Disrupt With Kindness: What’s Competition Benchmarking?
Every now and then, businesses worry about being eaten by the competition. As established as you may be, there’ll always be someone bigger, better, with an army of loyal customers.
What’s your disruption strategy?
We aspire to have an edge over our competition. To put it simply, we have to dig beyond just knowing them and work on improving sales tactics.
Have you heard of competition tracking?
Here’s a tip: With brands focusing on Social Media, Competition Analytics lets you track and analyze performance comparatively based on different aspects with respect to yours.
Let’s go through some questions to understand the ease and brilliance of Competition Benchmarking.
What do you really monitor about your competition?
By using keywords and preferences, the gathering of data is easy. The catch is staying ahead of the trend. The first thing to derive is your competition’s ‘Trendspotting‘ strategy which helps you create more creative social media posts.
The second step is ‘Campaigning‘. It helps the marketing and advertising of your brand. The important thing is to know your competition’s influencers. This helps brew more User Generated Content through tagging and popularity.
Competition Tracking is one way to stray customers away from your competitors. You already know their flaws and influencers; it’s time to focus on Customer Experience.
How do you make your Customer Experience better than your competition?
Driving purchases through Incentive Marketing take brands a long way. Competition Benchmarking enables you to assess offers, features, and, most importantly, analyze Customer Sentiment.
Implementing change to your current brand offerings depends on how much you track, and what your customers perceive and feel about you.
Are you responding to your customers effectively?
Today, it’s all about quick assistance. Attending to customer queries in real-time is extremely beneficial. Responding effectively helps your brand win half the battle.
With Locobuzz’s Competition Listening feature, you can track your TAT alongside your competition’s. This adds to brand credibility and enhances Customer Service.
Ending with a quote: “Don’t let your business, but, instead, your competition fear you.” Keep it healthy, deliver quality, and leverage on data to quantify your performance.