comprehensive competitor profile updates. Significant competitive events should be reported immediately.
How many competitors should we monitor?
Monitor three to five direct competitors closely and track an additional five to ten indirect competitors at a higher level. Focus monitoring effort on the competitors most likely to impact the business.
What tools are useful for competitor monitoring?
Useful tools include social media monitoring platforms, SEO competitive analysis tools, advertising libraries, web change monitoring services, and industry news alert services.
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