Tracking your competitors is an important part of running a successful business. According to statistics, 56% of executives stay informed about the market and their competitors and make strategic business decisions. You can adopt several strategies to track your competition.
These include monitoring their social media accounts, setting up Google Alerts, attending industry trade shows and events, using competitive analysis tools, and using media monitoring services. This article will explore these methods in more detail and provide tips on tracking your competitors to stay ahead of the game.
- Monitor their social media accounts
Many businesses have a presence on social media platforms such as Twitter, Facebook, Instagram, and LinkedIn. Following your competitors’ accounts and engaging with their content is a great way to understand their marketing strategies, product offerings, and overall brand positioning, so keep this in mind. You can also use social media analytics tools like Hootsuite or Sprout Social to track their posts’ engagement and reach and compare them to yours.
- Set up Google alerts
This is a free tool that allows you to receive email notifications whenever your chosen keywords appear on the web. You can stay up-to-date on their latest news and developments by setting up alerts for your competitors’ names and products. You can also use tools like Mention or Brand24 to track their mentions across the web.
- Attend trade shows and events
Trade shows and events can be a great way to see what your competitors are up to and identify the latest trends and technologies in your industry. Attending these events can also provide valuable networking opportunities and help you stay up-to-date on industry news and best practices. Also, by visiting your competitors’ booths and speaking with their representatives, you can learn about their product offerings and marketing strategies and understand how they operate in the market.
- Use a competitive analysis tool
There are several tools available that can help you track your competition’s websites and online marketing efforts. Some popular options include SimilarWeb, Ahrefs, and SEMrush. These tools can provide information on your competitors’ traffic, search rankings, ad spending, and more. Using a competitive analysis tool will help you gain insight into your competitor’s strengths and weaknesses, identify opportunities to differentiate your business and make informed decisions about your online marketing strategies.
- Use media monitoring services
Media monitoring services are a useful tool for tracking your competition. These services track and analyze mentions of your competitors in the media, including online news articles, blogs, social media posts, and more. Doing this can help you stay informed about your competitors’ activities and determine their position in the market. These services typically offer a range of features, such as keyword tracking, sentiment analysis, and customizable reports. A media monitoring service can equip you with useful knowledge of your competitors’ public perception and media coverage.
By staying up-to-date on your competitors’ activities and strategies, you can identify opportunities to differentiate your business and stay ahead of the competition.