How do you monitor your rivals' business development activities and strategies?

1 Identify your rivals

The first step to monitor your rivals' business development activities and strategies is to identify who they are and what they offer. You can start by conducting a market analysis and finding out who are the main players in your industry, niche, and target segments. You can also use online platforms such as Crunchbase, LinkedIn, and AngelList to find out more about your rivals' backgrounds, funding, partnerships, and customers. You should create a list of your top rivals and rank them according to their relevance, size, and threat level.

2 Track their online presence

The next step to monitor your rivals' business development activities and strategies is to track their online presence and engagement. You can use tools such as Google Alerts, Mention, and Social Mention to get notified whenever your rivals are mentioned in the news, blogs, social media, or forums. You can also use tools such as SimilarWeb, Alexa, and SEMrush to analyze your rivals' website traffic, keywords, backlinks, and content. You should pay attention to how your rivals market themselves, communicate with their audience, and generate leads.

3 Analyze their products and services

The third step to monitor your rivals' business development activities and strategies is to analyze their products and services and compare them with yours. You can use tools such as G2, Capterra, and Trustpilot to read reviews and feedback from your rivals' customers and prospects. You can also use tools such as Product Hunt, BetaList, and AppSumo to discover new and upcoming products and services from your rivals. You should look for gaps, opportunities, and threats in your rivals' product and service offerings.

6 Learn from their best practices and mistakes

The final step to monitor your rivals' business development activities and strategies is to learn from their best practices and mistakes and apply them to your own business development plan. You can use tools such as SWOT analysis, Porter's five forces analysis, and competitive matrix to evaluate your rivals' strengths, weaknesses, opportunities, and threats. You can also use tools such as Lean Canvas, Business Model Canvas, and Value Proposition Canvas to map out your rivals' business models and value propositions. You should leverage your rivals' best practices and avoid their mistakes to create a competitive advantage and differentiate yourself in the market.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?