While customer retention is primarily driven by customers experience with the product, account, customer service, payment etc., these are push factors. There is also the pull factor - competitors with their offers, product features.

To stay ahead of the game, it is critical to know about competitors and their moves. This needs to happen on a daily basis. 

There are 3 steps you can take to track competitor insights:

1. Identify the competitors

To track competitive insights, you need to know who the competitors are. They may not be all other brands in the sector. The competitors are those to whom your customers are likely to switch to. 

Your marketing team will already know the competitors. But if you listen to your customers, they will also tell you who they see as the competitors.

2. Monitor competitive insights

Once the competitors are identified, you need to start tracking them and get the insights. This will include changes to the product, the pricing, the overall proposition, marketing activities. Any of these could entice your customers to switch.

Competitive intelligence ensures your competitiveness, gives direction to the product and experience teams and helps you reach quickly to defend your customers.

3. Automate and integrate this work into work flow

Tracking competitive insights can be time consuming. However, smart AI tools can do this on your behalf, prioritise them and report them to you. You save a lot of manual hours while staying ahead in the market place.

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