As a business, do you apply tactics for monitoring your competition? There are lots to learn from customer insights with this technique.
In business, you always need to know what your competitors are doing. To survive, you must perform competitive intelligence activities.
You must monitor the broader market for new developments that could affect your company. They include products and brands, suppliers, and distributors.
Tracking your competitors is the only way to make sure you are thwarting threats. And including taking advantage of opportunities, marketing effectively, and, ultimately, winning in the marketplace.
By performing competitive intelligence, you will significantly increase your margins and profitability.
There’s one resource that’s often underutilized in this regard: your competitors’ websites.
Today’s digital footprint is increasing corporate transparency and yielding greater power to consumers. In the marketing dialogue, the footprint enables marketers to measure conversions.
Companies spend enormous sums of money on maintaining their websites. This enables them to attract and influence prospects, customers, and analyst.
And it’s all too easy to get to that place.
But like Sun Tzu said in The Art of War, you need to know your enemy. That applies as much to business as it does to battle.
And the easier you make the project for yourself, the more likely you’ll be to follow through.
The easiest option? Building a dashboard to track the competition, all in one place.
With one monitoring dashboard, you can track all your competitors individually in one place. With it you can bring in results from tons of sources.
Your time spent on competitive analysis will go from “Googling with a side of insights” to “analysis with equal parts action.”
We’ve already decided it’s crucial to monitor your competitors online. How do you get started?
Want to be recognized for your outstanding content? Then it’s crucial you continually monitor the competition.
From revealing opportunities to highlighting failures, competitor analysis gives you invaluable insight. These insights show what works and what doesn’t. They enable you to track how you’re performing against others in the industry.
Here’s some advice for setting up your alerts and building your listening strategy.
Tactics for monitoring your competition … why you should track competitors
If you’re wondering why you should go to the trouble in the first place, here are a few reasons:
Use more sources of data for making smart, data-driven decisions. Don’t just analyze your content, bring it in from your competitors’.
You’re able to watch your competitors’ business strategies play out. Analyzing them helps you learn from others’ mistakes and avoid making them yourself.
Constantly knowing the pulse of your industry and niche, makes it easier to come up with new ideas.
Just like you can learn from their failures, tracking your competitors can also help you figure out their strategy and keys to success.
Different ways to use a competitor monitoring dashboard:
Marketing strategy
Monitor their profiles to see their social media and engagement strategies.
Look at what kind of content they’re creating, how it’s distributed, and who’s linking to it. Then see what they’re doing with influencer marketing.
Public relations
Track your competitors’ PR coverage and campaigns.
See which bloggers they’re working with, and how. Build a relevant media list based on the journalists that write about them.
Business development
See what consumers think of your competitors’ products and how they handle customer support.
If you see an unhappy customer, it could even be a sales opportunity!
Use these 10 competitive analysis strategies
Identify competitors
To begin, know your enemy. You can’t expect to get ahead of your competitors if you don’t know exactly who they are. You must know what their mission is, and how they plan to execute it.
Your biggest competitors may not be who you think they are.
Search engines no longer base comparable companies on size. Just because a company is small, doesn’t mean that they won’t be dangerous to your business.
Take the time to jot down a list of your biggest challengers by searching your top keywords in search engines.
The first 10-20 most common competitors on the list are most likely your biggest threat. Those are the companies you’ll want to closely analyze to learn what they’re doing right for such high rankings.
Tactics for monitoring your competition … assess their websites
Next, make sure your website is the best. You can gauge competitor performance and generate new ideas for your website. Do this by performing a close analysis of competitors websites.
In general, you’ll want to look closely at their home page. Also examine their user interface, speed, performance, and content.
If their sites are ranking higher than you for the same keywords, they must be doing something right. If better in all categories, this means that your website is not the best, after all.
Try to identify the positive features these websites have that yours doesn’t. Then make a plan to try out some of those strategies in your marketing plan so that you can get better.
Uncover their keywords
A tool like SpyFu can reveal the keywords your competitors are targeting for paid and organic search.
Once revealed, you can use this information to identify any keywords they’re you are currently missing. Then you can jump on the opportunity to target these phrases.
Analyze their rankings
Once you’ve determined the keywords, your competitors are aiming for, use an SEO ranking tool like AccuRanker to track your progress against them.
You can also use the tool to see how your competitors are performing against your target keywords, if different than those above.
In instances where competitors are outranking you, check their website. Look for any supporting content helping them to rank. Is it something (e.g. a guide) you could do better?