No matter what industry you’re in, chances are you’re already aware of your competitors’ offerings – but have you ever thought of keeping an eye on their marketing and PR activity? If you know what to look for, it can tell you a surprising amount about their business strategy, and arm you
with the knowledge to differentiate your own venture.
There are various ways of going about this, and which you choose will depend on what you want to achieve. At one end of the scale you could casually note which of the companies in your sector are active in the media, and what they’re talking about, so you’ve got a general idea of what they’re up to. At the other, you could measure and record your competitors’ coverage – in a selected set of core titles – on a monthly basis, so that you can produce a detailed analysis and use it to track their strategies (in fact, this is one of theservices we offer our clients).
Get the ruler out
Measuring how much coverage – in terms of advertising and editorial – each company achieves can show you who’s investing the most in their brand at any given time, and this is conventionally done in column centimetres. You might expect the largest firms to be obtaining the biggest presence, but it’s not always the case, as smaller (or new) companies with an aggressive attitude to growth may also put a great emphasis on achieving media coverage to accelerate their success.
The titles your competitors are targeting can also tell you much about their strategy. If they are majoring on local media coverage, they might be looking to glean new business from this specific geographical area – but not necessarily. A big corporate employer, for example, might be engaging in this sort of activity to underline their commitment to the local community, and show what a caring, sharing brand they are.
It’s usually thought that only the big guns contribute regularly to the trade press – but smaller companies can punch above their weight and appear larger and more authoritative by having comment and expert advice articles published in their specialist media (indeed, this is our speciality). If you see your competitors doing this, chances are they’re trying to make a name for themselves within your industry for one reason or another. B2B organisations could be trying to reach new customers, or cement their reputation with their existing ones – alternatively, a company could be raising their profile in order to raise the organisation’s perceived value, ready for a sale.
Pay attention
In the trade media, pay attention to the topics being discussed by your competitors, since you might gain insight into which products or services they are focusing on pushing at the moment – read carefully, and you may even pick up hints about new directions or projects, allowing you to move more swiftly to alter your offering, if required.
With work pressures being as they are, it can be difficult to find the time to work ON your business as you spend so much time working IN it, and keeping up with the media relevant to your sector can often be the first casualty of a busy schedule. But if you can find the time – or alternatively find someone who has got the time and can look after it for you – then tracking the activity of your competitors can provide some useful insights.
