The existence of competition in a niche is a good indicator that there is money to be made in that niche. However, too many competitors (for example, the weight loss niche), is not a good thing. Especially, if your competitors have much deeper pockets and experience than you. The ideal niche should have plenty of demand and a handful of competitors. However, it’s difficult to find these niches without a huge barrier to entry.
Given that most lucrative niches have a ton of competitors vying to win consumers’ sentiment, it might be wise to outwit your competitors by keeping an eye (spy) on them to see what they’re doing and how you could do it better. Here is how to find and legally spy on your competitors.
Method #1: Google “buyer” Keywords For your Niche:
You will find your competitors in the paid Ads and the top organic results. Take note of the companies that are advertising on Google and those in the top 10 organic results. These are the companies serious about dominating the marketplace. Visit their websites to see their offers, as well as identify their strengths and weaknesses (conduct a mini SWOT Analysis).
Method #2: Use SEMRUSH To Dig Deeper
Take the competitor’s URL in step 1, and enter it into the search bar at www.semrush.com/ (see pic below) to learn more about the competitor as well as find other competitors. You will also find other related keywords that buyers are using to find your product/services on Google.
Spying on Your Competitors
Follow.net: Is a great tool for obtaining valuable competitive insights about your competitors. However to get the complete competitive insight you will be assessed a monthly fee. Use the free plan for now. You can upgrade later in the future.
iSpionage.com – Enter your competitor’s URL to get a lot of useful info about your competitors. You don’t need the paid version until it is absolutely necessary. There is a ton of free data that you can make use of.
Adbeat.com – similar to follow.net but more powerful. This is what internet marketing “Gurus” use to uncover their competitor’s online marketing campaigns. This service is not cheap ($249/month). Only consider using this service when you are ready to play in the big leagues.
I hope you found this post useful. Anyway, let me know if you have any question(s). By the way, in the spirit of full disclosure, I’m affiliated with some of the companies mentioned above.
by Chris O.