It’s essential to learn about the industry as well as about the competitors to run a business. Most people jump into the market and waste a lot of money and time in creating strategies and marketing campaigns for their business without knowing who’s in the race with them.
90% of big brands track their competitors to gain a competitive advantage. Performing competitive analysis regularly will tell you a lot about your competitors. You’ll get to know how they approach the customers, how they run the marketing campaigns, for which keywords they rank on search pages, etc.
In this article, you’ll learn ways to track your competitors. It will help you to differentiate yourself from the crowd, learn customer demands, adapt to market change quickly and stay ahead in the game.
- Track competitor’s customer review
Monitoring the customer reviews of your competitors will offer you insight into the areas in which they excel and where they struggle. You can do it either online or offline, but doing it online is the most convenient.
In addition, it will provide you with information regarding the pricing of their products or services, performance of their marketing tactics, and other minor factors that may benefit you while creating your own products, services, and marketing plans.
- Take regular screenshots
You can keep an eye on your competitor’s websites and social media accounts using screenshot automation. A website screenshot service will also help you keep track of the competitors’ product prices and stay updated on their latest launches and promotions.
Tracking your competitors help you come up with a better product, discount offers, or promotion technique to lure your customers.
You can also take screenshots of search engine results pages to know for what keywords your competitor’s website is ranking, and you can create content on your website using the exact keywords.
- Follow them on social media.
Following your competitors on social media is another great tactic to track them. The social media industry is booming, and everybody wants to follow their favourite brand on social media for the latest news and offers. You must also update your social media page with recent industry information and provide value to your followers.
Following your competitors on social media will reveal the type of content they post on their page and how frequently. Which of their posts have the highest engagement rate, and then you can create similar kinds of posts.
- Setup google alerts
You’ll gain a competitive edge by setting up Google Alerts. In a competitive market, it’s essential to have access to the most recent information on what your competitors are doing.
For instance, if you’re launching a new product with cutting-edge technology and you find out that your main rival will soon release a product identical to yours, you can make use of that information and send it to your product team. Your product team might be able to move up the release date so that you take the initiative.
Knowing what’s going on outside of your business, in your sector, can help your business advance and get a leg up on the competition.
- Check competitors’ websites regularly.
Visiting your competitor’s website will help you understand how they have presented the content and what practices they are following to make the website more user-friendly. With this data, you can improve the quality of content and overall customer experience on your website.
While visiting your competitor’s website, visit as a customer rather than a rival. And look for both positive and negative things. If something is good, implement that on your site too. If you feel difficulty navigating through a section or can’t find the information, learn from that and see if the same things are creating problems on your site.
- Find your competitors on job boards.
Search your competitors on job portals. It will provide you insight into the next phase of their strategic planning. If they are recruiting a content creator, it is highly likely that they have plans to implement content marketing in their business.
Pay close attention to all the roles your competitors are seeking. And if you want to deploy similar marketing tactics, you can also start your candidate search immediately.
Summary
Most fortune 500 companies spend a lot of money on competitive analysis to know what their competitors are doing. Monitoring the competitors gives you insights into the industry, customer interests, marketing campaign performance and much more. By merely tracking your competitor, you can learn things you will know after putting in a lot of money and effort.
