The wisdom of keep your friends close and your enemies closer goes beyond Sun Tzu’s thoughts on war strategy. It’s a school of thought that resonates in business and marketing alike.
Some may wonder is keeping an eye on your competitors a bad thing and the answer is: absolutely not!
It’s the right thing to do for every business that thinks strategically. Competitor analysis and relevant tools have nothing to do with spying or eavesdropping.
Competitor analysis is 100% legal and relies on publicly available data.
Having an in-depth insight into various areas of business and marketing of your competitors has plenty of benefits for your business. With knowledge about your competitors you can:
- Understand how to differentiate and stand out
- Win over your competitors’ customers
- Avoid losses
- Predict your competitors moves
- Spot emerging threats
- Identify gaps
- Asses the performance of your business
- Identify market opportunities
All in all, It this speaks to you, bear with me.
There’s plenty of business areas that can be analyzed online. Social media presence, marketing campaigns, brand awareness, sentiment, SEO performance, paid ads, backlinks, or PR activities.
Here’s a five tools to tools that can help you look into those areas and gain competitive edge over your competitors:
- Similar Web: traffic analysis
- Brand24: competitor marketing analysis
- SEMrush: SEO, traffic, keyword analysis
- Siteliner: website performance analysis
- Rank Signals: competitor backlinks analysis