Types of analysis to better know the competition

We live in a very competitive world and the area of ​​business doesn’t escape this rule. Thus, it is essential that companies know their competition well, in order to know which tools to use and which strategies to take to win in the market. The social media have facilitated the monitoring of our competition, because it is very easy to know in which products or services are betting and what the reactions of the consumers to these same products and services, for example. In today’s article, we talked about the types of analysis to better understand the competition!

Predictive Analysis

Predictive analytics is an advanced form of Data Analytics that aims to answer the question “what will happen?”. It is a type of analysis that makes predictions through probabilities. This analysis is possible thanks to techniques like regression and progression analysis, pattern matching and various types of statistics. This type of Data Analytics is widely used in stock market and investment companies. It is a very important type of analysis because it allows us to understand the performance of companies in the markets and to anticipate problems and trends.

Diagnostic analysis

Diagnostic analysis will explain us why something happened. This type of analysis will relate all available data and information to find patterns of behavior that may explain the results. It is an important analysis to find problems and above all to avoid repeating them in the future. It allows us to relate our performance to the performance of our competition, which makes it possible to find improvement points and minimize harmful actions for the company image.

Google Alerts

This is a very simple and very easy to tool. If you want to be alerted every time your competition is cited in the Web world, simply monitor the keywords related to the competition. You can always know in which areas your competitors are highlighting and this could be a great way to discover market trends!

Competitive Benchmarking

Benchmarking is an instrument that aims to improve performance in order to position itself ahead of the competition. The process is based on learning from the best experiences of companies operating in the same industry: it is called “learning from the best”. Competitive benchmarking aims to analyze direct competition and focuses on the comparison of products and services, methods, strategies and campaigns used. The objective is to overcome the good performance of the competition by improving the methods used by it.

SocialMention

This tool allows you to follow everything that goes on in blogs, videos and social networks. When searching for a term, be it a keyword or the name of a company, the tool shows you everything that’s being said about that term in blogs and social platforms. Its use is very similar to Google Alerts, but in addition to publishing on websites, it also shows us sharing on social networks and on video platforms, thereby increasing its breadth.

5 Steps to follow the competition

Monitoring the competition is something that companies must do frequently, because only through effective monitoring can we know what state the market is in and know its trends. However, it is very difficult to keep up with all that goes on with our competitors, because we live in an age when we are “flooded” by information, coming from many different places. So we’ve prepared this article to present you 5 steps to follow the competition!

Google Alerts

This is a very simple and very easy to use tool. If you want to be alerted every time your competition is cited in the Web world, simply monitor the keywords related to the competition. This tool also has the advantage of being completely free!

Competitive Benchmarking

Benchmarking is an instrument that aims to improve performance in order to position itself ahead of the competition. The process is based on learning with the best experiences of companies operating in the same industry. Competitive benchmarking aims to analyze direct competition and focuses on the comparison of products and services, methods, strategies and campaigns used. The goal is to outperform the competition by improving the methods it uses.

SEMRush

This is one of the favorite tools of marketers as it specializes in competing data. Simply put the URL of your competitor’s website and you will immediately receive information about the keywords it uses, the organic searches it has, the traffic and paid ads in effect. The results are presented in graph format, which greatly facilitates the understanding and analysis of the data.

InfiniGraph

If you want to know the trends in your circles on social networks, you just have to use InfiniGraph. The idea is to use the power of your audience to know what content and brand trends are between them. This is a tool that can be used both for your company and to follow the competition.

SocialMention

This tool allows you to keep track of what goes on in blogs, videos and social networks. When searching for a term, either a keyword or a company, the tool shows you everything that is being said about that term in blogs and social platforms. Its use is very similar to Google Alerts, but in addition to publishing on websites, it also shows us sharing on social networks and on video platforms.

Analyzing the competition is a very important step to know the market in which it is inserted and to follow the trends and preferences of the consumer. We live in an information age, in which it is difficult to follow everything that goes on inside the company and also abroad. More than ever, BAM tools such as Multipeers have a leading role in companies, since they condense in a single platform information from the most diverse sources of information!