Monitoring the activities of competitors and the industry is a valuable tool for building a business and PR strategy. It allows you to track important changes in the market and media space in a timely manner and respond to them. For example, electric cars were added to the state support program for the purchase of vehicles. The companies that learned the news first got an advantage and managed to prepare and install their charging stations in cities. As a result, in the 12 months since the start of state support, the number of stations in the country has doubled.
In this article we will tell you how to conduct large-scale monitoring of the industry and apply its results in practice.
Why it is important to monitor competitors and the industry situation
Constant analysis of the media field is your way to honduras mobile database learn more about companies in the market. It helps to monitor not only the reputation of your business, but also to observe the actions of competitors.
For example , to find out:
competitors' news items and what trends they follow,
what does the PR strategy of other companies on the market look like,
What critical changes are taking place in the industry: new duties, export restrictions, new laws.
Based on this data, you can adjust business processes. For example: the government is preparing a new law on marking farm animals, which will come into force on December 1 next year. This means that you need to prepare the relevant documents and infrastructure. The sooner you learn about the adoption of the law, the more time you will have to respond.
And also, competitor and industry analysis allows you to influence PR and business strategy. We will tell you how.
1. Analysis of market changes
Example: at the end of 2022, the Hyundai plant in St. Petersburg was still operating, but in April 2023, news appeared about a possible sale. At first, Kazakh partners were named as buyers, then Chinese and Russian. By October, the situation had not been resolved, and the plant was idle.
What does this information give: a major brand has left the Russian car market. Car dealers who are engaged in parallel import and conduct competitor analysis could follow the news in the media and adjust their sales plans before others.