Competitive intelligence: What you need to know

Keeping a close eye on the competition is essential, especially in the ever-changing world of ecommerce. This monitoring, commonly known as competitive intelligence, allows online stores to remain competitive, anticipating market movements to adjust their strategy. But how do you implement it effectively? What tools are available? And why is this so important for your online store? This FAQ is here to answer all your questions and guide your competitive intelligence.

How do you identify your competitors?

The first step in any competitive intelligence is to clearly identify who your competitors are. Here are a few ways to achieve this:

• Google search: A simple search with the keywords associated with your products or services will give you a list of the main players in your market. Remember to put quotation marks around your keywords to refine the search by targeting the exact preferred phrases.
• Social media analytics: Look at who your customers are following and interacting with. Brands that come up often will help you understand your competition.
• SEO analysis tools: Tools like Semrush or Ahrefs show you which websites are competing for the same keywords as you.

How do you track your competitors’ promotions and prices?

One of the most crucial aspects of competitive intelligence is monitoring promotions and prices charged by your competitors. Here are some techniques to stay informed:

• Google Alerts: By setting up Google Alerts, you’ll receive notifications every time your competitors launch a new promotion or post content online.
• Price monitoring tools: Solutions like Price Observatory or PriceComparator allow you to track your competitors’ prices in real time.
• Newsletters and social networks: Subscribe to your competitors’ newsletters and follow them on social networks so you don’t miss their offers and promotions.

How do you monitor their ads and the new products in their catalog?

By monitoring your competitors’ advertising campaigns, you will identify which strategies are working and what the current trends are. Here’s how to keep a close eye on your competitors’ ads and the new products in their catalog:

• Social media advertising libraries: Platforms like Facebook and Instagram are truly ad libraries that are accessible to everyone. You can view all of your competitors' ads and analyze their communication strategies, key messages, and visuals.
• Monitoring catalog updates: In order to stay on top of your competitors' new products, tools like Visualping will make it easier for you. This way, you will always be notified of changes on their websites.

What are the tools for conducting effective competitive intelligence?

To conduct effective competitive intelligence, equipping yourself with the right tools is essential. Here are some of the tools used by ecommerce experts:

• Note: This tool helps you monitor what's being said about your competitors on social media, blogs, and other online platforms.
• Similarweb: This platform analyzes the traffic of your competitors' sites and indicates where their visitors come from, what their main traffic sources are, and what their successful keywords are.
• Visibrain: Ideal for monitoring popular competitor content and understanding what types of posts and influencers drive the most engagement.

Why isn't competitive intelligence enough?

Well-executed competitive intelligence is not just about following your competitors. You must also take action to retain your customers and protect your market share.

• Continuous improvement of the customer experience: By monitoring your competitors' tactics to attract and retain their customers, you can identify best practices and adapt them. This can include improvements in customer service, more attractive loyalty programs, or increased personalization of the shopping experience.
• Strengthening your brand identity: A strong, unique brand identity is an effective barrier against your competitors' attempts to outperform you. Invest in creating quality content, branding campaigns, and optimizing customer satisfaction to strengthen your market position.
• Offer exclusive benefits: Retaining your customers also means offering exclusive benefits, such as special discounts for regular customers or early access to new collections and products. These initiatives can deter your customers from turning to the competition.

Conclusion

Competitive intelligence is a key component of an online store's success. It’s more than just monitoring competitors' prices and products, it must also include a global analysis of their strategy, their communication, and their customer relations. By using the right tools and techniques, you can not only stay competitive, but also anticipate market movements, build customer loyalty, and protect your ecommerce site from competitors.