Why Every Business Should Be Using a Competitor Dashboard

Why Every Business Should Be Using a Competitor Dashboard

Why Every Business Should Be Using a Competitor Dashboard

Imagine having competitor data instantly available to you in real-time. And not a mess of numbers either, but clean, colorful charts that point to immediately actionable metrics and suggestions?

What if you could view, compare, and contrast multiple competitor data points simultaneously?

By data points, we mean…

  • Social media follower stats and content
    (LinkedIn, Facebook, Twitter, and more…)
  • Website visitor and engagement data
    (Pageviews, bounce rates, time spent on site)
  • Pricing details
    (Track current and trending pricing fluctuations plus pricing models)
  • Product and service comparisons
    (Know what existing and new products and services are being offered)
  • Email marketing newsletters
    (Track dates and times of sends, subject lines, email content topics)
  • Keyword rankings
    (Know what keywords your competitors are using; bid for them or others similar to get ahead)
  • Blog posts, YouTube videos, podcasts
    (Discover trending topics and what’s working to reach similar audiences)

This competitor dashboard sounds magical. But it’s not magic at all. You can set your goals and target with our fully-customizable all-in-one online business solution. No more wasting time chasing data into the dark void of the internet.

Here’s what we know: for a digital company with the desire to grow, knowing key performance indicators (KPIs) like a company’s eCommerce, finance, and business intelligence is, among others, mission critical. The more a business knows about itself, the more direct action it can take to improve, and the more potentially successful it can become.

While many companies can appreciate the value of self-awareness, most do not even consider, let alone spend significant time on, gathering and analyzing competitor data.

Candidly, we don’t blame them!

Gathering this breadth of information from across the internet is a time-consuming, often thankless hassle that typically results in incomplete or entirely false data. Manually monitoring, studying, and reporting on competitor pricing/social media/content marketing data on a daily, monthly, or even quarterly basis is a killer time and resource drain. You’re out there driving new business (plus a million other things), and while competitor data may be a really nice-to-have, you don’t have that kind of time.

But… when all of the accurate competitor data points you wish to see are streaming on one dashboard for your quick review, well, that’s a game changer.

Why do you NEED a competitor dashboard? Here’s why:

Discover what’s trending so you can plan your next move.

If everyone else in your industry is using video marketing, should you? Probably.

Okay, not necessarily, but if certain marketing and sales tactics continue to popup in your competitor dashboard, it’s likely worth further investigation.

Your competitor dashboard can compare website data like monthly visits and engagement, so you can keep an eye on what the more popular competitor sites are doing to attract and keep that bigger audience. At the end of the day, you should be getting a piece of that audience pie, so use your competitor dashboard to find out exactly how.

Maybe it’s a live chat feature, a blog with a frequent publishing cadence, or really cool colors and fonts. Whatever it is, find out to see if it’s worth emulating or, even better, borrowing and improving upon.

Most businesses recognize the importance of staying relevant and understand that this includes keeping up to date with cutting edge technology. With your competitor dashboard you thankfully no longer have to endlessly search or guess what your competitors are up to. You’ll have a much better idea of where and what tech and other advances may or may not be worth your time and financial investment.

Know where you can successfully compete (and win big).

Customize your competitor dashboard as you wish, but some of the basics will no doubt include social media, website, content and email marketing statistics, plus product comparisons.

Your competitor dashboard will share with you where your competitors have a stronger digital presence and where that presence may be lackluster. For example, your competitors may be missing out on entire Pinterest or Facebook audiences. The competitor dashboard will point to social media network follower data and their respective growth (or loss) rates.

Or, perhaps your competitors are getting a great deal of website traffic. This may mean that you should amp up your Google advertising spend to get ahead of the competition in search rankings.

Content marketing is another great space to inexpensively crush your competition. Your competitor dashboard will enlighten you to competitor publishing cadences, so you will immediately know which days and times your competitors are attempting to reach their respective audiences. You’ll also discover trending topics that may be resonating with customers and the trending ways in which those trending topics are delivered.

Any gaps or weaknesses should be understood as business opportunities. You now know where your competitors are weak and can build out your digital strategies in those areas to overtake them. If you find that your competitors are incredibly better than you in certain business aspects, so be it. Learn, borrow, and improve. Your competitor dashboard will guide you to making more informed decisions that are tactical and have significantly higher potential success rates.

Learn more about your industry’s audience.

No, this is not secret intelligence that’s illegal to extract. It’s all available online to anyone who wants to know. And your awesome competitor dashboard simply collates this data in a way that’s neat and efficient so you don’t have to scour the web searching for competitor clues.

By now you have a good handle on the type of people who comprise your audience, but with your competitor dashboard you can expand your knowledge industry-wide as you more closely examine your competitor’s audience. There will likely be many similarities, but you may also find that your competitors have discovered additional online spaces to target and expand their reach.

Perhaps your competitors are using Twitter Chats or Facebook Live events. Maybe they’re expanding their reach on Snapchat or Reddit. You’ll have immediate access to who they’re following and who’s following them to get a better sense of who your competitor’s customers may be. Then you can make more focused decisions on customer targeting and new sales lead generation.

So, customize your competitor dashboard to…

  • Find out the type of audience following your competitors on social media networks.
  • Know who the people and businesses are who are engaging with your competitors in blog post comments and testimonials.
  • Discover the type of audience your competitors are targeting with their brand messaging.

Benchmark pricing and product data.

If you’re new to the biz and have zero idea how to price your products and services, never fear. Your competitor dashboard can pull pricing info from your competitors and display them for you to review at-a-glance. Because the Cyfe competitor dashboard is always streaming data, pricing will update accordingly.

Even if you’re a more experienced seller, it’s powerful to know what your competitors are offering so you can be confident in your own product’s pricing model. Knowing is indeed half the battle, and now you can take real action by competitively pricing your products in accordance with industry standards.

When you use your competitor dashboard to collect pricing and product data from various competitors, you can quickly average out the general industry standard and more competitively position your product in the market.

While you may already have a sense of these general industry numbers, it’s always good to have them all in one dashboard — pricing and pricing models change over time, so frequently tracking these data points is essential.

Pro tip: if you find that your prices are extremely similar to your competitor’s prices, consider offering new customers a price match. (No pressure here, but these are the kinds of actionable sales tactics you can pursue now that you have all of your updated competitor data in one dashboard).

The Competitor Dashboard: Your Giant Cheat Sheet

We don’t condone cheating or actual cheat sheets, but are willing to bend the rules when it comes to collecting competitor data that’s readily available to the public. It’s all out there online and your competitor dashboard simply captures it and puts it all in one place. Then (in next level cheat sheet fashion) it uses customizable widgets to slice and dice the data however you deem most helpful.

What you choose to do with this new competitor data is entirely up to you and depends largely on what matters most for your unique business. But there is no arguing that competitor dashboard benefits are nothing short of outstanding. Even if you take zero action, greater competitor knowledge will grant you greater peace of mind and improved confidence in your regular business dealings and management tasks.

In the digital marketing world, information is key to staying competitive and getting ahead. Use your competitor dashboard to learn and improve upon what your competitors are doing — and do it better.

Customize your very own competitor dashboard to get the insights you need to take action now. Get started with Cyfe today for free! No credit card, no obligation. Just insight!

Want to create a data dashboard for your business?
With Cyfe, you can quickly connect all of your data sources and design a real-time dashboard in minutes.

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