What is Competitor Analysis?
It is a business practice that involves keeping track and evaluating a competitor’s business strategies.
You will always find competitors in the market you serve. While you know who they are, you might not know their business practices in entirety. What’s their next move? Are they doing better than you?
Keeping track of what they do will help you outrank them. You’ll be able to know their strengths and weaknesses and make comparisons. But doing it without the right competitive analysis tools is such a daunting task.
Using these tools will help you analyze their social media presence, to know what they do to stay on top. From this analysis, you will learn what to do and what to avoid, re plan your strategy to outsmart them. These tools will monitor the strategies your competitors use, which you can employ to ignite your marketing campaigns for more winnings.
Let’s take a look at some of the best competitive analysis tools top companies are using to stay ahead of the game:
Examples of Competitive Analysis Tools:
It is a favorite for most popular businesses. Quick Search provides extensive coverage on social networks such as forums, blogs, and news sites to provide an overview of your industry’s trend, influencers, and people talking about you.
This analysis tool works in real-time, and it’s 90% accurate. With this tool, you can look into your competitors’ brand overview to help you make comparisons. Besides, you’ll learn your audience location, demographics, etc., and use filters to dive into trends and topics impacting the market.
The tool’s mode of operation makes it one of the most exciting tools in the market. Running as a Firefox extension, Wappalyzer, a cross-platform tool helps you spy on other websites for the technologies they use. Once you tap on your competitor’s website, the tool quickly reveals different types of different software websites are using. This will help you to learn what your competitors are doing to develop successful websites.
WooRank, a digital marketing tool, and SEO checker, quickly scans your website to audit its SEO. Also, you can monitor your competitors using this SEO checker.
With WooRank, you can add up to three competitors to compare the use of keywords, technical SEO, social media engagement, and more with your business.
The ability to Profile websites, generate leads, analyse competitors makes BuiltWith one of the top analysis tools. It’s no wonder it’s often known as a business intelligence tool. Besides, it helps you to identify any loopholes in your business strategies so you can improve them to do better.
First, you’ll have to create a Google Ads account to use this tool. Google Ads will help you find relevant keywords your competitors use on their websites. The tool will help you find trendy keywords to use for creating more useful content.
Monitoring your market competition is critical if you want to steal a match on your competitors. Knowing what your competitors do to stay in the game is a hectic process. However, using the right competitive analysis tools will make your work easier.