Whether you need to monitor your competitors, keep track of innovations or monitor the local regulatory directives on your local markets - automated content monitoring is an extremely smart and time-efficient way to make sure you get access to important information, insights and content in a quickly and timely manner. Below I have listed some important perspectives that are perfect to use when dealing with your external surveillance and that can be applied to all industries.
Competitors By monitoring your competitors, you are keeping up to date with your competitors operations and market positions. How are they doing when it comes to innovation? Are they mentioned in industrial news? Are they exposed and mentioned on more platforms than you? These insights are important no matter what industry you are in.
This type of intelligence is useful at every stage of your competitor analysis. Good aspects to keep in mind are share of voice, well-being within the company and market position so that you can compare their values with your own. But also to teach you exactly what your rivals' customers appreciate and dislike about their products (so you can improve yours).
Innovation news for your specific segment Make sure you keep up to date with what's happening in the industry and how the leading innovation and technology is moving. Mainly for future product development and strategic decisions. But it’s also proven that external monitoring and strategy work that are linked to each other have a greater effect.
Updates on regulations based on your market By monitoring the local regulations within your specific markets you can quickly get information about regulatory and legal changes and then adapt to them in a timely manner and make sure that you follow the laws that apply to your business.
News and updates in the industry Regardless of which industry you operate in, it’s important to ensure that you are up to date on what is happening to make sure that you stay relevant and that your service or product has a solid and lasting demand. By monitoring industry news you ensure that you always have complete control over your market, industry and your products position.
Mention in industry news / market feedback Be sure to get continuous updates on what is being said about your products / services and use it as market feedback. It gives you access to invaluable insights about your customers, your market and your competitors. This is one of the most common reasons why companies use external surveillance today. Companies often monitor mentions of their brand and products in order to track brand health and to respond early to changes in mentions and emotions to prevent rumor crises.
Automating your external surveillance and basing your strategic work around it has shown great benefits, especially for those companies that understand the huge market advantage you can get if you work actively and continuously with it. Well worth mentioning again is that working with external surveillance is important for all organizations regardless of the industry they operate in.
Some relevant questions to ask yourself now that you have read this post are the following:
- Do we monitor our competitors effectively? - Are we keeping tracks of innovations in our segment? - Do we monitor the local regulatory changes in the countries we operate in today? - But also, how much time do we spend on these processes today, and do we receive the results that were expected and needed?
Keeping track of your industry surroundings should not be a cumbersome and time-consuming job. Hoodin has seen to that. Let us help you save time so you can spend that time on more urgent tasks.
Felicia Falevall, Hoodin