Discovering the traffic sources of your rivals may lead to many insightful discoveries. You may use a different technique to monitor the website traffic of rival businesses and see how much traffic each one of them has received over time from the following sources:
Referrals
Direct
Mail
Search
Social
Display Ads
Knowing which incoming traffic sources are strong (and poor) in terms of both volume and quality for marketing and sales initiatives is very helpful. You’ll be able to determine which strategies are successful and which are failing for your competitors. It can assist you and your team in reevaluating your marketing strategies so that you may draw inspiration from your competitors and fill in any holes that other businesses in your industry may have overlooked.
5. Subscribe to the newsletters
The perfect method to keep up with the competition’s happenings is to sign up for their newsletter. You may evaluate their content strategy and output using this. The tone and style of a brand are sometimes set through newsletters, which may provide helpful information about the business’s location. You may learn about a company’s recent successes and the composition of their customer through its newsletters. Additionally, newsletters are used to communicate modifications to products and services, which is highly advantageous.
6. Creative subject lines and promos
Focusing on their subject lines, creativity, and marketing tactics is one of the simplest methods to monitor your rivals. It is beneficial to check what the creative team of your rivals’ competitors is up to because you and they are selling comparable items.
Are they creating campaigns that you perceive to be completely unsuccessful, or have they developed a novel and intriguing technique to sell their brand? Both strategies assist you in maintaining a unique brand voice that sets you apart from the competition.
7. Review consumer testimonials
To find out what consumers say about your competitors, check usa phone number list sites like Yelp, Angie’s List, Google Reviews, Foursquare, etc. Here are 20 online business listings to browse.
Are there any patterns or recurring characteristics in the praise or criticism?
How do your ratings stack up against the opposition?
8. Join their social media networks
Follow your rivals on social media platforms like Facebook, Twitter, Google+, Pinterest, Instagram, LinkedIn, or YouTube. Facebook recently introduced a feature that allows you to add rival pages to your “Pages to Watch” area and contrast their performance with your own.
When it comes to interacting with potential buyers, how does the rival company utilize social media?
How often do they share what kinds of information?
In comparison to you, how many followers do they have?
9. Set up a Google Alert
Find out the latest news that hits the web regarding your competitors by using a Google Alert.
Set up the Google Alert once, and any news stories related to your competitors will hit your inbox. You set the topics and frequency.
10. Visit or Buy From Them
Do it the old-fashioned way. If they have a physical location or a storefront, check it out in person. Talk to the employees. Get a sense of how they interact with customers. If your business and competitor offer software or a service, sign up for a free trial or have a chat with a salesperson.
If they have an online store, buy something online and note the process. Track how they communicate with customers before, during, and after the shopping experience.
With the exception of your time, doing a competitive analysis won’t really cost a thing (unless you buy one of their products). It’s time well spent.
Conclusion:
For any firm to succeed across all sectors, competitive analysis is essential. Both established, and start-up businesses may agree with this assertion. It makes no difference whether you are attempting to determine the target demographic for your business or creating an ad campaign for a 20-year-old brand. You must keep an eye on your rivals. But it might be hard to watch every rival since so many exist.