Competitive Analysis – Reading Your Online Reviews Is Not Enough!
You know how important online reviews are for your business’s reputation, but it’s not just your reviews that you need to be monitoring. While your reviews can give you good insight into the minds of your most outspoken customers, your competitors’ reviews can do the same.
When you’re competing for the same clients, competitive analysis is essential, especially when it comes to online reviews. Here are some things to keep in mind.
Analyzing Competitor Reviews
The reviews of your competitors will help you learn more about their company. First of all, you’ll be able to identify some things that the customers think that business does well and what they think needs to be improved. This information is very valuable, because it will help direct you in how to improve your company so that your business will do those things better than the other guy.
You want to excel in the areas they don’t, so that there’s a clear reason for their customers to prefer your business, and you obviously want to match and exceed their good points, too.
Tracking Competitor Reviews
Hopefully you have some professional monitoring services for tracking your reviews, because it will make things a whole lot easier for you to track your competitors’ reviews, too. You can specify what competitors, what keywords, what websites, etc. and be delivered notifications when new reviews are posted.
It’s important to stay on top of reading their reviews as soon as you can, because timeliness is an issue and can offer more insight. You also want to continue monitoring negative reviews to see what response (if any) your competitor gives. Their response can help you compare their online customer service to your own.
Other Types of Reviews
At the same time, there are other types of “reviews” you should be monitoring. They may not be typical reviews, but they can also offer insight into the minds and thoughts of your competitors’ customers.
- Most importantly, regularly visit their website or have it monitored for any changes. Comparing your websites is important.
- Also, monitor any comments on their forums, blogs, Facebook pages, etc.
While something might not be considered a review, it can still include information that will help you compare your business and the thoughts of your customers to theirs.
Another thing to consider is monitoring the profiles of your competitors’ on all review sites. You should be claiming the listings of your business on any site such as Google+ Local, Yelp, etc., which will allow you to add information about your business.
At the very least, you don’t want to post less information than your competitors do. Your profiles should be at least as detailed as your competitors, but preferably more so, so that people who are comparing businesses will have more information available to help them make a fair and accurate comparison.
Online reviews can make or break a business. Don’t underestimate how valuable they can be, and always remember that your competitors’ reviews can be equally as important as your own.