Monitoring your competition is a way to stay on top of trends in your industry. An in-depth competitor’s comparative analysis is the perfect way to stay ahead. If you are unaware of your competitors’ stand, you are shooting arrows in the dark. It does not matter, if you are a big size company or a small one, you ought to keep close tabs on your competitors. And perhaps use this information to stay on top of your competitor’s moves and boost your own PR campaign. After all, it is a great way to improve and update your strategy.
How Wizikey helps to monitor and analyze competitors
It is important to know what are the specifics that one needs to track and analyze to be ahead in the business. Wizikey brings insightful metrics to conduct competitors’ comparative analysis.
Share of Voice (SOV)
Share of voice is a measure of the media coverage of your brand vs. competition. It is a percentage of the news and mentions of your brand as compared to the competitive landscape.
= % (Total mentions of your brand/Total mentions of all brands in the competitive set)
Share of voice reflects recall of a brand. Usually, a high recall for a brand also reflects a leadership position in the industry.
Leadership Share of Voice
The Chief Communications’ role is typically that of a CEO. Yes, you read it right. Brands’ CEOs and CXOs play a critical role in building the credibility of the brand with the press. This is hard to do and takes a proactive involvement of CXOs to build it.
To make this happen, you should look for the below metrics to build your Leadership SOV.
News Headlines Analysis
Are you analyzing your vs competitors’ news headlines? If not, you are missing out on an important metric. Analyzing your headline informs you about the stories where you and your competition have been able to grab the headline. It tells you the different kinds of stories you can do to be on the headline.
The metrics display your stand in the race of headline grab which undoubtedly plays a prominent role in maximizing your visibility. Further, it enables you to identify the kinds of pitches your PR team should work on in order to be on the headline.
Reporters who covered you vs competitors
Measure the number of reporters who’ve written about your industry and competitors and build a relationship with those journalists. This metric gives you a complete overview of the reporters writing about you and your competitors or topics related to your landscape.
Critical information about product differentiation comes from competitor’s comparative analysis. What are the competitors doing? Are PR and marketing strategies changing? It can be helpful to compare the competitive activity within the industry to determine what is important in the marketplace. With Wizikey you have the right partner in monitoring and analyzing your competitors and staying ahead.