“Keep your friends close, but your enemies closer.”

As the saying goes, you should always keep a close eye on your competition. No matter what industry you are in, competitors are inevitable. And keeping track of their moves will be crucial for your business’s success.

A competitor analysis strategy gives you invaluable insight into what your competitors are doing and will give you a better idea of what works and what doesn’t work in your industry. It will help your team reveal opportunities and highlight failures you had not discovered otherwise.

What is a competitor monitoring tool?

A competitor monitoring tool is an essential part of every digital marketing strategy. It is an online service that monitors price changes, customer interests, organic and paid traffic, rankings fluctuation, published new content, website redesigns or job openings, and the latest hirings.

Depending on the area of the business you want to focus on, you may choose a competitor price monitoring tool, a social media monitoring tool for competitors, a keyword tracking tool, or a website change monitoring software.

Let’s explore six competitor monitoring tools that will help you stay on top of your competitors and uncover any meaningful insights to stay ahead of them.

Also read: 4 Things You Can Learn From Competitor Web Traffic Analytics

Top competitor monitoring tools

1. Visualping

Visualping is a website competitor monitoring tool that helps you track changes on competitors’ websites and sends you an email notification every time a change occurs. You can use Visualping to monitor changes in prices, design, new content, announcements, and much more on your competitors’ websites. But you can also start watching their social media profiles, mentions on the media, online reviews, or rankings for specific keywords.

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Visualping is a very simple to use and affordable competitor monitoring service that keeps you on top of your competitors’ moves saving you time and money. It is one of the best tools for competitor analysis as it has workspaces integrated so you can share information and reports with your team and keep evidence of your competitors’ online changes.

2. AccuRanker

You can use an SEO ranking tool like AccuRanker to track your progress in the rankings against your competitors. You will first need to determine the keywords you and your competitors aim for. And then, this competitor monitoring software will display how your competitors perform against your target keywords and it will keep track of any changes over time.

This tool will help you identify when competitors outrank you. When that happens, you can check if they have made any changes in their content strategy or if they have acquired more backlinks to learn what you could be doing better.

3. Owletter

Owletter is a  competitive analysis tool that helps you capture, store, and analyze emails sent from any website. It is handy to monitor emails sent by your competitors and find out what works for them and what doesn’t.

This competitor tracking software gives you access to competitors’ spam score reports and trending topics they are using in their emails. But it will also help you determine if they are following a specific schedule for sending emails and if this schedule changes.

You will need to be on your competitors’ mailing lists, and this tool takes a screenshot of the email you received, stores it, analyzes it, and alerts you when the system detects essential insights.

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4. Build With

Built With is a website profiler tool that helps you find out what technology a website uses. This competitive analysis tool provides profiles of websites, lead generation, sales and business intelligence, eCommerce data, and competitive analysis.

It can help you and your team identify key market segments that your competitors are seizing and your brand may be missing out on, as well as track your competitors and build a list of prospects.

Also read: Top 5 Tools for a Quality Website Audit

5. Similarweb

Similarweb is a useful competitor tracking software to benchmark your site against your competition. It helps monitor your industry and sector online and reveal your competitors’ analytics and online strategy.

With this tool, you can identify emerging trends, which can sometimes help explain consumer intent, journey, and potential buying decisions. SimilarWeb collects raw data, cleans and organizes it, processes it by learning algorithms, finalizing the statistics you need to make essential decisions to benchmark your brand against the competition.

6. iSpionage

iSpionage is a competitor analysis to track competitors’ ads. The platform identifies your top AdWords competitors based on several criteria and helps you select more competitors manually.

Then it allows you to find out critical budgeting information to improve the performance of your ads campaign, such as how much they spend on paid search, their approximate monthly PPC budget, and how they allocate that budget. You will also be able to see recently published ads, ad copy, and landing pages they are targeting.

Understanding the performance of your competitors’ ad campaigns will help you design and implement campaigns that will deliver better results for your business or clients’ sites.

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Conclusion: Top Competitor Monitoring Tools

You can’t afford to monitor your competitors. Staying on top of your competitors’ moves is an essential business practice. So choose the tool that best fits your competitor analysis needs and never miss a significant shift again.