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What Are Competitor Analysis Tools

competitor analysis tools

Monitoring your competition — is it crucial or trivial? You have limits on your time, manpower and budget. Are you thinking of dedicating any of these toward analyzing other similar companies in your space? If so, you need to know whether you’re putting your resources to good use.

Peeking over the fence at your competitors isn’t a waste of time — far from it. You can gain valuable insights to help give you the edge you need. On the other hand, it isn’t the end-all strategy that’ll transform your marketing efforts. You have to prioritize where competitor analysis fits in your overall plan.

Thankfully, there are plenty of companies out there that have developed software to meet your needs, whatever you decide those needs are. These competitor analysis tools range from comprehensive one-stop shops to niche services that analyze a slice of online activity.

You may want to invest in a suite of powerful tools. Or, you may decide that the “free version” is all you have time for right now. Wherever you’re at, here’s our best advice for getting started with competitor analysis tools.

What Are Competitor Analysis Tools?

Have you ever wondered why your competitor has such great social media engagement? Or why certain ads seem to really work for them? Then you’d likely benefit from the insights you can glean using competitor analysis tools.

These software solutions provide data that help you learn about the online presence of other players in your sphere of business. Some tools simply present you with data. Others also help you make sense of those numbers and percentages. Here are just some of the things that competitor analysis tools track and measure:

Why (and When) Should You Use These Tools?

Tools are great, but you have to know how to use them. Competitor analysis software can help you fine-tune your own marketing strategy based on the success of your peers. You can also use the information to see potential gaps that you can fill. You might discover a need for altering your product or service lines, upping your content marketing game or better optimizing your website to drive traffic.

But can’t you just monitor your competitors without using software? Competitor analysis tools simplify a very complex and arduous data-collection process. The software collects data and presents it to you in seconds, so there’s no arguing with the convenience. But some also perform proprietary functions. These allow them to access material and intelligence that you can’t easily find for yourself, even if you’re willing to take the DIY route.

Competitor analysis is a healthy activity for any business to perform periodically or on an ongoing basis. But benchmarking is especially useful if you’re just starting out with building and growing a new web-based business. It’s essential when you’re creating that all-important business plan, and it can justify your business’s viability to yourself and others.

If you’ve got a website redesign in the works, check in to see what is and isn’t working for your competitors. This can help you optimize your own site to the fullest.

Top Tools for Competitor Analysis

We’ll start with some of the big names in the competitor analysis space. These are popular, comprehensive tools that have a variety of service tiers, including pro-scale offerings for businesses that are serious about benchmarking. Many also offer free trials or even free accounts so you can get a feel for the functionality before scaling up.

Niche Competitor Analysis Tools

Here are some specific tools that can help you along the journey of competitor analysis — that are more focused in scope than those above.

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