Many people assume that media monitoring is all about protecting and tracking your own company's reputation.
However, your media reports can be used for so much more than that. In fact, by keeping tabs on your competitors as well as your own brand, you can garner valuable insight into your industry and business. This, in turn, can give you a significant competitive edge due to your ability to make better decisions and more informed strategies.
Here are just two ways leveraging your media monitoring strategies can help you stay ahead of the pack:
Knowing what your competitors are doing
Whether tracking your competitors over social media or through their own press releases, keeping tabs on what these businesses are selling and doing can give you significant insight into the industry and your own company.
If your main competitor were to take on a new product or lose a valuable client, you can respond accordingly. Being on top of these developments as they happen will help you stay ahead of the other businesses in your industry.
Understanding the hidden issues in the industry
Sometimes your competitors know something that you don't. If you see a major player in the industry making an unexpected move - such as hiring new staff or opening a branch in a developing location - you need to ask why.
These moves can indicate changes to your industry and it is important that you are able to track these developments and respond as soon as possible.
If the industry is moving, you need to be moving with it. Tracking your competitors over various media platforms is just one way to ensure you have an in-depth overview of the industry and audience.
Making your competitors' press releases work for you just one of the many benefits of media intelligence reports. For more, talk to the iSentia team today.