In the early stages of online marketing, there has been no efficient way of knowing how you fare against your competitors.
Now, there are a lot of tools that can help you design ways to outwit your competitors. These tools analyze data based on organic and paid business strategies that your competitors engage in. Here are 10 of these business intelligence tools.
Here are some stuffs to spy them out:
Business Monitor International – global competition and opportunity for growth on a global scale.
Channel IQ – checks demand and price levels, product additions and attributes, product or service removals. It also monitors special offers and promotions by competitors.
CI Radar – tracks competitor online documentation and whitepapers, and identifies modifications to marketing strategies, service levels, and pricing of products or services.
Closely – launched a beta version of Perch, a product that helps small-scale businesses see what is going on with their competitors.
Google Insights– powered by Google, Insights analyzes the characteristics of your competitors by using its data in Google Search.
Lithium – focused on positive and negative mentions in social networking sites, Lithium helps you determine consumer assessment on your competitors. With the information it gathers from these mentions, this tool allows you to know how input information in social media is used to drive consumers to your competitors.
Price Manager – a monitoring tool focused on price changes, Price Manager obtains information from your competitors and if enabled, allows you to be notified if something critical has happened. This applies whether the change is about pricing or about promotions.
SaleHoo – if you are on the online retailing business, you can use SaleHoo to determine which products are current bestsellers in the market. Think about how eBay is populated with a lot of stuff for sale and using the information gathered by this tool to sell your own products for a more competitive price in your website.
SpyFu – this tool provides insight on the different areas your competitors are advertising under. The data it analyzes is confined to competitors who are under the same line of business as you are and the scope of analysis includes advertisement history and keywords.
The Search Monitor – This tool offers services like localized business intelligence, trademark and affiliate program checks, and reports about market share.
Apart from the tools listed above, there are organic or free ways for you to monitor competition in your business. Here are some of them:
- Subscribing to your competitor blogs to know the latest scoop
- Using your competitor’s products
- Checking their photos
- Monitoring their press releases or business news
- Checking their social media profiles
And how might you do all of the above? Start with these steps:
- Know who they are
- Visit their websites and do technical and content analysis
- Determine the keywords that land people to your competitor’s websites as well their back links
- Follow them on their social media profiles like Facebook and Twitter
- Analyze their advertisements
With all of the tools provided above, you should be able to start planning about how to make your online business a little better than anyone else’s.