Why You Need To Run A Competitor Analysis Sooner Than You Think

No business can operate in a complete bubble. However, many business owners prefer not to look at their competitors in fear of losing focus or becoming a copycat.

According to HubSpot, a competitor analysis is a strategy that involves researching your main competition to gain insight into their products, sales, and marketing. Running a competitor analysis can help you understand your competition’s strengths and weaknesses in relation to your own.

Running a competitor analysis also allows you to stay on top of industry trends and ensure that your business and corresponding products or services are constantly meeting and/or exceeding the standards of your customers and the overall industry. At the end of the day, comprehensive market research helps establish the foundation for an effective marketing and communication outreach strategy that can help you stand out from the crowd.

Tools such as Facebook Ad Library and SpyFu allow you to view your competitors’ marketing campaigns. The Facebook Ad Library provides advertising transparency by offering visibility to any ad running across Facebook apps and services like Instagram. The Facebook Ad Library is a great way to research what ads and key messages your competitors are running. SpyFu allows you to search for any domain and see every place they showed up on Google. SpyFu is a great way to research what keywords or google ads your competitors have bought. It also allows you to review competitor ranking against your own.

I would recommend beginning with the Facebook Ad Library and/or SpyFu to review what marketing your competitors are running and how the market is responding to it. You can use these findings to run more effective marketing campaigns online.