In any brand or business, staying competitive and ahead of the game is essential. And the best way to do that is to keep track of your competitors' — what they are posting, what people are saying about them, where they are advertising and most importantly, what they are advertising.
Many people might feel like monitoring their competitors' is a bit of a no-no. But by monitoring your competitors' ad campaigns, brands and businesses can gain valuable insights, such as:
- observing industry trends
- seeing what is working for them and adjusting your own strategies accordingly
- learning about their pricing strategy
- discovering what content they are producing and improving your own, and
- finally, finding out what needs they are not meeting for your intended target audience.
If you found this blog helpful, then take a look at our blog on The importance of reputation management
.*Image courtesy of Canva