There was a time when conducting a competitor analysis meant surreptitiously perusing their printed brochures or clandestinely attending their product launches. Today, the situation couldn’t be more different. Thanks to the rapidly advancing power of data, ambitious businesses are now able to analyse their competitors’ strategies comprehensively, accurately and in real-time.
With that in mind, here we explore some approaches companies that can adopt to gain a competitive edge. Here are a selection of modern ways for businesses to conduct more accurate competitor analysis.
Relying On Web Scraping
Web scraping might sound like something a teenager would do to their knee at a skatepark, but it’s actually one of the most efficient ways to gather data online. It involves the automatic extraction of information from a website.
Businesses can use web scraping tools to collect data from their competitors’ websites and social media pages. This could help discover product offerings, monitor competitor pricing strategies, assess customer reviews in bulk in order to identify trends and anything else relevant. The collected data can serve as a valuable resource for businesses seeking to refine their strategies and stay ahead of the competition.
Harnessing The Power Of Social Media Analysis
These days, social media platforms are a gold mine of data. Companies can track their competitors’ performance on these platforms, scrutinising the likes, shares, comments, and general engagement their competitors receive.
By using special tools for social media analysis, businesses can monitor their competitors’ content performance and glean insights into what strategies are working for them and, perhaps more importantly, which ones are not.
Some of the most popular tools for conducting social media competitor analysis include Not Just Analysis, Social Mention and Sociality.
Using AI For Predictive Analysis
Artificial Intelligence, or AI as many of us refer to it, isn’t just for powering Siri or Alexa. It’s making waves in the world of competitor analysis as well. AI-powered predictive analysis tools can track a myriad of variables, then utilise sophisticated algorithms to predict future market trends based on these inputs. By using these tools, businesses can forecast the strategies their competitors may adopt in the future, allowing them to plan and react more effectively and efficiently.
Embracing SEO Tools
Search Engine Optimisation (SEO) isn’t just for improving your own website’s Google ranking. SEO tools can be employed to scrutinise competitors’ online strategies. These tools provide an in-depth look into the keywords competitors are targeting, their top-performing content, backlink strategies, and many other useful metrics. With this information, companies can optimise their own SEO strategies to outperform their competitors.
Read: 22 modern SEO tips for 2023
Capitalising On Customer Reviews
Never underestimate the power of customer reviews. They are a rich source of information about a company’s products or services and how they are perceived by the market. Online reviews on platforms like Trustpilot, Google, and social media can reveal a competitor’s strengths and weaknesses from a customer’s perspective; collate a large amount and identify trends for best results.
Sentiment Analysis Tools
In an age where social media reigns supreme, businesses cannot afford to ignore the public sentiment towards their brand. Sentiment analysis tools use natural language processing to analyse public reactions to a brand, product or service in real time. Businesses can use these tools to track their competitors, gaining an understanding of how the public sentiment towards them is changing and why. This can prove extremely valuable in shaping one’s own PR strategy and product development.
Utilising Data Visualisation Tools
Sometimes, being able to see and visually interact with data can prove much more insightful than staring at rows and columns of numbers. Data visualisation tools, like Tableau or Microsoft Power BI, can turn complex datasets into clear, interactive visual representations, making it easier to spot trends, patterns or anomalies. By applying these tools to competitor data, businesses can obtain a clear, easy-to-understand visual of the competition’s performance, which can then inform strategy decisions.
Exploring Market Research Platforms
Last, but by no means least, one should not underestimate the value offered by professional market research platforms. Websites like Statista and Nielsen provide an extensive range of data on industries, markets, and consumer behaviour, which can be invaluable when analysing competitors. Not only does this facilitate a broader understanding of the market landscape, but it also reveals the behaviour of consumers, which is crucial in building customer-centred strategies.
The Bottom Line
Businesses that harness the power of data to assess their competition are better equipped to adapt, grow, and thrive in the modern marketplace. The wealth of information available online is a veritable treasure trove of insights, waiting to be unearthed by savvy businesses.
Armed with actionable data obtained through modern techniques like web scraping, AI predictive analysis, and social media and SEO analytical tools, businesses of all sizes can conduct more accurate competitor analysis and remain one step ahead in the rat race. Remember, knowledge is power – and in the digital age, that power comes from data.