No company exists in a vacuum. Any action a brand takes will influence––or be influenced––by industry peers or trends. The practice of tracking, analyzing and providing perspective of these factors is Competitive Intelligence. I see it as the “glue” between the various business units which informs product development, messaging and many other strategic actions.
As a Product Marketing Manager at Meltwater, it’s part of my job to be aware of the latest industry trends, competitive product releases and the reaction they generate. Today, I’ll show you how we leverage Monitor as “eyes and ears” across multiple media landscapes.
How I use Meltwater
I have two carefully constructed Boolean searches. One is set up to capture news mentioning or driven by our competitors. The other is there to capture key trends in our industry.
Here’s an example of industry news Boolean I have set up:
(("Public Relations Industry" or "PR Tech" or "Media Intelligence" or "Media Monitoring" or "Social Media Management" or "Social Listening" or "Social Content Marketing" or "Influencer Platform" or "Influencer marketing platform"))
My Boolean works as a wide fishing net. To know when I’ve caught something, I use Alerts to ping my email. I’ve found having a few alerts set up is most helpful when tracking a dynamic group of competitors in a fast-paced industry like ours.
- Every Mention tells me when something–anything––under my Boolean search hits the news. I like this because while I may not take action on every mention, I feel confident knowing that nothing is missed.
- Top Reach will alert me if one of our competitors or topics is mentioned by a more influential publication in our space––Business Insider, PR Week, or Social Media Today, for example. This is beneficial because it helps me understand the reach and influence of a competitor’s news or thought leadership.
- Events is a more focused alert and one of my favorites to use. With events, I have full control over who and what kind of corporate updates I receive. I’m alerted when selected companies announce partnerships, acquisitions, new products, leadership changes, or layoffs (just to name a few examples). As a way to get a 360° view of the competition, I’ve also added terms like “ESG” to understand strategic initiatives and company values.
With my Boolean Queries and Alerts set up, I’ll receive a steady influx of mentions to review and take action.
Turning Actions to Insight
Armed with Meltwater’s competitive insights from across our media landscape, I feel confident that I’m getting a full and relevant picture of our peers’ activity.
From there, I take the important and most relevant news articles, provide my analysis based on the content, and share them with the right audiences.
While Competitive Intelligence requires one set of eyes covering a wide landscape of information, Monitor helps me stay in the know.
I’d love to learn from you
Please leave a comment on how you track competitive news with Meltwater. Are there specific features which make your day to day easier?