- By: Ricky Hayes April 3, 2021
Competitor Analysis: 11 Top Competitor Analysis Tools That Will Improve Your Traffic
A little competition is always productive for your growth, right? Having competitors means what you sell is in demand, and you’re in for an opportunity to grab more market share.
As ecommerce continues to evolve and expand, it is easier to start and run a business online. But that also means you’ll find 100 more websites selling the same stuff as yours.
But the good news is you can learn plenty of growth hacks from your competitors. Your competitors hold a wealth of precious and valuable information that you can use to your advantage.
If you’ve ever wondered why your rivals are outperforming you, you have come to the right place. In this article, you’ll find everything you need to know about staying competitive. Are you excited? We’re too. Let’s begin.
What Is Competitor Analysis For Ecommerce?
Simply put, competitor analysis is a strategic process that comprises different research tools to identify and evaluate your competitor’s performance, growth, and overall ecommerce marketing strategy.
While the concept seems pretty straightforward at first, it includes many different tasks within.
Sadly, there’s no rocket science about how you can make your analysis the best. But you can stay on top of your competitor analysis game if you keep your eyes and mind open and focus on your industry.
Why Is Competitor Analysis Crucial For Your Business?
Competitor analysis for ecommerce isn’t as easy as it may sound. There are different competitor analysis methods you must learn before you start thinking about analyzing your business competition.
But you can expect many benefits once you learn how to conduct competitor analysis for your ecommerce business.
Some other benefits of implementing competitor analysis methods to know more about your rivals include:
Helps You Determine Your Unique-Selling-Proposition (USP)
If you’re not familiar with your USP, a competitor analysis can help you out with this. On the one hand, you’ll get a chance to know more about your competitor’s strengths and weaknesses, while on the other hand, you’ll identify opportunities that are still untouched and ready to be explored.
Improve Your Website Traffic
There are several online tools available that you can use to keep an eye on your competitor’s backlink profile. With these tools, you can observe where your competitor’s backlinks are coming from. These tools also send an alert when your competitors get a valuable backlink opportunity.
By keeping track of your competitor’s backlink profile, you can take steps to improve your website traffic and search engine visibility.
Spot New Market Trends
Competitor analysis allows you to predict upcoming industry trends that are vital for your business growth and success. When you implement different competitor analysis methods, you can collect user data and forecast market moves accordingly.
Know Where Your Online Business Stands
Your success depends on your ability to know where your business stands. Even if your conversion ratio and click-through-rates are profitable, you need to know they’re better than your competitors.
Competitor analysis enables you to compare your KPIs to your competitors.
Once you know where your ecommerce business stands, you can start to work on your strategies to grow out of competition and drive more sales and traffic.
The path to an ecommerce business is full of challenges and barriers that can ruin any good business. By knowing more about your competition, you can learn from other people’s mistakes.
Amplify Your Content Marketing Efforts
You can also amplify your content marketing efforts by just looking at the content your competitors are producing. For instance, you can go through your competitor’s blog and see what they’re posting that drives traffic and conversions for them.
If you share the same market, you can create the same type of content to attract sales.
Now that you know what competitor analysis is and how you can use this tactic to improve your website traffic, it’s time to look at a step-by-step guide of conducting competitor analysis for ecommerce.
How To Conduct Competitor Analysis For Your Business – Step-By-Step Guide
Step 1 – Use Websites To Conduct Competitor Analysis
It is always beneficial to use different websites when you conduct competitor analysis for your business. Google, Facebook, Twitter, Reddit, and Quora are resources anyone can use to spy on their competition.
You can use these sites to gain valuable insights into your competitors, how they work on different platforms, what marketing strategy they use, and more.
Step 2 – Identify Your Competitors
The next step is to identify your competitors. We’re talking about both direct and indirect competitors that influence your ecommerce business in one way or the other.
There are several ways you can find your competitors online. Google Search is the most effective way that enables you to identify the key market players working in your industry.
Similarly, you can also take help from Facebook, LinkedIn, and YouTube to find potential competitors.
Step 3 – Analyze Your Competitor’s Products
After knowing your competitors, the next step is to find and research the products they’re offering. Here are a few things you should consider to identify your competitor’s offers.
What are their products?- Have they introduced any new products lately?- Is your product the same as your competitors?- What deals and discounts they offer to their customers?
Step 4 – Get To Know The Financial Condition Of Your Competitors
The competition in the ecommerce world is getting aggressive day by day. To get an edge over your competitors, you have to create a long-term business strategy. For this, you have to know about your competitor’s financial condition.
Yes, we know it could be tricky, but there is a way.
Follow websites that publish annual financial statements of different companies regularly. With this information at hand, you can do your company budgeting that is better than your competitors.
Step 5 – Analyze Your Competitor’s Content Marketing Strategy
Did you know you can track your competitor’s entire marketing strategy by keeping an eye out for their content plan?
Subscribe to their blogs and compare their content to yours. If your content isn’t better, it is time to make suitable changes to outperform them.
