The types of news stories around your competitors you should monitor
There’s an old saying 'the news never sleeps'. And it’s never been more true than it is in today's media-saturated world. Internet news sites and the 24-hour TV news cycle have combined to create a non-stop news environment that churns out stories faster than any human being can possibly read them.
For professionals charged with collecting competitive intelligence, this constant news output creates an unending deluge of articles waiting to be skimmed, sorted, and distributed. Where an automated competitive intelligence process used to be a luxury, it’s rapidly becoming a must-have for businesses that are serious about capturing high-quality, timely information.
Here are six types of news stories that a well-calibrated CI process will always capture:
When the competition releases a new product, service, or solution, it’s helpful to know the 'what', 'why', and 'where', behind their new offering as soon as possible. If there’s a launch day event, press release, or management statement, a good competitive intelligence process will bring them to your business’s attention.
As exciting as new products are, when the competition tweaks an existing product, it can have important implications. An upgrade may not receive as much publicity as a new product, but it will often garner a mention in a blog and social media post.
Whether released by a competitor or an independent organization, industry reports can provide insight into where other businesses stand within the industry space. Reports released by competitors often contain valuable research, while external reports tend to offer a broader picture of where your competition ranks according to various criteria.
Attracting new business isn’t a zero-sum game, but there are still plenty of reasons to take note when a competing company scores a new client or sale. Many companies will toast their wins publicly, via press releases and blog posts. On the other hand, if your competition doesn’t advertise its wins, a thorough CI process can still alert you, via news articles and industry news sites.
If you want to do comptetitor analysis in order to find out on what your competition can really offer its customers, testimonials generally offer the most in-depth, concrete information. CI should capture testimonials and case studies written by your competitors, as well as external reports from customers, partners, and industry review sites.
Awards aren’t everything, but when your competitors win big, they’re receiving free publicity and fostering a sense of prestige within the industry. If your competitor is presenting the award, it can be indicative of an underlying relationship with the winning company. Your CI process should keep up with awards being given to and by your competitors.
Source: CI Radar