Most people who are in business understand that their purpose is not to just survive the marketplace. They know that they need to thrive, expand and leave a legacy and for this to happen, they need to survive the cutthroat competition which characterizes the marketplace. Now that businesses have moved their advertising and other efforts online, it has become easier for brands to tell their one story and create their own visibility. The digital migration also means that if you make a mistake as a brand, it could travel around the world within minutes. The good news is that the migration makes it much simpler to see and analyze what the competitors are doing and use it to your advantage.
Why Competitor Analysis is Important
If you want to have a competitive edge in business, you will need to fill a gap that the competitor is missing in the market. There are companies that have become a massive success because they offered a slight product differentiation. The process starts with the regular knowledge of the consumer, and how the competitor is failing to meet all the needs of their consumer. Once you have that bit figured out, everything starts working perfectly.
Best Competitor Analysis Tools
If you want to have an easy time with competitor analysis, you have to invest in the best tools in the market. Here are some of the tools that will transform your business forever.
Quick Search is a social media search tool from Talkwalker. The tool covers a large network of social sites, blogs, microsites and other digital assets. When you get connected to the tool, you will be in a position to monitor all the conversations that are surrounding your brand and eventually, you will also manage to get the influencers that make your business tick and understand industry trends. The tool gives you real time results and is able to do an in-depth analysis of your competitors. You can actually enter the names of a number of competitors and compare the sentiments to see what the industry is communicating.
The greatest thing about this tool is that it is a simple add-on to your Firefox or other browser. However, the moment that you install it, you can access a competitor’s website and it will tell you the type of software that they are using. Another great thing about the software is that it will detect mistakes or anomalies in your systems and data. You can use the information gathered to do a comprehensive data cleansing, and make sure that all the information your customers will be exposed to online is accurate.
Business intelligence has become the newest and most exciting frontier in artificial intelligence and machine learning. The tool is able to do a deep analysis of the trends in the market and identify what you and your competitors are missing. This information is compiled and presented to you to help you make decision that will improve your growth beyond that of your competitors. The things that this software can help you find out include:
- Whether a certain technology is getting more or less market share.
- Sites that have changed their competitors
- The churn rate between technology competitors
Other tools that are worth a mention include WooRank SEO. As the name suggests, this is a tool whose primary concern is making sure that you are at the top of search engine results because this is where you will be most visible. The tool can be used to check a competitor’s Keywords, content and other aspects of their digital marketing strategy that is helping them win. You can then use this information to expand your own brand. With these and the many other tools that are there in business, it will be very simple to know what your competitors are missing and fill the gap for that competitive edge.