All these competitive analysis tools have different features, so it’s wise to give a few of them a test run as you learn to conduct the most comprehensive analysis of your primary competitors.
Some of the tools profiled below can provide a comprehensive overview of your competition’s strategy very quickly. Others require a (sometimes significant) monthly subscription fee, but the investment may pay off if you’re able to significantly improve your business’s performance as a result.
SimilarWeb is a great way to see how much traffic your competitors are receiving and what advertising channels they’re using most. This website analysis and data mining tool provide very detailed information on different sites and a comprehensive overview of a website’s marketing strategy.
SEMrush is another versatile competitive analysis tool that doesn’t require a large budget. It’s great for monitoring competitors’ display advertising and search engine marketing strategies.
The most popular reason that digital marketers use SEMrush is to monitor the performance of their own websites or their competitors’ sites in the organic search results.
MixRank- Most of the other competitive analysis tools referenced so far focus on the performance of a website’s digital marketing campaigns. MixRank is a bit different. This tool provides more information about the company itself, rather than its branding efforts.
Datanyze is a specialized software program that focuses on lead generation opportunities. However, you can also use Datanyze to get more information on your competitors.
Collecting data on your competitors with these tools is ridiculously easy.
The challenging part is finding out what the data says about the strengths and weaknesses of your competitors’ marketing campaigns. Learning how to do a competitive analysis and evaluate the data in this way, however, is a much better approach than blindly copying their strategies. Collecting information on your competitors is only the first step. You also need to carefully analyze this information to understand their marketing strategy and how your company should respond accordingly.