Online marketing isn’t just about looking at your own brand and doing your own thing.
Any kind of business is influenced by others and this is especially true of an online business. You can’t just focus on your own strategy rather the key to success is to look at what others are doing as well. This means finding out about your competition and doing the right research.
In this update, we are going to look at competitor intelligence tools, why you should use one and show you the top five on the market right now.
Why do you need competitor intelligence software?
There are many reasons why you should use software and tools to find out what your competitors are doing.
The big reason is that you can benchmark your own place in the market against those businesses that you are competing with. This will let you see where you are in comparison to them so
you can make informed strategic decisions to match their efforts.
Competitor analysis also lets you find out about their strategies so you can follow suit if you are lagging behind.
5 best competitive intelligence tools
These market intelligence tools are the top 5 on the market right now. They all have their pros and cons and some have more features than others but we have included tools that will suit every budget.
#1 SEMrush Traffic Analytics
SEMrush is one of the most well-known pieces of marketing analytical software and you can do a whole lot of different things from keyword research to checking backlinks.
One part of this tool which is really useful for competitor analysis is looking at the traffic stats for other websites. With SEMrush you will be able to check out and compare metrics such as visit duration, bounce rate, traffic sources, geo- traffic and, of course, the total number of visits. You can see what landing pages are popular too.
This is a powerful tool and while the traffic analytics are just one part of it, they are what makes this software great for competition spying.
#2 Sprout Social
This is another well-known marketing tool that plays a vital role in competitor analysis.
This social media management software can be used to see how your competitor’s brands are doing with the most important part of any business – customers! With Sprout Social you can see what their best social posts are, what people think of their brand and also how they engage with it.
While Sprout Social competitor analysis doesn’t give you valuable website data like SEMrush, it is very useful to find out about your competitors social presence and reputation.
The third choice on our list of intelligence tools is something called SimilarWeb.
This software allows you to see your own performance in terms of referral traffic, marketing channels, overall engagement as well as search traffic and terms as well as that of your competitors so it can be very useful in analysing the competition.
Their funnel analysis is invaluable too and it offers an easy way to find out a lot of statistics about the competition in your niche.
This is a much more specialised competition analysis tool as it deals with one part of the process – emails.
Email marketing and building a list is still vital and with Owletter you can find out about what email offers other businesses are running, how they optimise their emails to get better clicks and conversions right down to the days and hours that they send their emails out on.
This is a specific tool for a specific part of your analysis but it does the job really well.
You’ve probably heard of Moz and it offers a huge range of software and services including one of the best competitor analysis tools out there.
With Moz you can conduct an audit of your competitor’s website and find out a ton of data that will help you shape your own strategies and optimising efforts. This includes things such as linking domains, keyword competitor intelligence and their domain authority.
With their well-presented UI you can easily compare your competitor’s performance to your own and optimise your own site accordingly.
Using competitive intelligence for success
Staying in your own bubble and not paying attention to the things other people are implementing in your niche is a big mistake.
You need to be able to find out about other businesses and their marketing efforts. If you don’t then your marketing efforts are due to fail.
With these competitor analysis tools you can really find out what other people are doing, how they are doing it and then adjust your own online marketing strategies accordingly.