Tips for Analysing Your Competitors with Data Science

Tips for Analysing Your Competitors with Data Science

One of the benefits of the rise of big data is the fact that it includes information from outside your company. Specifically, it can give you great insight into the actions that your competitors are taking, what they’re doing right, and what they’re doing wrong. By using data science to dig into datasets, you can analyse your competitors and gain an advantage. Plus, you can bet that they’re doing the same thing to your business. What should you know about this?

Find External Data and Don’t Discriminate

One of the most important tips here is to ensure that you’re locating and utilising accurate external data. Don’t limit your information to sales sheets or speculation, either. Something as simple as a customer’s tweet about your competitor can yield a treasure trove of information. For instance, if a customer tweeted, “Tough experience at XXX today – staff were harried,” you could extrapolate that 1) the customer is not happy about their experience, 2) the store was understaffed and 3) that customer is probably going to look elsewhere next time.

Locate Your Competitors’ Backlinks

Backlinks are the literal backbone of your off-page SEO efforts, and the same applies to your competitors. Use your preferred backlink tool and locate the links leading back to each of your competitors. Once this is done, use data science to analyse those links and determine their value and performance. Not only will this grant you greater insight, but it can help ensure that you’re able to reach out to those same sites to pitch your own ideas.

Identify High-Performing Content

Content is vital to your online marketing efforts, and if your competitors are doing it better, you can use that to your advantage. With data science, you can identify their highest performing content and then compare it to your own. How do they stack up? What are they doing better that you? Use this information to streamline and improve your own content marketing efforts. It’s entirely possible that you’ll be able to outperform your competitors with this data.

Don’t Rely on Your Own Data Alone

While most businesses have 99% of the information they need already in their storage system, there’s that pesky 1% that’s missing. Use third party vendors to get access to more information so that you have the clearest picture possible of your competitors. You’ll find that these sources often have data that’s not available to you through your own resources. However, make sure that you’re aggregating from a reputable, trustworthy third party, as data science requires high quality, accurate information. In addition, changes due to faulty data can be costly.

These are only a few of the ways that you can use data science to improve how well you compete with your competitors. A competitive analysis can provide you with dramatic ways to take action and grow, and Peppersack can help. Contact us today to learn more about our big data and data science services and solutions.

Tips for Analysing Your Competitors with Data Science by Chris Tomlinson



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