Step 6 – Conduct A SWOT Analysis
SWOT analysis is a foolproof tactic that allows businesses to know about the strengths, weaknesses, opportunities, and threats related to their competition.
11 Top Competitor Analysis Tools That Will Improve Your Traffic
Here are some of our favorite competitor analysis tools you can use to know more about your competitors:
Ubersuggest is our favorite tool that enables ecommerce businesses to dig up information about top keywords, search volumes, and backlinks.
You not only can find valuable keyword data on Google but also on other prominent platforms, including Amazon and YouTube.
What we loved about this tool is that it is easy to install and use. All you need to do is enter your competitor’s URL and press Search.
Click on the ‘Keywords’ option listed on the sidebar. Carefully examine the keyword suggestions. Apart from keywords, you can also spy on plenty of other information, including volume, estimated visits, referring domains, and backlinks.
Paid advertising is an essential element of your ecommerce marketing strategy. PPC is specifically beneficial when your goal is to improve your website traffic.
The general misconception about this strategy is that it is extravagantly pricey and demands skillset beginners don’t usually have.
But that’s not correct. Everyone can benefit from PPC strategies provided they target the right keywords.
Spyfu is the best competitor analysis tool that helps you monitor your competitor’s keywords, ad strategies, and PPC campaigns.
You can also look deeper into their content marketing strategy, backlink techniques, and SERP analysis using this tool.
3. Sprout Social
Sprout Social is a leading competitor analysis tool that specializes in social media. With this tool, you can keep an eye on your competitor’s social media presence, content, and more.
Trusted by more than 25000+ businesses worldwide, Sprout Social is a tool that provides you with a Facebook Competitor’s report that helps owners compare their progress with their competitors.
Things Sprout Social takes into account include page impressions, Facebook analytics, identifying best content, and more.
SEMrush is an all-inclusive marketing tool that can also be used for competitive analysis. The most challenging thing for any marketer is to turn data into actionable insights that one can leverage to curate a personalized plan.
SEMrush is a versatile digital marketing tool that you can use to:
- keyword research
- website audit
- Competitor analysis
- Backlink analysis
SEMrush displays real-time results and SERP listings that you can use to optimize your campaigns and hit the right market.
BuzzSumo is another effective competitor analysis tool that ecommerce store owners can use to analyze what content performs best for their competitors.
With BuzzSumo, you not only can spy on your competitor’s strategies but also discover top-performing content opportunities relevant to your brand.
Here are a few things you can do to research your competitor’s content strategy using BuzzSumo:-
You get to know about your competitor’s most-shared content- You get an alert when your competitor publish or share anything on their social profiles and website- Content performance and analytics reports
While it is hard to accurately predict the number of unique visitors your competitors get per month, it is not impossible.
SimilarWeb is another versatile competitor analysis tool that businesses can use to gain insights about any website.
Select the ‘mobile apps’ or ‘website’ option. Enter your competitor’s URL and hit ‘Search’.
You can even correlate data for two or more competitors using the ‘Add competitors’ tab.
SimilarWeb basic plan is free but you can upgrade to the paid plan to get access to more advanced and intelligent competitor analysis features.
MozBar is a dedicated SEO toolbar that gives ecommerce store owners enough flexibility to keep an eye on their competitor’s key SEO metrics.
This tool is free to use and includes everything you need to outperform your rivals in terms of search engine rankings and Google visibility.
With MozBar extension, you can get track of the authority your competitors have in Google’s eye.
Also, you can explore other on-page attributes and distinguish them on the basis of followed/no-followed/external/internal types.
Content optimization is key to a successful ecommerce marketing strategy. If you don’t have value-driven and informative content on your website, it won’t take your visitors a second to hit the back button and check your competitor’s site.
Alexa is particularly beneficial for digital marketers, content strategists, and site owners.
Alexa enables you to gather user data and create content that drives leads and improves your website traffic.
When it comes to competitor analysis, Ahrefs outperforms all other tools available on the market. Also, you can use this tool to grow your search traffic, research your niche, and know more about your competitors.
Some other things you can do with Ahrefs include:
- Keyword research and analysis
- Competitor analysis
- Web monitoring
- Backlink analysis
- Content reach
Feedly is a simple and all-inclusive tool ecommerce businesses can use to conduct competitor’s content analysis.
With this tool, you can gather and analyze your competitor’s blogs, newsletters, and other publications.
The good thing about this tool is that you can also integrate it with Sprout Social.
Are you looking to analyze your competitor’s emails? Look nowhere. OWletter automatically captures, saves, and analyzes competitor’s emails and helps you learn how to make your emails better.
This tool also features a user-friendly dashboard that displays different sections highlighting the total number of emails sent and summaries of other relevant details.
We hope after reading this post, you can conduct competitor analysis of your business on your own. Here the key is to understand that your goal is to compare your competitor’s progress with your performance.
We have used these tools and found them really helpful to conduct an in-depth competitor analysis that can improve your website traffic and eventually conversions.
Have questions? Get in touch by commenting on this post, and we will get back to you at our earliest.