“Keep your friends close and keep your enemies closer”. Who hasn’t heard of this right?

This is just the apt phrase for you to go along with your business successfully.

What are some of the tools for competitor analysis?

A competitive evaluation is an important part of
digital marketing as enables you to grasp the strengths and downs of how the competition operates. It also lets you find what they're doing well and openings that by using a tactic they haven't taken advantage of, you can easily do it.

Now let's look at a few tools that would help in the analysis.

1. Phlanxa

This Instagram commitment calculator clues you in on how involved any given account's followers are. This is an awesome platform for evaluating the Instagram presence of your opponent. Plus, it doubles as a way to find out whether an influencer has a valid follow-up or not. The interaction ratio of Phlanxa is measured based on the number of followers that an account has versus the amount that content communicates with followers.

2. SemRush

It is one of the most commonly used tools on the market for search engine optimization. For starters, you can use SEMRush to pull backlinks from your rival and track changes in their rating. This is an invaluable method from a purely SEO viewpoint for knowing who your competitor is. Similarly, emphasizing what keywords are targeted by rivals directly affects your content strategy.

3. Serpstat

In addition to detailed statistics on their search engine optimization and paid online advertising results, it includes a list of your key competitors. That includes information on rankings, keywords that they target, and analysis of backlinks. They also provide information about the content and accounts that are most commonly shared on social media.

4. MozBar

This Moz browser extension gives a surface-level view of how authoritative a site is in Google's eyes. Based on Moz's domain authority metric, it assigns a DA score to sites based on their probability of ranking in search engines based on factors like backlinks. The higher, the better the DA score. Settled on top of your browser, MozBar is a helpful method to easily assess the possible success of a site search at a peek.

5. Buzzsumo

For your brand and unique rivals, Buzzsumo lets you look at the top-performing content for related topics. The tool looks at the engagement of a piece of content on social media as well as its overall web share. This not only gives you an idea of who is killing it in terms of industry material but also helps you find emerging important issues to pursue too.

Conclusion

It is an important business practice to keep an eye on the market!
You've got to keep a close eye on your rivals when it comes to staying ahead of the game. It can seem daunting to learn from your rivals. But it's no big deal, with the right competitor analysis tools.

These tools can not only help you with your competitor analysis. Once you are done undertaking this analysis, you will be in a better position to understand how your competitors operate and then design a digital marketing and advertising plan accordingly that will shape your brand presence, brand image and brand interaction with your target and potential customers.
Not only this, competitors will also help you strive to always come ahead in the competition and make your mark. This will help you increase and improve your own marketing and advertising performance and help you serve your customers better. So are you ready for the task? I am sure you are. So use these handy tools until next time.
Till then, keep your eyes and ears wide open for your competitors!

Author's Bio: 

Be heard. Be seen. Be loved. A fearless culture-shaping digital marketing and advertising agency based in Brooklyn, New York.