SEE HOW YOUR BUSINESS COMPARES
Competitive analysis should be an important part of your business plan. By keeping tabs on your competition, you can view the market from a customer perspective and see how your business compares. It can also help you plan strategies to keep your current customers, and even win customers from your competitors.
While there are an endless amount of tools available to help you track your competition, here are just a few popular ways to help you gather information on your competition:
- Google AdWords Keyword Planner is a keyword research tool that provides keyword ideas and traffic estimates to help you build a Search Network campaign.
- Follow your competition on social media. One example, Hootsuite can keep on top of chatter in real time on social media platforms such as Facebook, Twitter, and LinkedIn.
- Sign up for your competitor’s newsletter or blog posts, which will often include information on their newest products and services, upcoming specials, events they are attending, and much more.
- Mention is a tool similar to Google Alerts, that can help you scour the web for information on your competition and market insights.
- SpyFu is a tool for keyword and ad monitoring. You simply type in your competitor, and you can download an entire list of these keywords and Adwords your competition is buying.
- Attend industry trade shows and conferences to learn who your competitors are and what they are offering. Visit competitor booths to check out their products and pick up literature.
- Website Grader created by HubSpot, is a free tool to measure the strengths and weaknesses of your website. Simply plug in your website or your competitor’s site, and view areas that need improvement.
- SimilarWeb is a paid tool for web rankings that provides traffic insights for any website.
Ask your customers about the competition. If you win a new customer, ask why they switched. If you lose a customer, identify what they preferred about your competition. Or consider creating a survey.