Although your company’s capabilities and goals should always come first, keeping a watch on your rivals might provide you suggestions for how to sharpen your marketing strategy. With the ability to keep tabs on your rivals’ victories and setbacks, competitor monitoring tools offer you a competitive edge in the marketplace.
Having stated that, other rival monitoring systems provide unique features and advantages. Finding the appropriate competition monitoring software is therefore crucial if you want to get the precise data you need.
This blog post will go over the main features of competitor tracking software, including what it can accomplish and how it can help your company. For your convenience, we’ll also split down our top five choices for competitor monitoring tools.
What is a competitor monitoring tool?
Software that tracks and analyzes your competitors’ online activity, website traffic, visitor engagement, and other metrics is known as a competitor monitoring tool. It’s similar to seeing firsthand the advantages and disadvantages of direct competitors’ websites.
Competitor tracking software typically shows you where your competitors’ website traffic originates from, as well as their market share, trends, and other information, in comparison to your own.
With the help of this data, you can decide whether to increase your promotion efforts via a certain channel, make changes to your website, concentrate on certain keywords, and much more.
Prior to the development of competitor tracking technologies, companies had to rely only on their own resources to investigate how rival websites were attracting clients by searching the internet and going undercover.
Having a superior monitoring tool in your toolbox could provide your company the advantage it needs to outsmart competitors and strategize more successfully.
What are the benefits of competitor tracking tools?
There are many clear benefits to using good competition tracking software to enhance your marketing initiatives. Some of the main advantages of using these tools are as follows:
Beat the competition: Understanding what your rivals are doing enables you to anticipate events, identify trends, and react quickly to developments, keeping you one step ahead of the competition.
- Identify fresh opportunities. You can find new possibilities and markets that your competitors may have missed by comparing market trends to competitor activity.
- Be aware of changes in the market: Recognize the activities of competitors in your field and modify your strategy in response to changes in customer demand and technology breakthroughs.
- Determine your areas of weakness: Analyze more successful competitors to find out what makes them successful and how you may modify your approach to increase profitability and growth.
- Improve your company objectives: By knowing the reasons behind customers’ decisions to choose your competitors over your company, you may establish standards for improvement in those areas.
5 leading competitor monitoring tools to boost business growth
It’s great to know why you should use a rival tracking tool. However, with so many tools available that have varied characteristics, how can you choose the best one for your company?
With our list of the finest competitor tracking software available, we hope to simplify the choosing process for you. You can’t go wrong with these top choices if you’re searching for an industry-leading tool.
1. CompetitorIQ
There are a maximum of five rivals that you can follow.
Are you looking for a potent competitor monitoring solution that can, all from one platform, give you data-driven insights and guide the tactics of your sales and marketing teams? The CompetitorIQ monitoring tool from growingbaker is just what the doctor ordered.
CompetitorIQ provides unparalleled competitor site traffic insights directly from within growingbaker CRM platform, which is both reasonably priced and award-winning. This monitoring software creates a powerful system that may propel your company to new heights when combined with email marketing, lead nurturing, and sophisticated contact management capabilities.
What comprises CompetitorIQ? Customers of growingbaker can add and validate their website URLs to CompetitorIQ in order to enable precise tracking. After that, users can add up to five URLs of other websites for comparison.
When you select growingbaker CompetitorIQ as your preferred tracker, you will be able to utilize the following information:
- Market share of website traffic: Compare your website traffic to that of your most successful competitors and utilize the data to spot areas for expansion.
- principal sources of traffic For more granular planning, find out exactly which channels—paid, organic, and social—bring in the most visitors to your website and the websites of your rivals.
- Past performance of the website: To guide your online growth strategy, observe web traffic performance indicators and the evolution of competition websites over time.
Future features that will provide you with more detailed information about target keywords, budgets, and SEO strategies linked to both paid search traffic and organic web traffic are also something to look forward to.
2. Explorer on the Site
Website screenshot of ahref’s competitor tracking tool, Site Explorer
There are a maximum of five rivals that you can follow.
