How to Use Advertising Monitoring to Beat Your Competition
In today’s competitive business landscape understanding your competitor’s advertising strategies can offer valuable insights and enable you to make informed decisions for your marketing campaigns. Advertising monitoring is a powerful tool that helps brands track their rivals’ activities, decipher their tactics, and identify opportunities to outshine them in the market. Let us explore how brands can leverage advertising monitoring to gain a competitive edge and achieve their business goals.
Understanding Advertising Monitoring
Advertising monitoring is a process that involves the systematic collection, analysis, and evaluation of competitors’ advertising activities across various media channels. It covers digital platforms and traditional media like television, print, and radio. By monitoring the advertising efforts of your competitors, you gain invaluable insights into their promotional strategies, target audience, messaging, and creative executions.
Step 1: Identify Competitors and Set Goals
Before diving into advertising monitoring, it is essential to identify your key competitors in the market. These may include both direct and indirect competitors. Once you have a clear competitor list, establish specific goals and objectives for the monitoring process. Determine the metrics you want to track, such as ad frequency, ad placement and channels they utilise.
Step 2: Choose the Right Monitoring Tools
Brands should invest in reliable advertising monitoring tools, to effectively track their competitor advertising campaigns. Numerous digital marketing tools and platforms offer competitor analysis features. Google Alerts, for instance, can notify you whenever there is a competitor name or keyphrase mention online. Social media monitoring tools like Hootsuite or Sprout Social can track competitors’ social media activities. Additionally, brands should consider using advertising monitoring companies like Ornico to monitor advertising activity and provide you with a holistic view of the advertising landscape across all mediums.
Step 3: Analyse Competitor Content and Messaging
Advertising monitoring gives you a comprehensive understanding of your competitors’ messaging and how their audiences receive it. Once you receive your ad monitoring data, do a thorough advertising creative evaluation, and pay attention to the tone, language, and style they use in their ads. Assess how they position their products or services and identify the key selling points they emphasise. This analysis will help you identify gaps in your marketing messaging and enable you to create compelling content that differentiates your brand.
Step 4: Track Ad Placement and Frequency
Keeping an eye on where your competitors place their ads and how often they run them can reveal valuable information about their target audience and the media channels they find most effective. This information can help you make strategic decisions about where to allocate your advertising budget and reach a broader audience effectively.
For example, if your competitors run ads on a particular medium, even a station, you may want to consider doing the same. Doing so means you are reaching the same audience as your competitors and competing for their attention.
On the other hand, if you see that your competitors are not running ads in a particular channel, you may want to consider targeting that channel yourself. This could be a great opportunity to reach an audience your competitors are not currently targeting.
Step 5: Capitalise on Unexplored Opportunities
advertising monitoring allows you to uncover untapped marketing opportunities that competitors have overlooked. Analyse the gaps in their advertising strategies and identify areas where you can outperform them. This could involve exploring new advertising channels, targeting niche audiences they might have missed, or offering unique promotions to attract customers away from their grasp.
Advertising monitoring is a powerful tool that can help businesses gain a competitive edge in the market. By tracking competitor advertising activities, brands can gain valuable insights into their promotional strategies, target audience, messaging, and creative executions. This information aids in strategic decision-making about where to allocate advertising budgets, reach the target audience, and outperform competitors.
Ornico is The All in One Brand Intelligence® solution built for marketing professionals first. Take control of all your brand needs with creative monitoring, media monitoring, ad spend measurement, creative evaluation analysis, reputation management, crisis and risk management and competition analysis – all in one place. Hello, Brand Intelligence®. Book a demo today
