Businesses can leverage learnings from a competitor’s crisis to test their own leadership teams’ and other departments’ response process.
Brands must track competitors’ crisis response through media monitoring tools to collect insights like their product launch strategies and hiring approaches during crises. Analysing competitors’ crises plans enables PR professionals to interpret their responses, measure their response efficiency and collect data like actions taken.
Further, tracking competitor crises allow companies to run a stimulation test on their crisis teams and prepare them for similar situations. Brands can also find and identify any potential threats by conducting competitive crisis analysis and apply themselves to any situations that likely affects them.
Monitoring media coverage of competitor’s crisis can help businesses find relevant PR opportunities and connect with their target audiences. Moreover, keeping track of competitor crises also helps guide activities like product launches.
[3 minute read]