Best 9 Game-Changing Tools for Competitor Analysis

As a business owner/employee/leader, are these the three wishes you wish to know about your competitors if a genie grants them to you?  

• ‘To know every move of my competitors’,

• ‘To understand my customers better’, or 

• ‘To stay ahead of the competition’

If these are your wishes, you don't need a genie to grant them! All you need is to get your hands on the best Competitor Analysis Tools.

In this blog, we will discuss in detail what are competitor analysis tools, how they are useful for businesses and what are the top 9 best options available for businesses.

Let’s start with understanding what exactly competitor analysis tools are!

What are Competitor Analysis Tools?

Competitor Analysis Tools help businesses stay on top of the pyramid. These tools help businesses gain insights into the strategies of the competitors, current and future performance of the competitors and market position of the competitors. These insights help businesses to optimize their strategies and get ahead of the competition. This helps businesses open numerous opportunities to grow and level with or above the competitors.

How these tools do all of this? It’s simple!

Competitor Analysis tools provide businesses with insights into the marketing plan, product range, pricing strategy and customer engagement strategies of the competitors. Moreover, businesses can identify content that has the most impact on the audience which helps them deliver the right message to their target audience.

Role of Competitor Analysis Tools

So far we have understood what competitor analysis tools are and what they do. Let’s talk in detail about the role that these tools play for business.

1. Identify competitors in the market: The most basic and the most important role that competitor analysis tools play is to help businesses identify their competitors in the marketplace. These tools provide a detailed profiling of the competitors including information about their business structure, the size of the business, years in operation, and so on.

2. Track and Monitor: Competitor analysis tools give you a 360 degree view of the social media platforms, the ad messages, the website traffic and the way competitors engage with their audience. Businesses can track and monitor this performance and understand where changes are required in their business.

3. Identify gaps in the market: There is always a gap between the message provided to the customer and the understanding of that message.These gaps are identified by the competitor analysis tools. These tools help businesses in bridging the conversational gap between customers and the business.

4. Identify rights and wrongs in the marketplace: Competitor Analysis tools show transparently the right things that competitors are doing to stay ahead in the market and the ways in which the competitors are going wrong with the customers. This helps businesses to get a hold on the wrongs and make it right for their business.

Need for Competitor Analysis Tools for Businesses Today

Competitor Analysis Tools have become a necessity for businesses today. But why?

Lets take a look at the needs that these tools serve:

1. Develop effective strategies: Strategies are what keeps a business running and successful. Most of these strategies require understanding the position of the competitors in the market. The current position of your business compared to the competitors’ needs to be studied. Thorough analysis helps businesses frame strategies on how they can be at the topmost position.

2. Take informed decisions: Strategy is formed through decisions of the top levels in the organization. Decision making is one of the most crucial processes of an organization and it requires careful consideration of a number of factors. Analyzing the position of the competitors in the market is one of the essential factors to be considered before saying yes to any decision of the organization.

3. Track social media presence: Social media has become an important platform to engage with your customers on a regular basis. Competitor Analysis tools help businesses track the social media presence of the competitors. Businesses study the way competitors engage with their customers across various social media platforms.

4. Keep yourself updated: Keeping yourself updated on changes in the industry trends is a must. These tools help businesses keep track of even a minor shift in the industry trends. This keeps you up to date with shifts in the industry when changes need to be implemented.

Examples of Successful Companies Using Competitor Analysis Tools

Let’s take a look at the successful companies that are actively using these tools.

1. Apple, Amazon, Google, and Microsoft

These successful giants are globally known for their extensive market research and use of competitor analysis tools to identify new businesses entering the market, identify market trends and develop innovative strategies.

2. Netflix, Hulu, and Disney

These globally known streaming platforms giants completely rely on competitor analysis tools to track how audiences are engaging with the content, which is the most watched or most popular content streaming and to help them develop content strategies for their audience.

