Competitive Monitoring: How and Why You Should Track Your Competition


This post is by Denise Stephan from Blog – Crunchbase


Whether you’re a C-suite executive, salesperson, marketer, or product developer, knowing who your competitors are and having detailed competitive monitoring that documents how they are performing is pivotal. To succeed in your respected industry, you need to understand as much as you can about who you’re up against. 

From companies dominating the market to the up-and-comers who might bring a different twist to an established product or service, your competition can directly affect how you sell, market, and operate your business and determine whether you’re successful or not.

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That’s where competitive monitoring comes in – to help your business rise above the competition. When monitoring, you’ll look at every move your competitors make, from their funding and acquisitions to pricing. Next, use that data to perform a competitive analysis, revise your business plan, and adapt to changes in your industry. With the right tools, competitive monitoring and analysis can be simple and easy.

By the end of this article, you’ll walk away with the knowledge you need to start effectively monitoring your competitors and beat the competition. Here’s what to expect:

 

What is competitive monitoring?

Competitive monitoring, also known as competitive analysis, is the process of identifying and auditing your competitors’ products, pricing, and sales and marketing strategies. Analyzing and (Read more...)