No matter what your experience level in marketing is, one thing you need to keep under your tab is your competitors.
To grow in today's digital economy, marketing is a game of competing for the attention of your audience. With so many marketing channels available today, that competition is oftentimes fierce. Competition for traffic, ad placement, followers, and sales. The list goes on and on.
Keeping your competitor's strategies in check will help you devise your own strategy. And while the idea of conducting competitive analysis isn’t particularly pleasant, it’s absolutely necessary to track competitors.
What is a competitive analysis?
A competitive analysis is a strategy where you track major competitors and research their products, sales, and marketing strategies. By doing this, you can create solid business strategies that improve upon your competitors.
Understanding your competitor's marketing strategy can help you learn the ins and outs of how your competition works, and identify potential opportunities where you can out-perform them.
Since social media is easily accessible and cost-efficient, no doubt there is so much competition on the platform. And getting ahead of your competitors is laborious. But at the same time, social media platforms allow you to learn more about your competitors.
Tracking your social media competitors will help identify top trends and updates you need to watch out for. You can gain a competitive advantage by keeping up with the latest updates in the industry.
So, to put it simply, you should track competitors to keep up with trends and events in the industry. Here are some top tools that can help you track your competitors.
Competitor Tracking Tools for Social Media:
PowerAdSpy:
PowerAdSpy will adequately improve your Social Ads Advertising Campaigns. It can find hidden niches and lucrative opportunities for you, removing all the hassle of content creation, identifying campaign targets, niche research, and more. To offer you crystal clear visibility of Ads analytics, PowerAdSpy allows you to visit the live ad posts directly from the platform. You can visit and cross-check the real-time engagement along with the audience’s opinion over the ads.
This powerful Social Ads Analysis tool allows you to search ads with your exact or relevant keywords and gives you the ability to explore ads from precise to broad results for better analysis.
Sprout Social:
Sprout Social enables you to understand competitor performance on social media from multiple angles and data points.
You can use Sprout’s suite of competitive reports to assess and optimize your social strategy with rich data points you can track across Facebook, Twitter and Instagram.
Whether you want to get a sneak peek at what your competitors are posting or benchmark your growth against the average of the profiles being compared, it’s all a click away, minus the tedious manual research and messy spreadsheets.
Phlanx:
This Instagram engagement calculator clues you in on how active any given account’s followers are. This is an awesome resource to analyze your competitor’s Instagram presence. Plus, it doubles as a way to figure out whether or not an influencer has a legitimate following.
Phalanx's engagement ratio is calculated based on the number of followers an account has versus the rate that followers interact with content (likes, comments, etc).
Social Blade:
A fun tool for checking out bigger brands is Social Blade. It assesses follower counts on the likes of Twitter, Instagram, and YouTube among other services. Although often used to assess the popularity of celebrities and YouTubers, there are some interesting insights here for marketers.
SEMRush:
SEMRush is one of the most widely-used SEO tools on the market, but its competitor analysis features set them apart from the pack. For starters, you can use SEMRush to pull your competitor’s backlinks and monitor changes in their ranking.
This is an invaluable tool for understanding who your competition is from a strictly SEO perspective. Likewise, highlighting what keywords are targeted by competitors directly influences your content strategy.
MozBar
This browser extension from Moz provides a surface-level view of how authoritative a site is in the eyes of Google. Based on Moz’s metric of domain authority (DA), MozBar assigns sites a DA score based on their likelihood to rank in search engines (based on factors such as backlinks). The higher the DA score, the better.
MozBar allows you to conduct a sort of passive competitive analysis as you examine competing sites to figure out how long they’ve been around and whether or not they’re winning backlinks.
Buzzsumo
Buzzsumo allows you to look at the top-performing content for relevant topics for your brand and specific competitors. The tool looks at a piece of content’s engagement on social sites as well as its total shares across the web.
Buzzsumo provides you with definitive answers, whether you’re looking for movers and shakers in your industry or simply a new idea for a blog post.
Conclusion:
It doesn’t matter what industry you’re in–marketing is a game of competing for the attention of your audience. It might be overwhelming, but with PowerAdSpy, you will get the best ads and get your campaigns to the next level.
It provides you full engagement details of these ads which can be used to analyze and create your next ad campaigns and maximize profits.
With so many marketing channels available today, that competition is oftentimes fierce. With the amazing tools in your arsenal, you can easily track competitors for marketing and promotional strategies. This will also assist you to get all the crucial data and plan the best strategy for your marketing campaigns.
