Monitoring your industry gives you an overall picture on the macro trends in your market.
What you should be monitoring as part of your industry:
1. Conversations about your market
2. Conversations about your brand or product
3. Conversations about your competitor(s)
If you are monitoring everything that makes up your industry, you would get a good idea on where your industry is headed.
Is your market growing or shrinking? Is there consolidation happening in your market? Check to see if the total number of conversations about your industry is growing over a period of time or not. Check the phrase cloud to see if there are a lot of news about partnerships or M&A activity.
What are people’s perception of your market in general? Are they happy with the solutions available today? Are there any disruptive solutions that are changing the fundamentals in your market? Check the overall sentiment for your industry to see if people are happy with what’s available today. Check to see if a particular competitor or someone in a complementary industry is getting all the limelight.
What are the top issues people are discussing in your market? Does your product or offering solve the top issues people have in this market? How about creating a marketing campaign that addresses how your product/offering solves the top issues on people’s mind when they are researching your market.
Who are the top authors in your industry? Do people look up to them as industry experts? If so, is there a way you can engage them?