Competitors monitoring is one facet that nearly all businesses have in common. As Andrew Medal explains, by not spying, you are at a significant disadvantage. Do you know that the success of competitors monitoring depends on using the right tools? Consider that in the modern-day and age, technology makes things much easier and efficient. Therefore for most things that we do in the business world including competitors monitoring, we result in using technology.
Ideally, to stay ahead of your competition, it is important that you apply modern techniques to monitor what the competitors are doing. By using technology to monitor the activities of your competitors, you will be able to retain your customers and attract many more.
Recently, we have seen various industry players increase their interest in Artificial Intelligence (AI). This is because AI is an important technology that makes it easier to accomplish several functions. Among the application domains of Artificial Intelligence in business, we have competitors monitoring. Basically, with competitors monitoring, businesses need to be keen not to miss out. Therefore, to closely monitor the competitors, you need to apply the best technology, and this is where AI comes up.
In this article, we feature how Artificial Intelligence can optimize competitors monitoring. Keep reading to find out ways through which you can optimize competitors monitoring through the use of AI.
Apply Artificial Intelligence Enabled Social Media Monitoring Tools
Every business no matter the industry they are in uses social media to engage customers. Therefore, there are very high chances that your competitor is using social media. For example, before rolling out a promotion, there are high chances that there will be a post on social media so as to popularize the promotion. Therefore if you are keenly following what your competitor is doing on social media, you can stay ahead and counter their efforts effectively.
Social Media monitoring tools help in giving you the idea of what competitors are doing. However, how well the tools used help in monitoring your competitors depends on the technique used. Adopting a competitors monitoring tool that applies Artificial Intelligence comes with an added advantage. This is because, through a tool that is enabled by AI, you can closely deploy social monitoring.
Through Artificial Intelligence enabled monitoring tools you are able to capture every social media post by the competitors and also their clients. As such, you can identify the complaints raised by the competitor’s current clients and effectively target the complaining client with alternatives. Note that not all social media monitoring tools will effectively monitor for you what competition is doing. This is the reason why you have to settle on the applications that apply Artificial Intelligence. Therefore, if you have been using a certain tool in the past, you might need to ensure the tool is enhanced using AI.
Mentionlytics.com is one such company offering Artificial Intelligence enabled competitors monitoring tool. With the Mentionlytics AI-enabled monitoring tool you can monitor on all social media platforms.
Using AI for Competitive Intelligence: Identifying New Strategic Moves by Your Competitors
Did you know that you can monitor what new products your competitors are planning to release? Well, now you know. Through the use of AI, you can be able to identify moves like the launch of new products. Such advanced monitoring enables you to prepare how to counter the move and retain your customers.
Ideally, Artificial Intelligence enables you to do this by monitoring online activities. For instance, we have online communities where companies engage their customers for ideas. This includes the use of different social media tools such as webinars. This is where the next big ideas are laid out, and therefore it becomes very important that you monitor such discussions. As a matter of fact, the infinite messaging occurring every day millions of times is a wonderful source of information.
The advantage of AI-enabled tools in monitoring such activities is that you will not miss any conversations that take place online. Insights from online consumer conversations not only help to identify gaps in your competitor’s strategies, but also let you know the next big ideas. Through machine learning techniques used on AI-powered monitoring tools, businesses can query into the global conversations. Using the information gained helps your business to enjoy stunning results.
Use of AI-Enabled Analytics Tool to Monitor Performance of Competitors Campaigns and Ads
Artificial Intelligence can also be applied in monitoring the performance of your competitor’s online campaigns. But why is this important? The reason is that you can identify where and how they are getting their customers. Basically, being able to monitor new campaigns rolled out and also check out the performance of those campaigns, gives you insights into what your competition is doing right. Let’s say that your competitor launched an influencer marketing campaign on social media. How many new subscribers, likes and comments did that attract?
Through monitoring the performance of Competitor campaigns, you can know the expectations of their customers. For instance, check out the number of likes, shares and reading the comments tells you what these customers like most. Such efforts help you in crafting counter adverts that will reach and attract more engagements than your competitors. For you to do this, you will need an AI-enabled tool so that you monitor the performance of different campaigns.
