Competition monitoring - study the actions of your rivals

Service Business

The analysis of the competition and its actions is one of the very important activities for any company that wants to function effectively on the market. Regardless of the fact whether it is a large corporation or a small family business, the actions of competitors are extremely motivating, but also dangerous for the functioning of each of them. Sometimes solutions tested by competitors may even decide whether a given company is "to be or not" on the market. Therefore, monitoring of the competition is a necessity and it is important to get to know them well when planning your company's business strategy.

It is not difficult to find out that the greatest attention to tracking the behavior of competitors is attached to the very beginning of the company's operation, and even before it starts. Checking what the largest competitor is doing, how and what are the effects of such actions, is the basis for the action plans of many companies present on the market.

Living in the era of ubiquitous Internet and observing the trend of moving almost everything from the offline world to the web, it becomes important to monitor competition and analyze all its activities in this area. Therefore, in this article we will focus on how you can check what our competition is doing on the Internet and with what tools you can learn a lot about it.

What is competition analysis and monitoring for?

It is known that in life it is worth learning from the mistakes of others. Especially in business, it is worth taking advantage of this principle, even when entering a new and unknown area of ​​activity or a previously foreign industry. Often the competitors themselves, present on the market for a long time, who have tested certain solutions, are able to suggest many interesting and proven ideas, the only thing worth doing then is simply taking advantage of this experience. It may happen that some of your own ideas of action turn out to be much better and it is not worth underestimating them, but you should be both where our rivals are and where they have not yet come up with the idea to get there. And by using their proven ideas and own innovative solutions, you can achieve real success.

Sometimes the lack of knowledge even forces the observation and monitoring of the competition. This paradoxically affects our advantage, because forced by the situation, we use what others have tried on their own skin. And would it be so if we thought that we are a specialist in a given area? Would we be more willing to look at the actions of others if we feel better than them? Here it is worth remembering that a fresh eye / from a different angle on the topics we know can be very beneficial.

Competition monitoring undoubtedly allows you to determine your own position on the market. Thanks to this, it is always known whether there are any new companies, products or other solutions that may pose a threat to the functioning of the business, and at the same time make people aware that the environment is awake, which should be remembered and not be vigilant.

Competition analysis and monitoring - what to check?

It is worth getting to know your competitors - there is no doubt. Now it only remains to carefully X-ray each of them. However, the question arises as to what is worth knowing about rivals and their online activities. And here we will recommend a few aspects that are worth paying attention to, but remember that the list is not exhaustive, just like human creativity and the possibilities offered by the Internet.

Global rankings versus analysis and monitoring of competition

It is undoubtedly worth starting the analysis and monitoring of competition on the Internet by checking and answering a few basic questions related to the very presence in the online world:

  • Who is our real competitor and is it online?
  • Are there any rankings related to my industry and area of ​​activity published on the web that can serve as a reference?
  • What market are our rivals operating on - locally or globally?
  • Are our rivals visible on the Internet - even in the search engine?
  • What online communication channels do they use to acquire customers?

Having such an extensive analysis of the current situation in relation to each competitor, we are undoubtedly in possession of valuable information that allows us to comprehensively look at our own position in relation to the entire industry. It is also easy to select those areas and places where we are or are not. A valuable tool helpful for this type of analysis is AlexaRank - a data source useful in the context of determining your own and rivals' place in the global ranking in terms of the most basic data on the web. Of course, apart from the free versions of AlexaRank or SimilarWeb and SpyFu, there is always the possibility of purchasing paid access, which allows you to obtain more information on a given topic.

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Competition monitoring, i.e. where in the search engine

Saying the Internet, the search engine automatically comes to mind - and in our country Google. Currently, there is probably no internet user who would not use this tool. Hence, it is very important to check your own competitors for their presence in this place. The search engine offers many possibilities, not only in the form of paid ads. Undoubtedly, it is not worth underestimating the power of this medium / channel. Especially when you see your rivals' high rankings in search results, you shouldn't be left behind. The very fact of SEO activities carried out by competitors proves the rightness and legitimacy of carrying out this type of tasks, however, it is important to properly define keywords that will translate into the right amount and targeting the target group. Therefore, the analysis of the competition in this respect may turn out to be very useful, and tools such as such as SEMstorm, Positionly, webposition, SERPmonster, SEOstatio, stat4SEO etc.

Orders and competition analysis and monitoring

Search engine's presence in organic results is the result of numerous activities. It is worth emphasizing the role of links that refer to our website from other places on the web. Due to the fact that someone from the outside recommended the website and posted a link to it, it has a better chance of being positioned higher in search results. Hence, the more good-quality backlinks for a competitor, the greater the chance of being more visible in the search engine than we are. Therefore, it is worth following who and where recommends competitors' websites in order to effectively use this knowledge, planning your own activities in this area. Tools such as Majestic, WebMeUp or Ahrefs.

Competition analysis and monitoring - let's compare

When we run e-commerce activities, comparison websites are a good way to review the product offer or even check the prices of competitors. Ceneo, Nokaut, Skąpiec and others are a source of information that should not be overlooked when analyzing the competition. Of course, Allegro, the most powerful on our e-commerce market, should also be mentioned, which can also provide many hints in races with rivals.

Opinions and competition monitoring

The client of the competition and the opinion they give about it, even on the Internet, are a very valuable source of information for us. Hence, tracking information - both about oneself and about competitors, be it on social media or on any kind of forums - should not be omitted during such analyzes. These valuable tips and comments are signals from the market that need to be paid special attention, because they shape our image in the eyes of future and current customers, as well as other entities. Currently, there are several tools on the market for monitoring content published on the Internet, such as Brand24, SentiOne, Institute of Media Monitoring, Monitori, NewsPoint or Google Alerts.

Competition analysis and monitoring - competition is people

It cannot be ignored that our competitors are actually the people behind the company. Keeping this in mind, it is worth checking who is behind the success of our rivals or who our rivals are looking for, hiring or firing. A new position in a particular department can be a very significant signal. Websites such as Facebook, LinkedIn or GoldenLine, as well as the Google search engine itself, are places that can undoubtedly be very helpful.

Competition analysis and monitoring - how to advertise

Paid campaigns are also an effective form of acquiring customers. It is important, however, whether a good selection of appropriate actions is made. Therefore, it is also worth using the experience of the competition in this case, which may, by regularly using a certain type of medium, have verified that it is in fact an activity worth the money spent. The analysis of the places where rivals with paid advertising are present, the method and form of the message used is a valuable tip that can be used very effectively for yourself. The previously mentioned tools such as SEMstorm, SEMrush and SpyFu may be helpful here.

Competition monitoring and what next?

Data collection alone is only half the battle. Now is the time to digest them and put them together in such a way that you can draw the appropriate conclusions that will have a significant impact on subsequent decisions.

Appropriate analysis and drawing constructive conclusions from it is a recipe for outperforming the competition and not lagging behind, and thus a chance to fight or strengthen your stable position on the market.

How we use the collected data largely depends on us and our commitment. Tools for monitoring competitors' activities are extremely helpful, but it is worth remembering that they will not draw as far-reaching conclusions as a person who will be able to use them properly. Data taken from multiple systems is a powerful weapon, as long as you know how to use this weapon.

Let us remember that the competition never sleeps and can always be one step ahead of us if we lose sight of it even for a moment.