In business, watching the competition is not just about keeping up; it’s about staying one step ahead. Knowing your competitor’s financial decisions, offerings and strategies can allow you to make informed choices for your own company’s growth. However, with limited time or resources, it can be a challenge to efficiently gather these insights and know how to use them to your business’s advantage.
To help, 20 Forbes Finance Council members share simple, straightforward strategies to help you keep a close eye on—and stay on top of—your competitors.
1. Follow On X
One of the best sources of information today is on X. You can follow experts on virtually any topic and get real time, unfiltered views. – Patrick Dwyer, NewEdge Wealth
2. Find Out Where The Competition Is Showing Up
Pay attention to where your competitors are showing up. Monitor their website and relevant Google searches for industry sector content and publications they are quoted in. Public company filings are comprehensive in terms of financial, operational and personnel activity if you take the time to read them thoroughly. Lastly, check in with industry partners, which are always a reliable source of data. – Omar Choucair, Trintech
3. Assign A Team Member To Monitor Online Alerts
To stay updated on competitor activity, consider assigning a team member to subscribe to online alerts for competitors, their leadership and products or services. If their website features case studies or client lists, look at those, too. Finally, you can also subscribe to their newsletters and other communications and regularly monitor their websites for news and updates. – Jeffrey Bartel, Hamptons Group, LLC
4. Analyze Competitor Customer Feedback
Embrace the “learning from their mistakes” approach by analyzing competitors’ customer complaints. Identifying pain points gives insight into areas where competitors are falling short and allows you to strategically position your business as the better alternative. Monitor competitor service updates in response to complaints; these reveal where they’ve had to pivot, potentially indicating challenges. – Anushree Jain, Titan
5. Listen To Your Customers
One simple strategy for monitoring the competition is to listen to your customers. Your customers know what is happening in the market and whose products or services are the best. Listening to your customers helps you extract unsolicited feedback about what others are doing better than you and how you can improve your operations and services. – Odiri Oginni, United Capital Asset Management Limited
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6. Pay Attention To Public Earnings Calls
Listening to the earnings calls of publicly traded companies is essential. It’s a great way to get information on your industry and what innovative things your competition is doing. – Keith Costello, Locality Bank
7. Subscribe To Social Media Updates And Investor Newsletters
LinkedIn is a great source to stay updated on your competitors, especially for updates like product launches, partnerships and personnel changes. Additionally, Google Alerts can keep you informed on competitors’ mentions across news sources. Finally, subscribing to investor newsletters like TermSheets and Buyouts can provide useful insights into market trends, funding rounds and M&A activities. – Abhishek Nanda, Revalize
8. Build Relationships Outside Of The Office
Step out of your office. Attend or host events, and engage in one-on-one interactions with customers. Build relationships to gain direct insights into competitive moves and trends that align with their key interests and values. With strong relationships, you can easily pick up the phone to stay informed. – Brian Lasher, CIG Capital Advisors
9. Follow Hashtags And Set Up An RSS Feed
One thing I do is on social media I set up follows for hashtags relative to my business interests and you can also set up an RSS feed for news articles posted containing certain keywords. A manual way to do that is going to Google and searching for a keyword and then selecting news (which is normally beside images). – Justin Brock, Bobby Brock Insurance
10. Get To Know The Big Players
Understand who are the big players or competitors in your industry and review their financial reports, press releases and any publicly available investor presentations. These should reveal insights into investment priorities, cost-cutting measures and market expansion plans. In addition, follow industry news and analyst commentary, network and subscribe to receive regular industry updates. – Shivali Kukreja , NIB NZ
11. Connect With Speakers And Thought Leaders
Stay connected with insiders at industry conferences and events, such as speakers or thought leaders. When in person, it’s ideal to ask updates on competition and find out what is really happening, in a one-to-one private setting. – Dr. Jackie Meyer, TaxPlanIQ, The Concierge CPA
12. Track Online Activity
Track your competitors online. It’s easy to gather information about their operations, services and even client base. A few easy ways to do this is to set up Google Alerts for your competitors. This allows you to receive notifications. You can monitor their social media accounts and use tools like SproutSocial to track their mentions. One very simple way is to sign up for their newsletter. – Bob Chitrathorn, Wealth Planning By Bob Chitrathorn of Simplified Wealth Management
13. Utilize Intelligence Tools
Leverage competitive intelligence tools to track competitors’ operations, product updates and market trends in real time. Regularly analyzing their social media, financial reports and customer reviews provides insights to stay ahead and refine your own strategy. – Sumeet Grover, Alliant
14. Read Third-Party Reviews
One effective strategy for monitoring the competition is to analyze customer reviews and feedback on third-party platforms. This gives you direct insight into how customers perceive your competitors’ strengths and weaknesses, helping you identify areas where you can improve your own offerings or find opportunities to differentiate your business. – Frankie DiAntonio, Lexington Capital Holdings
15. Conduct A SWOT Analysis
Implement the agelong SWOT analysis of your Strengths, Weaknesses, Opportunities and Threats. This assessment would primarily look at factors internal and external to you, and how your company stacks up against the market and market dynamics. – Richard Okon, St Nicholas Hospital
16. Become A Mystery Shopper
Do mystery shopping. You can gain firsthand experience by discreetly using your competitors’ services or purchasing their items. To know them well, you need to consider their pricing, customer service and overall experience. This not only provides useful insights into their operations but also helps you improve your own services by being knowledgeable. – Neil Anders, Trusted Rate, Inc.
17. Review Public Filings And News Mentions
One simple strategy for monitoring the competition is to regularly review their public filings, social media and news mentions. Tools like Google Alerts or industry-specific platforms can provide updates on competitors’ operations, services and clients. Staying informed helps you anticipate trends, adapt strategies and maintain a competitive edge without excessive time or effort. – Andre Pennington, Pennington Law
18. Attend Industry Events
A simple strategy to monitor the competition is subscribing to their social media accounts and newsletters. Following these communication channels provides insight into their latest offerings, marketing strategies and customer engagement tactics. Also, attending industry events and conferences where competitors present can provide direct insights into their operations and trends. – Jared Weitz, United Capital Source Inc.
19. Benchmark Product Features
Benchmarking is one simple strategy for monitoring competition. Who are their customers and what are they buying? Understand their customer behaviors, benchmark their product features and review feedback from their customers to identify loopholes you can improve on. If feasible, you can buy their products to experience the value proposition. – Oluwatoyin Aralepo, Africa Finance & Strategy Hub
20. Use A Social Listening Tool
An effective strategy for monitoring competition is to utilize social listening tools. These platforms track mentions of competitors on social media and in online reviews, offering real-time insights into customer interactions and sentiment. By analyzing this data, you can gauge how competitors engage with clients and spot gaps or opportunities to refine your own strategies. – Gomathy Periathiruvadi, Alita Systems
The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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