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How to monitor competitor products

In order for you to stay ahead of your competition and provide your customers with the latest and greatest services, you must be aware of their products and their strategies. Keeping abreast of their products will help you to continually improve yours.

The following are a few ways you can monitor your competitor's products:

Identify your competitors
The first thing you will need to do in order to monitor competitor products is determine who exactly your competitors are. Not all companies know this, as new businesses are popping up all the time. In addition, mergers and buyouts can also result in new competition. Identify your competitors by searching for them by typing in your industry on Google or your favorite internet search engine. From there, you can find new companies and their websites and then make a master list of your competitors so you can track their progress. You should always keep this list updated.

Monitor your competitor's websites.
Your competitor's websites will be a good resource for continually updated information on their products, services, and happenings. This public information should can help you in many ways. Go through the website and carefully study how they are marketing certain products, what new improvements or changes they are making to their products, and so forth. In addition, read their company news page, which often posts press releases and other pertinent information about products.

Check their trade shows.
Participation in trade shows encompasses a large portion of a marketing budget, so monitoring which trade shows your competition participates in is essential. Many companies display their competitors and the events they participate in, and when, on a spreadsheet for easy reference. Knowing which trade shows they go to will help you decide whether you want to participate in the same ones.

In addition, it's important to be aware of trade shows in case the company is thinking of launching a new product or service. Participation in a trade show that you or your competitor wouldn't normally be involved with indicates the potential introduction of a new product.

Keep records
It's important to keep files of white papers, webinars, and other pertinent information that will give you an idea of where a competitor is planning on heading in the near future. In addition, keep files of websites, press releases, and ads from trade magazines that discuss products and services. Organize your competitor information in a way that it can be easily accessed and updated.

Check the employment section
When visiting your competitor's websites, you may also want to look at the section that has job openings. This can indicate if they are expanding in a certain department; for example, if they are hiring a slew of web developers, it may be a good indication they are getting ready to release something new. In addition, check the management pages - new names added in management can indicate expansion of products, or more expertise needed for developing new products.

Keeping track of your competitors' products is crucial. Not only does it keep you aware of industry trends, but it will also help you stay ahead of your competitors by marketing similar products at different angles or by improving your own product line in order to keep up with your competitors.

Monitoring websites and attending trade shows are great ways to keep track of your competitors' products.

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