Analyzing your competitors—whether it is through traditional market research or through real-time social media analytics—goes way beyond the simple head-to-head between you and a rival. Every time someone talks about your competitors online, you get an insight into what truly matters for your customers. Why is this customer talking about them? Why does that customer love their product? What could I be offering to win them over?
You aren’t really learning about your competitors. You are learning about your market, your brand, and your product. You are learning about your customers and what they want through your competitors. And like these three companies, that learning will allow you to deliver a better product for your customers.
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