Should you keep an eye on competitors? And how?

Introduction:

In today's business world, it's not enough to offer a good product or service; you have to be aware of what's happening around you — especially what your competitors are doing.

Monitoring competitors is not just a business curiosity, but a powerful strategic tool that enables you to understand the market, identify opportunities, avoid mistakes, and develop smart plans for growth and excellence. But how do you monitor them? What should you focus on?

In this comprehensive practical guide, we take you on a journey from understanding the importance of monitoring competitors, to the tools and strategies that help you do this effectively, with applied examples and an ongoing follow-up plan.

Section 1: Why do you need to monitor competitors?

1. Understand the market more deeply: Competitors help you read market trends and changes in customer behavior.

2. Learn from their mistakes and successes: Instead of trying everything yourself, learn from the experiences of others.

3. Improve your offer: Find out what they lack and provide it.

4. Determine your true competitive advantage: What really makes you different?

5. Prepare for sudden shifts: Such as the entry of a strong competitor or changes in pricing.

Section Two: Who are your real competitors?

1. Direct competitors: They offer the same product/service to the same segment.

2. Indirect competitors: They serve the same segment but with an alternative product.

3. New competitors: Emerging projects that may threaten you in the future.

4. Big competitors: Brands that may be entering your area soon.

example: A local coffee shop whose competitors are:

• Neighborhood Cafes (Live)

• Stores that sell ready-made coffee (indirect)

• Instant coffee apps (emerging)

Section Three: What should you watch for?

1. Product and service: Diversity, quality, packaging, continuous development

2. Prices: Price levels, offers, discounts

3. Customer Service: Speed, handling, ratings

4. Marketing and advertising: Channels used, messages, seasonal campaigns

5. Digital presence: Number of followers, content, interaction

6. Location and geographical points: Ease of access, branches, geographical expansion

Section Four: How do you monitor competitors intelligently?

1. Visit their branches as a regular consumer.

2. Follow their accounts on social media.

3. Sign up for their mailing lists.

4. Use digital performance tracking tools.

5. Read reviews written by customers.

6. Follow their news in the local media or economic newspapers.

7. Join business groups or trade associations in the sector.

Section Five: Useful tools and techniques

1. Google Alerts: For notifications of competitors' names in the news.

2. Social Blade: Analysis of account growth on YouTube and Instagram.

3. SimilarWeb/Semrush: To know the traffic of their sites.

4. Mention/Brand24: To monitor who is talking about them.

5. Compare website prices: Such as HungerStation, Amazon, Booking.

Section Six: What do you do after collecting information?

1. Analyze the data: Don't just observe, collect everything you saw in a unified table.

2. Segment competitors according to their strengths and weaknesses.

3. Identify strengths you can learn from.

4. Find out what voids you can fill.

5. Develop your pitch based on this insight.

Section Seven: Examples of competitor monitoring applications

Example 1: A bakery noticed that its competitor was succeeding due to the availability of advance reservations via WhatsApp. He implemented the service and increased demand by 40%.

Example 2: A restaurant observed that a competitor was serving meals 15 minutes faster. He modified the kitchen system to keep pace.

Example 3: SportsCenter noticed that a competitor was offering free exercise videos on Instagram. He started posting similar content and interactions increased.

Section 8: How do you build a continuous monitoring system?

1. Weekly/monthly schedule for review.

2. An official from your team follows up on reports.

3. A unified template for recording notes.

4. Regular meeting to analyze developments.

5. Update your strategy at least quarterly.

Section Nine: Common mistakes to avoid

1. Imitating competitors without thinking.

2. Preoccupation with the competitor more than with the customer.

3. Relying on rumours.

4. Not distinguishing between a strong competitor and a temporary one.

5. Panic from every new move made by a competitor.

Section Ten: How do you benefit without copying?

• Analyze their offers, then create one that highlights your business personality.

• Notice their mistakes, and avoid them.

• Learn from their marketing, but in your brand language.

• Change the small details, and you will stand out.

Section Eleven: When do you not need to monitor competitors?

• In the very early stages of the project: Focus on your product first.

• If you have a completely unique (but temporary) product.

• When engaged in a major internal improvement, such as expansion or restructuring.

But even in these cases, don't ignore the market completely.

Section Twelve: Monitoring competitors in the Saudi market

• Some sectors are so local, you only need to follow your neighborhood or city.

• Google Trends reports reveal local consumption trends.

• Major events (such as the Riyadh Season) affect competition temporarily.

• The rapid digital transformation in Saudi Arabia requires careful monitoring of technical solutions.

Section Thirteen: Could You Be the One Being Watched?

Yes. Successful projects are always under scrutiny from competitors.

• Keep your future plans private.

• Don't reveal all your secrets in ads.

• Make your development faster than they can imitate you.

Section Fourteen: Free tools for small projects

1. Canva Analytics

2. Meta Business Suite Insights

3. Google Business Profile Insights

4. Ubersuggest (for quick analysis)

Section 15: How do you explain to your team the importance of monitoring competitors?

• Link it to a clear goal: excellence in service or product.

• Make it a habit, not an emergency task.

• Reward those who notice something important.

• Use real-life examples that show interest.

Conclusion:

Monitoring competitors is not a sign of weakness, but rather a sign of business maturity. It is the compass that shows you where you stand and where you can move forward.

Observe intelligently, analyze objectively, and differentiate yourself courageously.

Whoever knows his competitors well, knows how to defeat them... without resembling them.

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