Using Analytics to Track Your Competitors
In the days before the internet, when you wanted to keep tabs on your competitors, you would try to sneak into their headquarters or follow the executives around in hopes of overhearing their conversations. You might have even purchased a few of their products in order to see how they worked.
These days, however, the game is much more complicated. The internet has changed everything, including the way businesses conduct market research. Accordingly, keeping tabs of competitors today is less about eavesdropping and more about analytics and SEO strategies.
While it’s still beneficial to physically check up on the competition, here are a few useful ways you can leverage the internet to help you maintain your competitive advantage.
RSS Feeds
RSS stands for Rich Site Summary (sometimes called “Really Simple Syndication”). It’s a way to avoid constantly checking your competitors’ websites for any product or service updates.
If your competitor has configured their website to provide RSS functionality, you can simply subscribe to their RSS feed. The feed will alert you of updates, announcements and changes as they happen. This means you’ll be among the first to know what your competitors are up to.
Google Alerts
It’s one thing to know if your competitors are saying anything new, but how can you keep track of what everyone else is saying about your competitors?
By using Google Alerts, you don’t have to keep searching for mentions of your competitors. Instead, Google will do it for you and send you an email every time someone mentions your competitors online. Simply enter your search terms andkeywords, and choose how often you’d like updates.
Traffic Comparison
Sites like Quantcast or Alexacan tell you who visits your competitors’ websites and how often they return. While they shouldn’t be treated as an ultimate source, sites that track web traffic can give you insight into what market segmentsyou’re missing out on and what types of promotions or pricing they respond to.
By understanding what pages are getting the most traffic and how long customers stay on those pages, you’ll also be able to find out how your competitors keep their customers engaged, allowing you to come up with strategies to appeal to consumer segments you’re missing out on.
Tracking Links
It may seem obvious, but links are very important because they can draw traffic from other places. Additionally, they can also be tracked.
Tools like WhoLinks2Me.com and AddMe.com can help you know which customers, trade groups or businesses are linking to your competitors’ sites. If you can find out who is linking to your competitors, you can make efforts to get those people over to your site as well.
Social Followings
Websites are just one way that companies and customers keep in touch with each other. Facebook, Twitter, Google+and similar social media sites can also be important sources of information.
By liking your competitors’ Facebook pages and following their tweets, you can hear about things that may not show up on their websites for days (or ever). This also lets you understand how your competitors use social media for marketing, which may create or highlight some opportunities that your business might be overlooking
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