Keeping tabs on what your competitors are up to is not some kind of dishonorable practice; indeed in the digital era, it is arguably essential to compare your efforts to those of your rivals in order to make optimizations that will help your business to flourish.
Here are just a few of the key motivations behind ‘spying’ on the competition. We are not talking about outright corporate espionage here, but rather about taking advantage of entirely legitimate tools to get inspiration from your contemporaries.
It gives you access to actionable insights
Whether you are looking to boost your brand’s search visibility or develop a new product to target a hotly contested market segment, you cannot hope to achieve your aims without having some idea of what the competition is up to.
For example, rather than taking a stab in the dark with your AdWords targeting, you can glean useful data to drive your campaign decisions by tracking the keywords that your rivals are leveraging. It is not just paid-for search marketing that can benefit from this approach, but also the process of designing landing pages that are effective at converting casual visitors into paying customers. Researching your competitor’s landing pages for SEO and PPC is possible with specialized tools, which can also help to streamline the process of gaining actionable insights.
This is not just about letting you see which strategies are working well for competitors, but also picking up on any trends which could sway your decisions further down the line, or even identifying untapped potential in the market that you can leap in to exploit before anyone else.
It saves time
You can spend a lot of time focused inwards on your own efforts to create the perfect product, service, or ad campaign, and this is certainly a sensible approach to take if you are eager to avoid being overly influenced by any of your competitors. However, this can equally lead you to make the same mistakes that rivals have already identified and sidestepped, or simply cause you to expend resources on pinpointing the perfect market segment at which to pitch your creations.
Spying on your competition will let you piggyback on all of the hard work that they have already done, making your development and marketing much more efficient as a result. You can also spot any obvious mistakes that have been made in the past and learn from them rather than blundering into them as well.
It can be automated
Perhaps the most compelling reason to start spying on your competitors is that you can do so with minimal effort thanks to the range of different tools that are available today.
As well as the keyword tracking that was mentioned earlier, you can also set up alerts to point you in the direction of any mention that is made of your rivals online.
These tools will assist you in the monitoring of your own brand reputation in addition to letting you see how your rivals are doing from moment to moment.
Ultimately, keeping up to date with your competitors is essential to the continued evolution of your product development and marketing activities. Check out these marketing courses to make sure you don’t fall behind.
Latest posts by B2BNN Newsdesk (see all)
- 5 Ways Workflow Automation Can Save Your IT Business Budget - October 7, 2020
- The Basics: What is business marketing? - September 26, 2020
- A quick guide to press brake tool selection - September 25, 2020