Best Ways to Track your Competitors

Guide on some of the best ways to track your competitors to stay organized, save time and capture awesome insight into what the competition is up to.

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.

Best Ways to Track your Competitors

Track Website

In business, it's always important to keep an eye on the competition. After all, you can't stay ahead of the game if you don't know what the other players are up to. Fortunately, in the age of the internet, it's easier than ever to track competitor websites. By simply subscribing to their RSS feed, you can receive updates every time they make a change to their site. This way, you'll always be one step ahead of the competition. And if they happen to make a mistake, you'll be there to capitalize on it. So go ahead and subscribe to your competitor's RSS feed today. It's the best way to stay ahead of the game.

Best Ways to Track Competitors - Email Marketing

Subscribe to Marketing Emails

If you're anything like me, you probably have a love/hate relationship with marketing emails. On the one hand, they can be a helpful way to stay up-to-date on what's going on in your industry. On the other hand, they can be a major source of clutter and stress. Either way, there's no denying that marketing emails can be useful. And if you're not already subscribed to your competitor's emails, I think it's time to change that. After all, there's no better way to stay ahead of the competition than by seeing what they're up to firsthand. Plus, it's a great way to get a little bit of smug satisfaction when you see them promoting something that you've already been doing for months. So go ahead and subscribe to your competitor's marketing emails today. It just might be the best business decision you ever make.

Best Ways to Track Competitors - Social Media

Track Social Media

As any business owner knows, it is important to keep an eye on the competition. Social media provides a great way to do this, as you can quickly see what kinds of content your competitors are sharing and how their customers are responding. This can give you valuable insights into what is working well for them and what might be potential areas for improvement. Of course, you should also keep an eye on your own social media activity to make sure that you are staying ahead of the competition. But by monitoring your competitor's social media, you can gain a valuable edge in the marketplace.

Best Ways to Track Competitors - Meeting

Track Employees, Culture and Hiring Trends

In today's job market, it's important to stay ahead of the competition. One way to do this is by track hiring trends among your competitors. By monitoring which departments are growing and which ones are shrinking, you can adjust your own hiring strategy to make sure you're always one step ahead. Additionally, tracking competitor hiring can help you identify any potential skills gaps in your workforce. By being aware of the skills that your competitors are looking for, you can make sure that your employees are always at the top of their game. So next time you're feeling stuck in a rut, take a look at what your competitors are up to - you might just find some inspiration.

Best Ways to Track Competitors - Pricing

Track Pricing & Customers

As any experienced shopper knows, one of the best ways to get a good deal is to track competitor pricing. By keeping an eye on what your competitors are charging, you can ensure that you're always getting the best possible price. Of course, this can be a lot easier said than done. After all, who has the time to constantly check the prices at all of their favorite stores? That's where technology comes in. There are now a number of apps and websites that make it easy to track competitor pricing. Simply enter the items you're interested in and let the app do the rest. In no time at all, you'll have a good idea of whether you're getting a good deal or not. So next time you're looking to save money, be sure to give competitor tracking a try.

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!