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Competitor Analysis Tool

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Table of Contents

Introduction to Competitor Analysis Tools

competitor analysis report

Competitor analysis tools are software platforms and services that allow businesses to research, monitor, and analyze data on their competitors. These tools aggregate information on competitors from various sources, both online and offline, and provide actionable intelligence to inform strategic decisions. Using competitor analysis tools enables companies to keep tabs on their rivals, identify opportunities and threats, and gain a competitive edge.

The key benefits of utilizing competitor analysis tools include:

  • Uncovering competitor strengths and weaknesses – By compiling data on competitor offerings, marketing, traffic, backlinks and more, companies can pinpoint where competitors excel and falter.

  • Tracking growth trends – Regular monitoring shows how competitors are faring over time and their growth trajectories.

  • Discovering underserved needs – Gaps where competitors are falling short represent untapped opportunities worth pursuing.

  • Inspiring innovation – Competitor successes can spur new ideas, products and approaches to improve your own business.

  • Optimizing marketing – Knowledge of competitor messaging and campaigns allows you to refine positioning and spend.

  • Estimating revenues – Tools providing competitor sales estimates help benchmark performance.

MyBrand’s Competitor Analysis Report Tool stands out as an excellent option, offering robust tracking of all key competitor data points through an intuitive dashboard.

Why Perform Competitor Analysis?

competitor analysis

Conducting competitor analysis provides immense strategic value for businesses in any industry. Here are some of the top reasons to make competitor intelligence a regular practice:

  • Identify competitor strengths to emulate – Studying market leaders in your space allows you to uncover what makes them successful. You can model what they do best while avoiding their flaws and weaknesses.

  • Learn from competitor failures – When rivals stumble or contract, their missteps provide lessons for your own business. Avoid repeating the same mistakes.

  • Spot white space opportunities – Analyze competitors to detect gaps or underserved segments you can target. Move into spaces competitors are ignoring.

  • Benchmark competitor performance – Track competitor revenue growth, website traffic, lead generation and other KPIs relevant to your industry. Compare to your own.

  • Monitor marketing campaigns – Keeping tabs on competitor messaging, promotions and ad spend helps shape your own marketing. Align with current trends.

  • Inform pricing strategy – Competitor pricing analysis prevents leaving money on the table or pricing yourself out. Price competitively.

  • Gain early warning of disruption – New innovations by competitors signal it’s time to counter, improve your offerings or pursue adjacent spaces.

  • Inspire creative ideas – Let competitors stir your imagination for novel approaches, product enhancements and differentiators.

Regular competitor analysis provides strategic foresight so you can play offense and defense. Don’t operate blind – turn to competitor intelligence tools to know the competitive landscape.

Types of Competitor Data to Collect

seo competitors analysis tool

Here are the key intel points to research about current competitors using analysis tools:

  • Product and service offerings – Features, capabilities, formats, customization options and more about rival offerings.

  • Pricing and business models – Price points, discounts, packaging, subscriptions, upsells, bundles, and revenue models competitors use.

  • Marketing messaging and positioning – Taglines, segment focus, differentiators, competitive positioning, and overall branding.

  • Advertising and campaigns – Paid ads, channels, creatives, calls-to-action, special offers and promos competitors have.

  • Website and SEO data – Traffic, rankings, backlinks and optimization tactics competitors employ.

  • Social media presence – Competitor engagement, growth and activity on social platforms.

  • Customer demographics – Who buys from competitors and why? Personas, drivers, behaviors and psychographics.

  • Revenues and growth – Estimated sales volumes, growth rates, and market share captured by rivals.

  • Leadership and funding – Competitor executives, investors, board members and advisors.

  • News and events – Conferences competitors attend, awards won, acquisitions, litigation and more.

Prioritize gathering intelligence aligned with your specific business goals and questions. Analyze findings segmented by competitor.

