Monitoring company competition - man running in race

Competitors can make running a business difficult to run smoothly. With competition, even a small mistake could send consumers to another business that offers a similar product. Making sure you are unique and have fantastic customer service is a must in order to compete today. But is that all? What strategies are your competitors using that you are not? More importantly, how can you monitor your competitor’s analytics so you can know how to steer your company? One of the most effective ways a business can grow is by monitoring and imitating the tactics used by their rivals. Thankfully, there are quite a few ways to do this effectively.

Go Beyond a Google Search

As you begin your research to monitor your competitor’s actions, it’s always good to start your research with a google search, but be sure not to stop there. It is a good idea to turn on Google Alerts, which will help notify you when there is an announcement or important news being announced by a rival or competitor. These notifications alert you to changes that you would otherwise spend a lot of valuable time trying to find. Another great resource to use to keep up with your competitors is Spyfu, which will let you know about the keywords and Adwords that your competitors are using and how successfully they are working for them. 

Spend Some Time on Their Website

One of the quickest and easiest ways to find out information about your competition is to familiarize yourself with their website. You should pay attention to the content that is popular and shared the most often. For example, if a keyword is working for your competitor over and over again, maybe it’s time you implemented similar keywords or targets to your own campaign. You can use Buzzsumo to find out more regarding shared content, what influences their customers most, and how your domain and keywords match up with your competition.

Talk to Your Customers

There is a reason why your customers chose you over your competitors. Usually the best research you can do is speaking directly to the people who chose your brand over another. Ask your customers why they used a previous business and what attracted them to yours. What other companies were they considering, if any? You may learn about new strategies and even incorporate similar ideas into your own business.

Another great way to access customer information is through reviews online. This allows you to see honest discussion about what consumers are looking for and what they would like improved. Online reviews allow the contributors to remain anonymous, which gives them the freedom to honestly discuss an organization without backlash of any kind. While someone may be cautious how they talk about a company they work for or buy from regularly, anonymous reviews allow for honest discussion and can be the most trustworthy platform on which to gain information.

Pay Attention to SEO

Search engine optimization is important because it is what increases visibility on the web and allows people to find you easier. You should pay attention to the SEO techniques your competitors are using. Are they using a company to help boost their website, or are they using google to help promote their website? In today’s world, being easy to find and access online is one of the most important tools you can use to help boost business. If your competitors are doing it right, you should learn how to effectively utilize SEO as well.

Call Them

After you have done research on your competitors, it never hurts to just pick up the phone and give them a call. In many cases, companies will not mind answering questions that you ask, and you may be pleasantly pleased with how much they are willing to tell you for free.

Attend a Conference

Attending conferences held by your competitors can help you better understand your competitor’s points of view, as well as more information regarding their products and services. Make sure that you visit the competitor’s booths and interact with them.

As important as your own strategy is, it is just as vital in today’s business world to know your competitor’s strategies just as well.