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Let’s face it, you have (at least one) competitors that are better than you and it drives you nuts!  You check out their website every once in a while and that feeling of jealously starts to brew. You then start checking out their social media to see if they have any new posts or comments. Then you end up checking out their pricing page to see if they changed their price, but you probably forgot what their price was last time you checked. Then you send some internal emails around letting your team know that XYZ Corp just announced something new on their blog you noticed.

This situation above is super common and not productive. You end up wasting time and don’t walk away with any structured information you can reference later. The ideal way to keep tabs on competition is to follow some basic discipline practices that you and your team can utilize to keep tabs on those annoying competitors.

So how do you know if your competitor is kicking your butt? How can you track their efforts and try to keep up? Check this guide out we put together to help share the best ways you can track your competitors.

How many competitors should you keep track of?

Before we start reviewing the best ways to track your competitors, we need to first discuss a key question. How many competitors should you be tracking in your industry? You should be tracking between 2-4 competitors. If you are tracking more than 4 competitors you are not focused and spending too much time.

Wrong Answer #1

A common wrong answer (that we hear very often) is “you should track as many as possible.” This is really not the best strategy. It’s way more effective to double down on a few competitors rather than the shotgun approach, this will help you become more actionable.

Wrong Answer #2

“We don’t track our competitors” is the next most common wrong answer we hear. Not tracking your competitors is a big mistake, there is public insight you can tap into and help you strategize. You don’t need to copy them or obsess over it, but you should at least be aware.

Final Thoughts

So, you’ve identified your top competitors and some of the best ways to track your competitors. But how can you be sure that you’re collecting the most accurate data? And what should you do with all of this information? Relax – we’ve got you covered. In our next post, we discuss some best practices for competitor tracking and analysis. In the meantime, if you need help getting started or want to ensure that your data is as accurate as possible, reach out to us anytime. We’d love to help!

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