Manual vs. Automated Competitor Analysis

competitor analysis checker

Historically, businesses conducted competitor research manually. This required tedious, repetitive searching, monitoring, and analysis. The manual approach presents several drawbacks:

Cons of Manual Competitor Research:

  • Extremely time-consuming and labor intensive

  • Difficult to perform at scale across many competitors

  • Hard to spot trends and track changes over time

  • Data quickly becomes stale and outdated

  • Easy to miss key competitor activities and announcements

  • Opportunities for human error in data collection and analysis

Today, sophisticated competitor analysis tools automate the heavy lifting of monitoring competitors. Competitive intelligence software crawls the web to pull real-time data on competitors. Machine learning aids in analysis. Automated tools provide:

Benefits of Automated Competitor Analysis Tools:

  • Efficient – No more wasted hours manually tracking competitors.

  • Scalable – Track hundreds of competitors with ease.

  • Real-time data – Tools continuously crawl for latest competitor intel.

  • Trend analysis – Visualizations show competitor trends over time.

  • Custom tagging – Flexibly categorize and filter competitor data.

  • Exportable reports – Generate shareable PDFs and slides.

  • Risk reduction – Avoid human error in collecting and processing data.

  • Time savings – Speed research from weeks to hours with automation.

  • Ongoing monitoring – Tools keep constant watch over competitors.

Leading options like MyBrand deliver a centralized view of key competitor data to benchmark performance, capture opportunities, and gain strategic insights.

Features to Look for in Competitor Analysis Tools

tools for competitors analysis

With dozens of competitive intelligence tools on the market, here are the core features to evaluate when selecting software:

Website Traffic and Rank Tracking

  • Monitor monthly visits, rank history and traffic sources for competitor websites. Assess how much traffic competitors drive and from what channels.

Keyword Rank Tracking

  • Check rankings for target keywords to compare SEO strength. Discover new keyword opportunities.

Backlink Analysis

SEO Recommendations

Social Media Monitoring

  • Track follower growth, engagement levels, sentiment and post topics on social.

Online Reputation Monitoring

  • Get alerts about positive and negative mentions of competitors.

Sales Estimates

  • Estimate competitor revenues based on web traffic and other data.

Customer Intelligence

  • Build profiles of competitor buyer demographics, psychographics, behaviors.

Ad Monitoring

  • See competitor paid ad spending, creatives, landing pages and more.

News and Events Tracking

  • Monitor competitor announcements, leadership changes, litigation, etc.

Presentation Exports

  • Export key competitor findings into ready-made slide decks.

Prioritize features that will answer your most pressing strategic questions about rivals in your market. Avoid overload – focus monitoring on metrics most relevant to your goals.

Top 10 Competitor Analysis Tools in 2024

best competitor analysis tool

With an abundance of software options, here is my take on the top 10 competitor analysis tools available in 2023 based on market share, reviews and capabilities:

1. MyBrand’s Competitor Analysis Report Tool

RM Digital Competitor Analysis Tool offers the most powerful end-to-end solution for continuous competitor tracking. Key features:

Data Collected: Website traffic, ranks, keywords, backlinks, social media, online reputation, ads, sales estimates, news, jobs.

Collection Method: Advanced web crawling, complex algorithms, big data analytics.

Key Differentiators:

  • Centralized competitor hub with 50+ data visualizations

  • Comparative charts to benchmark vs competitors

  • Proactive monitoring and alerts

  • Presentation-ready reporting

  • Affordable pricing tiers for any size business

Ideal For: Medium to large enterprises desiring an all-in-one competitive intelligence platform.

Pricing: Starts at $99/month for up to 10 competitors. Volume discounts available.

MyBrand is my top recommendation based on the depth of data tracked, ease of use, visually compelling reporting, and tremendous time savings delivered.

2. Competitor Analysis Tool Ahrefst

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Ideal for: marketers

Pricing: Starting and average monthly price

3. Competitor Analysis Tool Semrush

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Ideal for: Customer size or niche

Pricing: Starting and average monthly price

4. MOZ

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competitors tools

6. Competitor Analysis Tool Majestic

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Key features:

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Ideal for: Customer segment

Pricing: Starting and average monthly price

7. Competitor Tool Snipping Tool

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Key features:

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Ideal for: Target customers

Pricing: Starting and average monthly price

8. Competitor Tool Screamingfrog

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Ideal for: Intended customers

Pricing: Starting and average monthly price

9. Competitor Tool QRS

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Ideal for: Target users

Pricing: Starting and average monthly price

10. Competitor Tool TUV

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Ideal for: Customer profile

Pricing: Starting and average monthly price

How to Use Competitor Analysis Tools for Success

competitor analysis checker

To maximize value from competitive intelligence tools:

  • Pick representative competitors – Select 3-5 true competitors who represent threats. Avoid analysis paralysis with too many.

