Each day, the number of clients that contact us looking to track their competitors’ online promotions increases. There is nothing more frustrating than experiencing a drop in sales and not knowing why. The majority of companies competing in e-commerce miss out on sales because their competitors are offering better promotions and they fail to identify and act on them.
But how do you create a system that tracks your competitors’ promotions so you can avoid losing sales? As a competitive intelligence consultant, I have found the most effective ways to track these promotions, compete smarter and convert more sales.
Here are five steps you need to take to avoid losing revenue (and sell even more):
1) Identify your main competitors and the channels that they use
Before you track promotions you have to identify which competitors pose the biggest threat for the products you are selling. You’ve probably already conducted some online research and identified your main competitors. You should also have a solid understanding of where they’re posting their promotions and which keywords they’re using for their Adwords campaigns.
It’s critical that you keep a tracking document that allows you to easily collect and update this information. This will be a dynamic, living document, so it’s best to store it in a cloud-based database, such as Google Drive or Dropbox so you can quickly share it and collaborate with your team.
2) Track the webpages and ads where your competitors are announcing their promotions
Once you’ve identified the webpages where your competitors are announcing their promotions set up a process where you check them everyday so you’re always informed as to the promotions they are offering. Also, run a daily Google search of the keywords you’re competing on, identify your competitors’ promotions, and add them to the shared tracking document.
Staying on top of your competitors’ promotions on a daily basis is 90% of the battle. Without the most up-to-date information on your competitors’ latest ads and promotions, you’re flying blind. Accurate, real-time information is paramount for staying ahead of the competition!
3) Monitor their blogs and social media profiles
Many promotions these days are made directly on social media channels and optimized for demographics and geographic regions. Add your competitor’s’ social media profiles to your tracking document and monitor their posting times and promotions. Then, click on every ad you find. If a sponsored post takes you to a new landing page make sure you track that webpage in step 2.
In 2017, every company is a publisher. Content marketing and social media have take over the advertising landscape and are often the most successful channels for launching new promotions. It’s critical that these channels are monitored daily so you don’t get surprised by any social media ad campaigns.
4) Take Action
While it’s crucial to have updated information, the only thing that will keep you from losing money is to take action. Now that you know what your competitors are doing, you need to act and stop the bleeding.
First, make sure your tracking document is shared and accessible by the decision-makers on your team. Then, when anyone spots a new competitor campaign, share that urgent information so you can decide how to best respond. Counter-attacking a competitor promotion quickly by communicating with your target audience can send a kill-shot through their promotion and sends a strong message to your competitors.
Lastly, you’ll want to record your activity and track your results. If you countered your competitor’s promotion with a campaign of your own, be sure to note that in your tracking document and measure the results against your other campaigns. Track your ad copy, timing and conversion rates to optimize your results even further.
5) Automate competitor tracking
Tracking your competitors can be extremely time-consuming. If you’re anything like me, you read the first 4 steps and realized this alone is a full-time job, often for multiple people. Therefore, you need to find a way to automate the competitor tracking process so it doesn’t consume your entire existence.
Competitive tracking tools save you a ton of time rather than trying to run this process manually. These types of tools allow you to track all of your competitors activities in a fast, efficient and organized manner. Of course I’m biased, but Kompyte is the most comprehensive competitor tracking software on the market and makes it easy to automate your competitor intelligence gathering, share it with your team and respond to new promotions quickly and effectively.
If you’re ready to get serious about competitive intelligence and stop losing sales, take Kompyte for a test drive and start crushing your competition.