3. PepsiCo and Coca-Cola

These successful beverage industry giants make use of competitor analysis tools to track impressions or reach on the advertising campaigns of their own and the competitors. They identify the sales figure and the market share of the competitors which help them optimize their strategies.

A Guide for Businesses to Choose the Right Tool

Choosing the best tool would depend on various factors related to the organization. A careful analysis of all the tools available for your business is required before making a decision. Let’s take a look at the steps for choosing the right tool:

1. Define the goals of the organization: Defining and understanding goals the organization is looking forward to achieving through implementation of a competitor analysis tool is necessary. Businesses need to check if the tools align with the goals of the organization and then choose the best fit.

2. Evaluate the features of the tool: Evaluate and minimize your options to tools that align with the objectives of your company. Take a look at the features of the tools and see if they fit with the needs of your organization.

3. User Friendliness: Making sure that the tool is easy to use and user-friendly is a top most priority when choosing a tool. Users must be able to access the tool easily, whenever required.

4. Integration Check: During implementation of the chosen tool, make sure the tool integrates itself with the rest of the existing software in the organization. The selected tool must not disrupt the functioning of the rest of the software tools.

5. Budget Considerations: The organization’s budget should reflect the selection of the tool. Installation of the tool into the system is expensive. Careful consideration of the budget needs to be made before choosing the tool.

Top 9 Competitor Analysis Tools that are a Must-Have

Let’s take a look at the Top 9 Competitor Analysis tools that are a Must-Have for businesses today.

1. Locobuzz

At number one, we have Locobuzz. Building relationships with customers is at the core of any business organization. Locobuzz is a platform that enhances customer experience for brands. It is a platform designed to help businesses understand customer sentiments, manage online reputation, and track social media conversations of the customers.

Locobuzz provides you with social media management, a digital command center, customer sentiment analysis, online reputation management, crisis management, and brand monitoring.

Locobuzz is a powerful tool for competitive analysis. It has an advanced sentiment analysis tool which helps you create a unique selling point for your customers. It helps businesses pinpoint areas of improvement and make innovation. Locobuzz is an excellent choice for engaging with your customers. 

2. Sprout Social

Sprout Social is a unified social media platform that enables you to understand the performance of your competitors on social media platforms. 

Social media is ranked as No. 1 today for its wide use as a platform for customer engagement, and Sprout Social provides you with the best social media management features.

Sprout Social is a user friendly tool and it provides an in-depth analysis of reports and data that helps businesses manage multiple platforms. 

Whether it is a glance that you need to get into the competitors strategy or competitive benchmarking, Sprout Social helps you gain numerous insights.

3. SEMrush

SEMrush has captured a large market share with its SEO capabilities. It is a digital marketing tool that helps businesses increase their online visibility across various channels. 

On-page SEO audits, keyword research, Competitor Analysis, and Content Optimization are some of the key features of SEMrush.

SEMrush also has an extensive database stored within itself for customers' use. It is the most trusted tool for effective advertising. SEMrush is a set of all digital marketing tools and has become the first choice of a digital marketing company.

If you are still in search of the right tool, here’s a list of top 9 competitor analysis tools that you can use. Click here!

Conclusion

The above mentioned tools are the Top 9 competitor analysis tools that exist in the market today. All 9 tools come with a unique set of features and benefits that are a must-have in today’s business environment. These tools are no more a luxury, they have become a necessity for businesses.

From framing strategies to planning a campaign, your business needs competitor analysis tools for end to end support. These tools will make sure that your campaigns are successful and reaching the right audience.

If you are looking for a tool that combines every function these tools offer, Locobuzz is the best choice available. It is a platform specifically designed for competitor benchmarking. It helps your business pinpoint flags and turn them into opportunities. It has powerful AI-driven insights, it provides comprehensive information about the customer sentiments, and is the ultimate tool for social media management. Locobuzz can be the eyes and ears for your business.