By determining where your competitors went wrong, you can ensure to avoid those mistakes to minimize losses. Closely studying what your competition has been doing allows you to predict their future moves and strategies. This is beneficial for your business because it allows your product and services to standout.
Keeping an eye on your competition can: Help understand your competitive advantages and disadvantages relative to others in the market. ... Provide information to develop strategies that could create competitive advantage in the future. Help forecast how competitors might respond to a new product or pricing strategy.
As a baseline you can start finding your competitors through these three methods.
Website monitoring is often used by businesses to ensure website uptime, performance, and functionality is as expected. ... Monitoring gathers extensive data on website performance, such as load times, server response times, page element performance that is often analyzed and used to further optimize website performance.
Rapmarks competitor watchdog is a mix of competitor monitoring and website monitoring.
You can find your potential competitors using "suggest" feature and when you picked your list of competitors you can add them to start monitoring them by using "add" command.
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