Consumer choices are more diverse than ever, your customers face a unique opportunity: keeping an eye on their competitors.
Consumer choices are more diverse than ever, your clients face a unique opportunity: keeping an eye on their competitors. Specifically, monitoring what people are saying about them. We will here take a look at competitor review monitoring and how our Reviews API can be one way to utilize it.
Online reviews are the word of mouth that can make or break a business. According to a survey by BrightLocal, 76% of consumers regularly read online reviews when browsing for local businesses. Google stands as the most trusted review platform across all industries. However, for accommodation businesses, Tripadvisor retains its niche, while Yelp continues to hold a significant share of trust, particularly within restaurants.
Now, imagine being able to access what your clients’ customers are saying about their competitors. Competitor reviews are about gathering valuable insights, and can reveal hidden strengths and weaknesses, customer pain points, and trends in the market.
To start monitoring competitor reviews, you need to know who your client’s competitors are. Begin by identifying businesses that offer similar products or services. These could be direct competitors, those in adjacent markets, or even disruptors in their industry. Think broadly, but don't forget the smaller and upcoming players. The key to successful competitor identification is to stay open-minded and adapt your list as the market evolves. Competitors may change, and new players might emerge. Regularly revisit and update the list to ensure you're keeping pace with the dynamic business landscape.
Once you've started monitoring competitor reviews, they need to be analyzed:
Competitor reviews can be a goldmine for improving your clients’ business. Here's how to leverage from it:
By leveraging competitive intelligence from reviews, your clients can also stay ahead of the competition:
Strategic Planning: Incorporate insights from their competitor reviews into their strategic planning process. Make data-driven decisions.
Risk Mitigation: Anticipate challenges your clients’ competitors are facing and plan accordingly. Have your clients ready to adapt to changes in the market.
Continuous Improvement: Use competitor feedback as a benchmark for continuous improvement. Strive to surpass their competitors in areas that matter most to their customers.
While monitoring competitor reviews, your clients may encounter negative feedback that can impact their brand. Here's how they can manage it:
With our Reviews API, you'll have access to over 15 million online reviews every month from major product and service sites worldwide. If that's not enough, we can set up monitoring of reviews specifically for your clients' products and entities, as well as their competitors, of course. This is a great resource for you to keep track of all relevant reviews from your clients’ competitors.