Want to know what your competitors are up to in terms of advertising? Of course you do. How other brands are advertising can offer clues into their next big move, who they’re targeting, how well the brand is performing financially and so much more.
Having access to where, how and how much your competitors are spending, as well as what they’re promoting, is key to remaining competitive.
Here’s how to get started spying on the competition.
1. Monitor Keyword Targeting
Not sure what your competition is focusing on these days? Sifting through their target keywords is a great way to pinpoint their target audiences. With a tool like Spyfu, you can do just that. This tool allows you to view, by domain, every keyword that your competitors have bought in AdWords and which keywords they are ranking for organically.
2. Stay Up-to-Date on New Content
Is your competition on the verge of entering a new market or launching a new product? Staying on top of the content that’s being written about, and by, the competition is another easy spying strategy to take advantage of.
To keep up with industry news, sign up for Google Alerts on competitor and industry terms. Also consider using Buzzsumo and other social listening tools to watch for the most-shared content in your industry. Keeping tabs on the industry allows you to stay one step ahead.
3. Track Social Activity
Social media can often offer a very different audience for you and your competitors than other digital platforms. Don’t overlook your competitors’ activities on social just because you have a good sense of their other digital activities. Monitor their posts by following each of your competitors across Facebook, Instagram, LinkedIn, Twitter and Pinterest, depending on where your industry’s audience is concentrated. Also consider setting up monitoring through a tool like Hootsuite, which offers monitoring functions for hashtags and handles.
4. Subscribe to Your Competition
While you may be monitoring your competitors’ top-funnel efforts, it’s also crucial to track how they’re converting their audiences. Signing up for their product updates and subscriber lists not only keeps you up-to-date on their recent activity, but it also shows you how your competitors are advertising to their middle- and bottom-funnel audiences.
5. Invest in Competitive Ad Intelligence
One of the easiest, yet most comprehensive ways to track your competitors’ advertising efforts is to invest in a tool that’s made for just that. Competitive advertising intelligence software can show you how your competition is spending on digital advertising in a chosen time frame. The right software can offer you a full look into your industry’s:
Top Purchasing Channels
Ad intelligence makes it possible to view all of this and more. Software like Pathmatics also allows you to drill down and track each of your competitors individually for more granular data.
While competitive ad intelligence offers an easy, intuitive way to track your competitors’ digital strategies, employing each of these spying tactics in tandem can only offer deeper insights from a variety of sources.
Want to learn more about what competitive ad intelligence can offer? Check out some of the related reads below.
- A Close-Up Look at the Celebrity Faces of Financial Services
- How Banks Reach a Diverse Audience Through Digital Marketing