Competitive Monitoring

The main goal of competitive monitoring is to place the business above the competition.

Traditional methods of analysis and action such as SWOT are no longer enough. For example, the SWOT analysis principle puts an organization in a defensive position, making it try to cover its weaknesses and threats and maintaining its strengths rather than actively seeking opportunities and improving on strengths. But that method can be modified to suit the organization’s needs.

Competitive monitoring is the process of monitoring all of the competition’s moves, especially market and product prices. With this, a business can change their prices along with the market and the competition in order to retain or gain new customers. Holding on to prices for a long time means that competitors could already have lowered theirs, attracting some of the business’ customers.

Competitive monitoring provides:

• Relevant and timely information about competitors in a relatively short time
• Improve business responsiveness
• Better knowledge of potential threats