Competitive-Analysis-Quickly-AlexaThough we are in a free market, some brands will always prosper more than others. The challenging reality is that the modern marketplace makes it an easy platform for new competitions to emerge across brands and industries. Regardless of the size of your company and the industry you are operating in, closely accessing your competitor’s position can provide you the opportunity to come up with new strategies – strategies that will help you overcome the competition and mark yourself as the leader.

Competitor analysis is however easier said than done. It will include a variety of elements like who your competitors are, the value they add to their product lines, their strengths, weaknesses and the demographic they fit into. As you can easily understand, the study requires a lot of data, information, fact finding and real time monitoring of trends. Though this may seem to be an overwhelming job, technology provides us certain tools that make it easier to do a competitive analysis of your brand. Here are five tools popular among global businesses:

Similar Web

A web analytic and data mining tool, Similar Web allows you to have a comprehensive analysis of your competitor’s website marketing strategies. Using the tool you can learn the average number of visitors to a website, bounce rates, average duration of visitor interaction, and page views for every visitor, traffic channels, referring websites, organic search traffic, audience interests, social network links, paid search traffic and even feedbacks.

Alexa

Among the oldest tools of competitive analysis, Alexa is perfect for smaller brands having limited budgets. Though you don’t get as much information as with Similar Web, it does let you know region specific visitor traffic, organic keywords driving most visitors, and top referring sites for the competitor. Alexa is great if you are looking for demographic information about your competitors.

Compete

Among the most popular web analytic services, Compete.com gives a complete overview of a website’s online marketing strategies. You get detailed information related to audience demographics, paid and organic search traffic, conversion measurement, and report on the market share of the business. Compete is a bit expensive but can be a very useful tool nevertheless.

Quantcast

Quantcast is a great tool if you are looking to research upon the behavior of the demographics catered by a website. A tracking code embedded on your own website gives you real time information affecting conversion goals and branding. The information includes user retention metrics, demographic breakdown according to their access device and customer demographics that include categorization according to age, gender, income and household size.

SEMRush

A versatile tool that can be availed in a limited budget, SEMRush is perfect platform if you are looking to monitor your competitor’s search engine marketing and display advertising strategies. Easy to use, you need to just enter the website URL of your competitor, and the tool displays information including traffic volume from paid and organic searches, other competitors, changes in search volume in the past, high ranking keywords, and backlinks they are using.

Most of these tools are available for free. Whether you go for a free tool or a paid one depends on the type of information you are looking for. The industry you are in and the number of competitors also matters. Overall, these tools can save a lot of marketing and strategic budget for your business.

Author Bio: Alan McCabe is working as a Marketing Manager at KOL Limited, a company which provides web development and innovative digital marketing solutions.