Competitor analysis. Sigh. Everyone knows they should be doing it. But it’s time-consuming. It can be tedious. And somehow it never seems to make it to the top of the priority list.
Understanding the landscape is critical, and it’s almost impossible for a business to achieve a winning advantage without knowing what their competitors are doing. So how can competitor analysis be conducted efficiently and effectively? It’s not as James Bond as you might think. By making use of these readily available tools, your competitor analysis will almost take care of itself. Almost.
Competitor analysis: the essential toolkit
Back to basics
Perhaps the simplest competitor analysis tool of all is the tried and true, good old-fashioned Google Alert; they can be used to track specific competitors, industries, products, keywords, backlinks – anything that might contribute to a better understanding of competitor strategy and behaviour. Best of all, the use of Google Alerts doesn’t cost a thing, are easy to set up and delivered via email at whichever desired frequency.
Review their keywords
SEMrush brands itself as an all-in-one marketing toolkit, but one of its primary features offers the ability to find out which organic and paid keywords are driving traffic to a particular website domain. With both free and paid versions, SEMrush is an excellent starting point for businesses wishing to understand and counteract the keyword strategies of their competitors.
Understanding their content approach
Offering a free 14-day trial and several different pricing levels, BuzzSumo can be used to gain insight into the content strategies of a competitor. Where are they achieving their greatest engagement? Who do they have sharing their content? And perhaps most importantly, what type of content is their most successful? These kinds of insights enable a business to adapt its strategy and beat competitors at their own game.
What’s driving their web presence
Built With provides a different perspective on competitors and their websites. Another free tool, it analyses the code of a site and details the software, systems and plug-ins in use. Built With can be a veritable goldmine of information to tune and optimise, revealing what content management system is in use, whether they’re retargeting, what they’re tracking and more. Also offering a handy, free Chrome extension, Built With keeps that analysis capability right at your fingertips while browsing any website.
On the auction block
For any business using Google AdWords, the platform contains an inbuilt tool called Auction Insights. Because this data comes directly from Google, its accuracy is high, and it shows precisely who a business is competing with for the same keywords. Not only does this tool identify a website’s key competitors, but it also provides invaluable insight into six key metrics: impressions, cost per click (CPC), click through rate (CTR), conversion rate (CVR), cost per acquisition (CPA) and quality score.
Don’t forget social media
Finally, the tracking & monitoring capabilities of Metigy make light work of an beastly task. Where tracking individual profiles across multiple social media platforms could be a full-time job, the platform presents competitor activity and engagement in easy-to-read, beautiful dashboards and reports. And with deep learning and AI-driven technology under the hood, Metigy is an essential tool in a company’s competitive monitoring and analysis arsenal. Sign up for a 14-day free trial today.