Competition is the inevitable by-product of every business. Because of competition, different companies are doing their best to get an edge over their rivals, which leads to better products and services for consumers to enjoy.
However, competition can also be a big problem, especially for startups. Significantly, competitors can take away your customers. It’s also likely that some of your competitors are better than you at some business functions, causing you to fade in the eyes of your consumers.
This is where competitive analysis comes in really handy. Seeing what your competitors are doing that makes them successful can push you to strategize. In addition, you can also emulate that success, and perhaps even surpass them.
But to make that possible, you may have to spy on them first using the following tips:
- Follow Them On Social Media
One way of spying on your business rivals is by following them on social media. Given that more and more companies are using Twitter, Facebook, LinkedIn, etc., you can easily track their activities and marketing strategies.
These social media sites give you an excellent opportunity to monitor what your competitors are doing and talking about. Meanwhile, don’t worry about social media profiles that are set to private, such as on Instagram. In this case, you can use a private Instagram viewer to gain access to the account’s content.
On the other hand, it’s also possible to subscribe to your competitor’s blogs, email lists, newsletters, etc. By doing so, you can see how they’re targeting your ideal audience and stay informed about their newest marketing and promotional campaigns.
- Check How They Engage On Instagram
Instagram has become one of the most popular social media platforms used by many businesses for marketing their products and services. Its popularity provides you with an excellent opportunity to spy on your competitors. However, it’s crucial that you don’t follow their account though, so that they won’t know that you’re stalking them.
Ultimately, not following their Instagram profile prevents you from seeing their posts. But there’s a trick that you can use here. There are some apps that allow you to see private profiles on Instagram. Once you’re able to hack your way into their private accounts, you can start to see how they communicate with their customers.
Aside from that, you can see what they like, who they follow, and what kinds of posts they usually comment on. Checking how your business rivals act in their own sphere of influence allows you to see how much attention they give to their audience.
- Use Google Alerts
This free tool lets you track keywords and phrases and provides a wealth of information. Google Alerts allows you to track a wide variety of different types of content, from competitor news and updates to customer feedback.
The great thing about Google Alerts is that you can customize your alerts based on the keywords you choose. Just type in the brand name or business name that you want to receive alerts from and choose how frequently you want to get updates every time that keyword is used.
As a result, it gives you real-time details on when and where a keyword is used online. This makes it easy to track down the most important updates about your business competitors.
- Analyze Their Customers’ Reviews
One of the key ways to spy on your business rivals is to analyze their customer reviews. The reviews give you valuable insight into their marketing strategy. Furthermore, they also provide a great way for you to find out what customers are saying about your business competitors.
Even if the reviews are negative, it may be an opportunity to make improvements to your product or service. In addition, taking time to analyze customer reviews can also give you a better understanding of your competitors’ marketing strategies and product roadmap.
- Follow Their Ads
Ads provide an excellent platform for businesses to entice customers and increase sales. They can really lead to success if they’re created properly and placed correctly. The platforms and websites on which these advertisements pop up are also very crucial.
Fortunately, you can check your competitors’ ads by tracking and spying on websites and platforms on which they’re appearing. There are ad spying tools that can provide you with information about your competitors’ advertisements.
With these tools, you can gain insight on how to create ads that drive traffic for your brand and potentially increase your business sales.
Spying on your business rivals is a good idea for many reasons. On the other hand, every business will face competition from others. Therefore, competitive analysis is an absolute necessity. These methods of competitor analysis are legal and can help you gain insight into their marketing campaigns and products.