The concept of marketing is never complete without the mention of an important element known as competition.
As unattractive as it sounds, competition is more like the test any business needs to pass excellently in order to thrive in its chosen industry.
In the sphere of digital marketing, success is often determined by a number of factors such as web ranking on SERPs, followers on social media platforms, traffic, traffic sources, open rates, click-through rates and many more.
These metrics, either on the increase or decrease, have a great impact on a business’ performance in digital marketing.
The only way your business can lead in its industry is that you do things differently and/or better than your competitors, but to be able to do this, you need to be aware of what your competitors are doing – competitive analysis.
Competitive analysis is the practice that allows a brand/business to spy on the operations, tactics, and strategies of its competitors in other to analyze and identify their strengths, weaknesses, opportunities, and threats.
Information on these elements will help you identify opportunities that your competitors are not leveraging and thereby, capitalize on them. It will also highlight areas where your business outweighs your competitors.
This way, you will know areas that you need to direct more effort and establish your unique selling point in your market. The aforementioned are just a few benefits you stand to enjoy as a business owner who conducts competitive analysis.
The concept of conducting competitive analysis could be overwhelming. Speaking of going through your competitors’ websites and social media pages by yourself and trying to figure out the scopes. This is almost impossible.
Thankfully, there are a number of spying tools that make it easier, perform more efficiently and delivers more reliable results. In this article, we will be discussing 7 best spying tools for competitive analysis for your business.
5 best spying tools to conduct a competitive analysis for your business
Similarweb is a special tool for competitive analysis in terms of SEO and content. What it does is provides information regarding where your competitors get their traffic from as well as the demographics of the traffic.
You are likely to target the same audience as your competitors; you can therefore strategize and see how you can also generate traffic to your website from the sources revealed. Either websites or platforms.
Similarweb provides information about customers’ journey and intent. This way, you will be privy to trends in the industry as well as competitors’ online strategy.
Ahrefs is a competitive tool widely known for its specialty in monitoring organic keyword traffic. This is another tool you can use to spy on your competitor’s SEO efforts.
You get to know the keywords that drive the most traffic to your competitor’s website as well as a rough estimate of how much traffics that those keywords generate.
SEMRush is another competitive tool for SEO. This tool reveals a competitor’s backlinks. This tool allows you to find a competitor’s best keywords as well as their strategies and budgets.
This information helps you to understand your competitor’s SEO strategies and also influence your content strategy to suit what works best in your industry.
Spyfu is a competitive analysis tool that reveals the most relevant keywords in your industry as well as the keywords that your competitor is ranking for.
By using Spyfu, you get to know the keywords that your competitor is using and how well it is working for their website. You can leverage this information to build a better keyword strategy for your business.
Socialinsider is a competitive analysis tool for social media. It provides a detailed comparison between your business and competitors in the areas of content performance, audience engagement and traffic growth.
Rather than having to manually analyze your competitor’s social media pages which could take much time than you could afford, Socialinsider automatically analyzes data and presents to you, relevant information about your competitor’s social media strategy.
Getting to know the operations that matter in your industry will go a long way to helping you create a better strategy for helping your business thrive in this highly competitive market. A quick recap of the tools mentioned.
We do hope you leverage these tools to gain significant insight into what works in your industry and to be able to gain a competitive advantage. What other tools would you recommend for an efficient competitive analysis? kindly drop your opinions in the comment section.