Ahrefs’ Site Explorer tool is a good option if you’re looking for a powerful tool to analyze competitors. This tool provides various essential competition insights, such as the top five competitors in your industry’s keywords and content rankings.
You may go further into organic search stats with Site Explorer, such as search volume and anticipated traffic, to choose particular keywords to focus on for your next campaigns. It works wonders to enhance your SEO endeavors.
It is also possible to evaluate the backlink profiles of your competitors to determine the websites from which they have gotten inbound links and the kind of content that is associated with those connections. Enhancing your outreach and backlink strategy with this knowledge will have a big impact on your search engine results.
3. Semrush
With its capabilities for Organic Research, Keyword Gap, and Traffic Analytics, Semrush is designed for competitive SEO and traffic tracking, much like Ahrefs. But if you choose to use their rival tracking program, you’ll get access to a couple more cool features.
You can extract many reports from Semrush’s Market Explorer, one of which is an audience report. You may improve your audience segmentation and targeting by using the audience report, which offers vital information about the target audience of your competition.
Semrush offers an Advertising Research tool to help you assess the paid search advertising of your competitors. This tool provides important details regarding the amount of money your rivals spend on advertisements, the effectiveness of their campaigns, and the keywords they target.
Additionally, Semrush provides you with the Backlink Gap tool for backlink profile analysis and the Social Tracker tool for social media activity monitoring.
4. MailCharts
Email marketers adore MailCharts for its special analytics features for email marketing. You can anticipate being able to examine competitor email marketing data in-depth using this specialist tool, comparing your campaigns to those of your peers in the sector.
For hundreds of brands, MailCharts provides access to critical email marketing data, such as email send frequency, promotion strategy, and central engagement metrics.
You can use this data to understand what has and has not worked for other people in your sector. Using sophisticated A/B testing to optimize messaging and raise open and click-through rates, you can use this data to fine-tune your email marketing efforts.
5. BuzzSumo
BuzzSumo provides all the tools required to track market trends and competition for online and social media content, for individuals who would rather delve further into competitor content marketing analytics.
Examine what social media and web material is doing well in your area or sector. You can utilize the impression and engagement statistics for each social media and blog post that the competition publishes to ascertain the kinds of material that your target audience could find interesting.
BuzzSumo even allows you to view the influencers your rivals utilize to promote user-generated content on other social media platforms, along with the performance of that content. For similar content and upcoming social sponsored collaborations, this information may be helpful.
Competitor tracking FAQs
Do you want to learn more about software for tracking competitors? These are our responses to some often asked questions concerning competitor monitoring tools.
1. Which tool is best for competitor analysis?
The best competition tracking tool for your company will depend on your unique business goals, requirements, and market trends in the sector.
For example, BuzzSumo or Semrush can be the best choice for your needs if social media content constitutes the majority of your industry’s marketing plan. Using MailCharts could be advantageous if email marketing plays a significant role in your business.
A wide range of competitor analysis statistics about web traffic engagement, sources, and other topics are available from CompetitorIQ. Additionally, the program is integrated into growingbaker CRM, providing you with access to other potent tools for sales, marketing, and contact management, such as email marketing and analytics.
2. What can I learn through tracking competitors?
Depending on the competitor monitoring tool you select, you can learn a great deal of important information about your market and competitors, such as:
- Ranking of keywords for paid and natural searches
- Engagement and traffic to websites
- Campaign email opens and clicks
- Popularity of web content topics
- Demographics and behavior of the audience
- Popularity posts on social media
- Influencers with a similar industry to UGC
3. How often should I use competitor monitoring tools?
To get the most out of your competition tracking software, it’s best to plan analysis sessions on a regular basis. However, obtaining and analyzing the data too frequently can be time-consuming and might leave you with insufficient information to make meaningful optimization decisions.
Although this still allows you plenty of time to identify trends and make quick corrections, we advise aiming for an in-depth examination once every two to three months.
Use growingbaker Competitor to uncover competitor insights.
For as little as $16 a month, you can have access to Competitor—one of the greatest competitor tracking tools—by subscribing to growingbaker superior CRM software. You can easily assess the most recent information about audience engagement, competitor site traffic, and organic and paid traffic channels with Competitor.