With an AI-enabled ads analytics tool, you are able to know the type of adverts run by your competitors that gain more engagements. With this knowledge, you can come up with better ads and target the same audience. An advanced tool will give you insights on the type of audience that your competitor’s targets hence gaining the high engagements. In addition, you are able to analyze poorly performing competitor campaigns. Therefore, with such insights, you will know the most suitable adverts and the ones that you can avoid. Would you like to come up with better effective campaigns than those run by your competitors? Invest in AI-enabled Competitor Campaigns monitoring.
Using Artificial Intelligence to Monitor What Competitors and their Customers Say about Your Brand
The reality is that there is a lot going on in the world of social media. Do you know that your competitors are discussing your brand and your products? However, the reality is that they will not use your name to directly refer to your business. So how can your business successfully monitor mentions even when the competitors are not mentioning your brand name or your products? The answer is that every business will need to deploy an AI-enabled monitoring tool. Such a tool will allow you to monitor and analyze all the posts sent out by the competitors. Through the use of Machine Learning, then you can identify when a post is referring to a brand or a product. This way, you can intelligently guard your reputation online.
The sad reality is that most business managers aren’t aware of the nicknames being used by their competitors and their customers when referring to them online. Unless when the names used refer directly to the company that is when they respond. Through the use of AI-enabled software you can analyze the different posts and therefore be in the picture of what the competitors and their customers say about you. By responding to such posts and posting new posts you can, therefore, guard your online reputation. Apply AI-enabled monitoring tools to enhance competitors monitoring. This will help you in identifying those negative mentions.
Monitoring Competitors RSS Feeds Got Better With AI-Enabled Tools
Your competitor’s website is another important place where you should monitor. The RSS feeds allow you to know the new big announcements made through their website. As the competitors talk to their clients through new content online, you are therefore aware of where they touch. Basically, monitoring the millions of posts that are posted on the competitor’s websites is a daunting task. This is given the fact that there are many industry players who happen to be your competitors. However, by using advanced monitoring software that utilizes Artificial Intelligence technology, you can effectively monitor the website feeds.
For example, you can set up the monitoring tool to monitor mentions on competitor’s websites and send you an email when such mentions are made. Interestingly, an advanced AI-enabled tool also allows you to know when comments are made on the competitor’s blogs. Therefore, if you invest in such an AI-enabled competitors monitoring tool, you will also have the ability to track mentions on various websites.
Not just competitors monitoring software has got the ability to report to your mentions on different websites including the review websites. However, modern-day advanced competitors monitoring software with AI capabilities helps in monitoring any online mentions.
Using AI to Discover How Consumers Perceive Competitors Products
AI-enabled competitors monitoring tools not only focus on what your competitors are saying. These tools are also capable of highlighting what their customers say about their products. Ideally, this is important because you are able to come up with various selling points. For instance, let’s say that your competitor’s customers are complaining about certain elements missing from their product. Immediately, you are able to put up an ad that shows how your product meets that requirement. As if that is not enough, you will also be able to target the complaining clients. This capability is enabled by using advanced AI-enabled the software.
In addition, through AI-enabled competitors monitoring software, you will have the ability to get real-time intelligence. Therefore, you will respond to the comments on real-time meaning you have a high ability to convert the complaining competitor clients. According to David Boon, the best way to strike a winning strategy with the consumers is focusing on areas that matter most. In this case, offering an alternative to the competitor’s customers who are complaining about matters. Therefore, the only way to gain insights into such is by closely monitoring the competitors. This is one of the reasons why AI-enabled competitors monitoring is a plus for your business.
Key Takeaway
Does your business have an effective competitor monitoring strategy? To successfully monitor your competitors, you need to make use of modern technology. Artificial Intelligence is one of the modern technologies that enable businesses to compete effectively against their competitors. This is by ensuring they adopt the above ways on how to optimize competitors monitoring.
Social media is a primary area of focus in modern-day competitors monitoring. Businesses need to ensure that they look into what the competitors are saying, what their customers say and also pay close attention to competitor’s ads and online campaigns. AI enables you to implement this type of competitors monitoring. Don’t miss any mentions online. Take advantage of the AI-enabled competitors monitoring tools available in the market today.
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