In today’s competitive business environment, no company should remain ignorant of their competitors and how they operate and market their business. Obtaining information on the businesses you compete with allows you to always be a step ahead of them. You will be able to determine their strengths and weaknesses and use this knowledge to your advantage.
Monitoring your competition is essential for developing business strategies which will allow you to achieve the competitive edge, and fortunately, there are many online tools available to do competitor espionage through some simple and most importantly, legal techniques.
There are tools that you can use to learn about, for example, traffic volume of your competitor’s website, details about their domain, mentions on social media sites, or receive alerts when they are mentioned in the press. Although this information may seem trivial to some, every little detail on your competition counts as it allows you to compare your performance with theirs. Many of these tools are available for free, so you’ll only have to invest some time.