How many times did you find yourself behind a competitor move?
Realizing they’ve changed something on their website, launched a new product, or a specific promotion…weeks before you notice something?
It’s one of the worst feelings you can have.
But it happens to everyone: it’s very hard to be effective at tracking your competitors: you always have something more important to do (and your job description doesn’t include competitor detective, right?)
The challenge of determining how frequently to track your rivals can be a daunting one, leaving many businesses feeling overwhelmed and unsure of where to focus their efforts.
This is not to mention how competitive analysis and monitoring can be very time-consuming, albeit necessary for the growth of a brand. The time and effort spent on competitor tracking can be allocated to working on your brand and strategy.
Therefore, the quandary: how often should you check up on your competitors? How much is too much? Are you doing enough?
By finding that sweet spot in tracking frequency, you're not just staying in the game, you're setting yourself up to win
Fear not because the answers are a short read away!
In this article, we'll delve into this pressing issue head-on, guiding you toward a solution that empowers you to outmaneuver the competition confidently and precisely.
How Often Should I Perform a Competitive Analysis?
Why you should conduct competitive analysis: the benefits
How often should competitor analysis be done?
Frequently Asked Questions (FAQs)
- Why is it important to track competitors frequently?
- How do I determine the optimal frequency for tracking competitors?
- What are some effective methods for tracking competitors?
Why you should conduct competitive analysis: the benefits
You’re probably already aware of the benefits of competitor tracking and analysis but to recap, here’s why it’s a must for any brand who wants to boost their marketing efforts and revenue.
Competitor tracking and analysis
- Allows you to be competitive and stay abreast of trends. You risk getting left behind if you don’t know what your peers are doing.
- Is a way to learn best practices and establish your business, if it’s new
- Helps you make better decisions and get new insights that you might not have thought of, insights that can solve problems your brand is facing.
- Allows you to take advantage of opportunities or blind spots your competitor has.
- Gives you ideas about how to develop and differentiate your product and value proposition. It also can be used to sharpen your pricing strategy and marketing efforts.
- Helps you predict your competitors’ moves and therefore, outmaneuver them
- Lets you benchmark your performance against your competitors and industry standards
- Saves you time and resources by preventing expensive mistakes and addressing weaknesses
How often should competitor analysis be done?
The quick answer is that it depends.
Factors that can affect the frequency of competitor tracking include your industry, niche, goals, and the unique problems your business faces.
The common schedules brands use are:
- Monthly
- Quarterly
- Seasonally (useful if your business uses a seasonal schedule)
- Bi-weekly
- Bi-monthly
- As needed or ongoing (for example, when you set up Google Alerts or look up competitors on search engines and social media)
At the very least, and this is the bare minimum, conduct a large comprehensive analysis once a year and update it every quarter. Any longer than that and your data becomes stale, defeating the purpose of competitive analysis.
An annual analysis may be insufficient if your industry or market is fast-paced. In those cases, conduct smaller audits every quarter.
On the opposite end of the spectrum, you can also perform a competitor analysis daily, if you wish.
However, doing this piecemeal (separate sign-ups to newsletters, manual checks on other brands’ ads, and marketing materials) will be too time-consuming and counterproductive. After all, you need to focus on your business, too.
Panoramata is an amazing tool for ecommerce benchmarking and competitive tracking and analysis. You can spy on competitors and benchmark your marketing efforts without the hassle of traditional methods of data collection.
The information is set up for you in easy-to-navigate dashboards and dedicated brand pages.
You can also take advantage of curated inspiration collections, a powerful search feature, and up-to-date industry benchmarks for nearly every ecommerce industry you can think of.
The bottom line is that you need to perform competitor analysis regularly. How regular it is is up to you but there’s no wrong way to do things.
This is just a starting point that we suggest. You need to strike a balance.
What you shouldn’t do is a sporadic competitor audit, especially if you’re new to an industry or rebranding. You’ll miss out on opportunities for more revenue.
Remember to keep running those checks regularly and your efforts will bear fruit tenfold.
Mastering Competitor Tracking for Ecommerce Success
And there you have it—keeping tabs on your competitors is like having a secret weapon in the world of e-commerce.
By finding that sweet spot in tracking frequency, you're not just staying in the game, you're setting yourself up to win.
So, whether you're a marketer, a big enterprise, or part of a savvy marketing agency, remember: it's all about staying sharp and staying ahead.
Cheers to building stronger businesses and leaving the competition in the dust!
Frequently Asked Questions (FAQs)
Why is it important to track competitors frequently?
Regular competitor tracking allows businesses to stay informed about market trends, pricing strategies, product innovations, and promotional activities of competitors.
This insight enables companies to make informed decisions, identify opportunities, and anticipate potential threats in the market.
How do I determine the optimal frequency for tracking competitors?
The optimal tracking frequency depends on factors such as industry dynamics, competitive landscape, business goals, and available resources.
Generally, businesses should strike a balance between staying updated and avoiding excessive resource allocation.
Assessing these factors regularly can help determine an appropriate tracking schedule.
What are some effective methods for tracking competitors?
Effective competitor tracking involves a combination of manual observation and leveraging advanced tools and technologies.
Methods include monitoring competitor websites, social media channels, and newsletters, conducting market research, utilizing competitive intelligence software, and participating in industry events.
Employing a mix of these methods enables businesses to gain comprehensive insights into competitor activities.