  • Define goals and KPIs – Clarify specific metrics relevant to benchmark against.

  • Schedule periodic reviews – Review competitive dashboards weekly or monthly. Don’t set and forget.

  • Share findings with leadership – Present key insights on competitor activity to inform decisions.

  • Translate into actions – Turn recommendations into concrete next steps and campaigns.

  • Use to craft your strategy – Let competitive intelligence shape your positioning and roadmap.

  • Trigger new hypotheses – Develop assumptions about competitors to validate with ongoing monitoring.

Common Pitfalls:

  • Tracking vague “competitors” not in your space
  • Information overload
  • Lacking context for competitor’s decision-making
  • Confirmation bias to see only what you expect

Avoid these missteps by picking targets wisely, focusing monitoring on strategy-aligned KPIs, and deriving concrete actions from intelligence.

Competitor Analysis Process Step-by-Step

competitor analysis

Here is a step-by-step approach to implement competitor analysis:

Step 1) Identify your competitors – List 3-5 true competitors first. You can expand monitoring later. Avoid trying to monitor dozens of competitors from the outset.

Step 2) Determine key intelligence – Define 8-10 KPIs aligned with your strategic goals to track for each competitor. Examples: traffic, leads, search rank, social followers, hiring.

Step 3) Select competitor analysis tools – Choose tools that best track your key metrics. You may use multiple tools for different data points.

Step 4) Input competitors to monitor – Provide competitor websites to your chosen tools to start monitoring their activity.

Step 5) Set up reporting – Determine how often you want automated reports on competitor insights from the tools.

Step 6) Review reports regularly – Don’t set and forget. Consistency is key. Analyze new data at least monthly.

Step 7) Identify opportunities – Spot gaps, weaknesses and spaces competitors are ignoring. Hypothesize how you can capitalize.

Step 8) Make strategic decisions – Turn intelligence into actions. Develop campaigns, product enhancements, messaging etc. informed by competitive data.

Step 9) Continuously iterate – Review analysis, refine tracked metrics and update strategies on an ongoing basis.

Following this competitive analysis process ensures you derive strategic value from intelligence rather than just collecting data for data’s sake.

Conclusion and Next Steps

competitors tools

Regular competitor analysis transforms guesswork into data-driven strategy rooted in real market intelligence. By leveraging automated tools to monitor competitor activity and positioning, you gain actionable insights to guide smarter decisions. Competitor intelligence reveals where rivals are headed while empowering you to sharpen strengths, capitalize on weaknesses, and carve out strategic advantages aligned to market realities.

However, competitive intelligence is only as valuable as how well you apply learnings – competitor tools provide the inputs, but you must determine the strategic outputs and actions. Define specific metrics aligned to goals, focus monitoring on key questions, and translate insights into campaigns that widen leads. Let competitor activity trigger creative thinking on positioning and innovation.

Now equipped with a framework to approach competitor analysis, it’s time to put that knowledge into practice. Here are recommended next steps:

  • Document your core strategic questions about competitors. What unknowns are most crucial?

  • List your top competitors and determine the 5-8 KPIs most essential to monitor for each.

  • Seek out free trials of leading competitor analysis tools to evaluate capabilities.

  • Input competitors into your chosen tool and set up reporting cadence.

  • Review initial reports and develop hypotheses on competitors.

  • Make data-driven decisions on marketing, product development and operations.

With the right competitive intelligence process and tools, you will gain an invaluable panorama on threats and opportunities to power strategic decision making. Supplement gut intuition with hard competitive data using competitor analysis tools as your intel source. Gain the upper hand on rivals by understanding the entire competitive landscape.

 

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