The biggest differentiator between a growth-oriented CEO and an execution-oriented CEO is the former focuses on growing the business where the latter focuses on the day-to-day operations. In today’s society, we cannot afford to just be execution-oriented. The greatest growth-oriented CEOs are strategic by nature. They also know how important it is to leverage the expertise of others in overcoming the big strategic issues and obstacles to growth they are battling daily.
As we come out of this pandemic and get back to a place of normalcy, we need to be aware that the same ole tricks may not cut it. If we look around, a lot of businesses have already closed their doors for good. So what is helping those that are thriving in today’s economy?
RedRover is here to help answer those questions. We will be sharing the top 10 pain points that most every CEO is facing in 2021 — those gut-wrenching, keep-you-up-at-night issues – and how to navigate them and come out with your tail wagging!
Pain Point #6: I’m Lacking Competitive Intelligence
KNOWLEDGE IS POWER. Staying aware of what your competition is doing in the marketplace is not an option, it’s a necessity. In today’s digital age, everyone is utilizing different weapons to monitor their competitors.
Imagine a tool that will send you an email nearly every time information about a competitor is posted on the Internet, often within minutes of the new post.
It exists, and it’s called Google Alert. Visit google.com/alerts and enter search terms for your competitor (e.g., Smith Architects). Choose to just get news items, blog posts or everything that is posted. You can receive updates as soon as they happen, or you can opt for daily or weekly emails.
Facebook and Twitter allow you to stay current on your competitions’ activity. Just “like” the Facebook pages and “follow” the Twitter profiles of your competitors to have their posts appear in your news feed. This is not enough though, other software goes beyond what someone can do manually. There are platforms that monitor everything that goes on with the brand. They are internet listening tools that provide brand mentions by location, emotional sentiment, social shares, and words associated with the brand. The best tools for this are Awario, Social Searcher, Mention, Keyhole, and Talkwalker.
For a true picture of how your competitors operate, you need to experience it yourself. There’s no greater learning opportunity than to have your employees experience your competitors firsthand. Shop your competition. Ask them to report back to the team with details of their experiences so others can benefit from the research.
Interview new customers of yours regarding their experiences with your competitors to better understand what your competitors do well and where product/service opportunities exist. Most customers are happy to provide feedback that will help ensure you exceed their expectations. It’s less critical that they attribute this information directly back to a specific competitor, and more important that they share their prior experiences with your competitors in general — the good, the bad and the ugly.
Track the open positions your competitors are posting as an indication of the firm’s future growth or potential resource gaps. If you’re competing with a publicly-traded company, buy a share of stock, which will give you access to the company’s financials.
Watch where your competitors are advertising and what messages they’re using. If you’re seeing repetition in a certain channel and message, then it is likely working.
Staying current on your competitors’ activities isn’t about keeping up with the Joneses. There is more to marketing than just doing more than the other guy. It’s about being informed. The information you gather through your search should simply serve as one of several forms of input into your strategic sales and marketing planning efforts.
If you’re ready to dive deep into competitive intelligence, including website traffic, keyword rankings and more, RedRover is here to help.