When launching a business, it’s essential to learn as much as you can about your competitors.
How can you create a comprehensive, cohesive business plan or marketing strategy if you don’t know what you’re up against? Knowing what other companies offer in your target market helps you determine whether your product or service is market-ready, and it gives you a better idea of which gaps you can fill.
Here are seven ways to (legally) spy on the competition:
1. Use the right tools to monitor competitors’ social media activity.
Performing a generic search on Google just produces results from the top websites within your niche. This might give you a few pointers, but it won’t provide substantive direction or insight. Use these two tools to dive deeper:
BuzzSumo: This great resource reveals insight into a company’s number of social media shares, which sheds light on a competitor’s best content and the people who shared it. You can use a rival’s top-performing content as a springboard for your own efforts. BuzzSumo is also a prime source for keyword research, and it’s an ideal spot to locate industry influencers.