Learning about your competitors' strengths and weaknesses is the basis of a good marketing strategy. When you learn about your competitors' strengths, you can prevent them from being your weaknesses. But, if you do not know what your competitors are doing, it's harder to maintain your already-existing buyers in your hands and to reach new decisions that might attract new customers.
In this article, we listed for you the Top 10 Competitor Analysis Tools, which are going to help you when you are exploring the competitive environment; so that you shall be able to overcome all above-mentioned difficulties. But first, we should answer the following question:"Why should you analyse your competitors?".
Why Should You Analyse Your Competitors?
1. Evaluating performance
Analysing your competitors' behaviours on digital platforms provides predictions for you regarding how your brand name shall perform in such digital platforms.
Even if your intended population is not present on these digital platforms, your analysis shall help you understand how you should create your content strategy. In such a case, you can make more efforts to inform people about your offers by taking into account that the intended population is likely not to have heard of your product or service yet.
2. Learn What Works and What Does Not In Your Target Market
Each sector benefits from digital marketing in a different way. Some rely heavily on visual communication tools, such as videos, info-graphics, images of their products, while others rely on publications such as articles and reports.
When it comes to digital marketing, things that work for some businesses may not work for you; therefore, you should spare some time to research contents that are already popular in your sector.
Make sure you always test your content strategy and do not rely solely on experimental environments and content types.
3. To Determine Correct KPIs (Key Performance Indicators)
To set realistic measurable goals for your segment, you must first understand what your competitors are achieving.
4. To Follow Market Trends
You should analyse your competitors in a routine way in order to not miss trends. Regular Analyses can help you identify tendencies in the market, such as seasonal sales, hash-tags, keywords, and even difficulties experienced by one of your competitors.
So, if you want to know how you can achieve all these things, the answer is: you can improve your presence on digital platforms by using the following tools.
What Are The Best Competitor Analysis Tools?
1. Social Animal
Social Animal provides detailed and useful information, which helps you to understand your competitors' digital marketing approaches.
By using Social Animal, you can do following things:
- Detailed analysis on how keywords that were specified by you perform after your content is published
- Influencers that generate contents related to the keywords you want to stand out from
- Performance monitoring by means of interaction graphics
- Determining which types of content published by you are more useful
- The time zone, during which you should publish your content
- Information on platforms, where names of your competitors are mentioned
- Searching the keywords specified by you in most commonly used social platforms
Buzzsumo is a very useful tool for you to research contents and to monitor the performance of contents that compete for each relevant keyword. It also offers a great way to analyse and to monitor your Facebook, Twitter, Pinterest profiles. It shows you different metrics of each post you share and lets you know which content performs the best.
Buzzsumo tells you which are the best days to share posts, how long your posts shall last, which types of content work the best, and it also provides you monthly statistics.
Talkwalker, which is more often preferred by large businesses, is a large-scale marketing tool.
Unlike most Competitor Analysis Tools, it analyses online channels, social media, printed publications, and TV / Radio contents altogether.
It does not only track results in real time, it also gives you access to more than two years of historical data.
Talkwalker also allows you to perform Social Listening through 10 social media platforms of your choice for your brand. Talkwalker, which tracks 150 million websites in total, also tracks discussions on online news websites, blogs, forums and even off-line databases.
BrandMentions is one of the most popular tools to help you track your brand on the internet. It identifies all digital platforms, where your brand is mentioned, and allows you to identify relevant keywords for your business.
Here are some of the things you can do by using BrandMentions:
- To receive real-time notifications about any brand or topic
- To analyse sensitivity correctly
- To perform Social Listening on web platforms and on social media
- To prepare specific reports for your brand
- To understand and to track competitors' marketing strategies
Socialbakers is one of the most popular social media statistics portals offering in-depth analysis of social media platforms. Strengthening its infrastructure every day since year 2009, Socialbakers tries to measure and analyse activities of the company on social media platforms and to maximize effectiveness of social marketing campaigns across all major social networks.
Social Media Analysis Tools available under roof of Socialbakers are as follows:
- Campaign Analysis
- Competitor Tracking
- Customizable Reports
- Attendance Tracking
- Influencer Tracking
- Engagement with Potential Customers
- Multichannel Data Collection
- Post Planning
Alexa provides you with equivalent information that is in your competitors' Google Analytics Account, and provides estimations for keywords and search terms. Alexa also provides its users with the best search engine queries that actively bring visitors to websites.
By using Alexa, you can also see a list of other websites that link to competitors' websites; you can monitor websites' traffic volume, bounce rate, high-level demographic information and more.
Quantcast, which is based on Artificial Intelligence (AI) and which has become a highly popular tool thanks to it’s speciality that provides highly detailed information about intended population demographics of any website.
Said tool, which is considered as an alternative to Alexa, provides information about geographical location, field of interest, gender and similar basic demographic information.
If you want to understand intended populations of your competitors and get a better idea of the demographics of these people, Quantcast provides you with quite a lot of information. Furthermore, it can give you opinions about important demographic information related to your own brand.
Moz is a Competitor Analysis Tool that explores keywords, links, spam scores, and more in depth. It reveals the keywords you need to target, topics your Blog and Page Content needs to address, priority places for you to gain quality backlinks to your website, and much more. It also explores and identifies your real SEO (Search Engine Optimization) competitors.
SEMrush provides a full-scale competitor analysis examination, keyword researching function, and backlink analysis to help you develop your brand's content marketing and digital strategies. By doing so, it grants you the power to create actionable insights that you can actively use to implement.
SimilarWeb helps you benchmark your competitors, monitor your industry and uncover competitors' analysis and their online strategy.
SimilarWeb collects, cleans and organizes raw data, processes it with learned algorithms, and brings you the statistics you need.
We have listed competitor analysis tools that we think will be useful for you above. If you want to stay one step ahead of your competitors, do not neglect to keep a close eye on the competition. Remember, you can only get the job done with the right competitor analysis tools.
Tags: competitor analysis tools, analyze your competition, competitive analysis