How to automate competitor research & reporting
How to automate competitor research & reporting
Go into marketing, they said. It will be fun, they said. Turns out you believed them. At least, until you realized part of your job meant conducting competitive analysis. Going to each competitor’s website and scanning for changes, with thoughts like “Was that there last week?” and “Yikes, they’re doing a promotion! That’s why we aren’t closing any new deals.” Quite a few marketers know how tedious and boring it is to conduct this research manually. Anyone who’s had to partake most likely wishes they had an intern to do it for them.
Today I’m sharing a tip more valuable than two interns. You can automate all this tedious nonsense and complete your competitive analysis in under 60 seconds! That’s so fast you can do it every single day, and never miss a thing. How? Grab a coffee and read on.
Competitor Data Collection
First, let’s review some key sources of competitor data. Of course, this will depend largely on your unique industry. However, this list is fairly comprehensive:
Website – the most obvious source of insight may also contain the most information. Get an idea of how your competition presents their products to customers, CTAs, pricing and promotions, as well as feature lists. You can begin comparing your product offering to theirs and get an idea of potential ways to win a sale against them.
Company Communications – While you’re on their website sign up for any newsletters or communications they offer. This will give you further insight into how they speak with customers and allows you to be one of the first to know if they launch a promotion or new product features.
News – Press releases and other announcements the company puts out are an excellent resource for tracking new product offerings or other big company updates such as partnerships or major personal changes.
Social Media – Luckily, the best sources of competitive information, like social media, are public. Tracking your competition where they communicate with their customers can give you an idea of which content your shared audience finds engaging. Use this insight to generate new content ideas. In addition, you can get an idea of how they interact with their customers and respond to feedback, which can help you differentiate yourself in your industry.
Ads – Are your competitors investing in PPC campaigns on AdWords and Facebook? Take a look at what they’re advertising and which landing pages they are focusing on. Take note of their headlines or any creative CTA they have included. This presents another opportunity to discover ideas for your own future PPC campaigns.
Blogs – Another place to find your competition is on their blog. Blogs give you an idea of the best performing content in your industry. Notice which topics receive the most interactions. Do they present a unique content type that receives better than average engagement, such as infographics? Even details such as how often they update can be beneficial. If your blog is not receiving the interactions you hope for, consider testing their strategy and integrating the learnings into your own marketing plan.
Obviously, this process can be done manually. The only issue is that it’s extremely time consuming. However, using a platform like Kompyte, you can take advantage of software that enables you to automatically track your competition’s web pages, social media, blog posts, and search ads. The platform will scan and report real-time changes. It even provides a side-by-side comparison, so you never have to ask “Was that there last week?” We also recommend using Kompyte’s notes feature to keep track of important insights you’ve identified or marketing tests you’d like to try.
Update SEO Landing Pages & AdWords Campaigns with New Keywords
Start experimenting with your competitors’ most successful keywords. Remember you won’t know what works until you try it.
Testing multiple keywords will help you discover the best options to improve your company’s AdWords campaigns and SEO performance.
Automate Alerts, Benchmarks and Battle Cards
Next, set up customized Alerts and receive them directly in your inbox. You’ll never be caught off guard by a competitor’s promotion again.
Benchmark your social media KPIs and online content engagement against your competition. Be wary of setting an engagement or growth rate that is too steep for your industry. We always encourage ambitious goals, but take a look at the competition to determine realistic goals.
Create custom reports to see data on any relevant competitor update, such as features, product updates, or even social media engagement. Custom reports can help you make decisions about specific business goals. You have the ability to ask a question, and then run a report to gather the data. It’s the smartest way to make decisions.
The Kompyte platform is a one-spot location for all competitor related tasks – including Battle Cards. If you notice a change, inform your sales team with 1-click Battle Card updates. This will enable your sales team to see the changes and instantly be prepared for their next sales meeting.
How to Calculate the Value?
Besides the extra time (hours!) you’ve gained with this new platform, how can we calculate the ROI? You can calculate the value of the data the platform has helped you discover by launching new strategic campaigns. You can also look into improving your search ad strategy, optimizing your landing pages to increase conversion, or feeding your editorial calendar with winning content. Well done, you deserve a raise!
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