A Competitive Analysis: How to Track Amazon Competitors
Are you interested in maintaining a competitive edge on Amazon? This article explains how to track Amazon competitors and outperform them by teaching you how to use their performance metrics to your advantage. By the end of this article, you will have a comprehensive understanding of how to run a competitive analysis on Amazon, how to identify the competition, and how to monitor Amazon competitors’ rankings.
The road to eCommerce success is paved with data and requires you to keep tabs on your competition. The goal is to exploit a loophole in your competitors’ selling strategy. In this blog, you will learn to pivot your approach towards the long game by monitoring and anticipating your competitors’ every move. Failure to carry out routine competitor analysis on Amazon will result in losing the game.
- How to Run a Competitor Analysis on Amazon?
- How to Track Amazon Competitors With DataHawk?
- Amazon Sales Estimator Tool
How to Run a Competitor Analysis on Amazon?
You know the saying, keep your friends close and your enemies closer? Well, that expression applies to Amazon sellers as well. But it goes a little something like this, keep your colleagues close and your competitors closer. That being said, you should make it your primary objective to monitor Amazon competitor rankings diligently. To run a competitor analysis on Amazon, follow the subsequent five steps.
1. Identify Your Competitors on Amazon
The first thing you need to do when running a competitor analysis on Amazon is defining your competitors. Your competitors’ are not just those selling the same products as you, but also other brands selling products that can be purchased as supplements to what you are selling.
2. Audit Your Competitors Product Listings
Make a list of your competitors’ products and compile the following information:
- Product title
- Product features
- Product description
- Product images
- Product Q&A
Once you have collected the data listed above, you should assess the product listing information and compare it to yours. Doing so will help you establish a framework for enhancing your product listing to outshine your competitors.
3. Evaluate Your Competitors Product Reviews
Evaluating your competitors’ product reviews can give you insight into their products’ strengths and weaknesses. You can also leverage product reviews in your competitors’ analysis by exploiting their weaknesses and making your products superior.
4. Research Your Competitors Targeted Keywords
SEO is both your best friend and worst enemy. Researching your competitors’ keyword strategies is key when conducting a competitor analysis on Amazon. Keyword research helps you identify what words their products are ranking for in relation to yours. Typically, primary keywords are located to the right of the product title.
5. Assess Your Competitors Product Price
How to Track Amazon Competitors With DataHawk?
By using eCommerce analytics and optimization software designed to help you increase sales, optimize margins, boost productivity, and gain invaluable insights, you can learn how to track your competitors while getting ahead of the competition.
How to Track Amazon Competitors’ Products?
To track Amazon competitors’ products, use an Advanced Amazon ASIN Tracker. DataHawk’s ASIN Tracking Software is a set of advanced tools that enable you to track daily changes in the metrics and listing information for any product on Amazon, including price, reviews, ratings, sales ranks, BSR, Buy Box data, title, and description. The software makes it easy to visualize daily changes in public metrics or listing details on dashboards and charts so that you can measure and benchmark like never before:
- Amazon Review Tracker: Track changes in the number of reviews.
- Amazon Rating Tracker: Track changes in average rating and rating distribution.
- Amazon Price Alert and Buy Box Tracker: Track changes in price and Buy Box status.
- Amazon Buy Box Availability Tracker: Track changes in Buy Box available quantity.
DataHawk lets you track and get alerts on the faintest change in any Amazon product’s title, images, description, bullet points, or A+ content. Stay informed about the A/B tests being run by your competitors, and make sure your products’ correct assets and data are being used.
How to Track Amazon Competitors’ Keywords?
To track Amazon competitors’ keywords, use keyword research tools and keyword ranking tools. DataHawk’s Amazon Keyword Research tool tells you which keywords a product ranks for, which ones have the highest chances of ranking for, and helps you discover new keyword ideas. This kind of tool increases sales and ad efficiency by giving you the relevancy of a keyword for your product before bidding and gives you access to market analysis for any keyword.
DataHawk’s Amazon Keyword Ranking tool lets you monitor daily changes in the organic search performance of any product and optimize your SEO. Data generated from this software enables you to analyze the competition to pave the way with superior organic reach.
Tracking changes in a product’s keywords rankings is an excellent way to benchmark your performance against your competitors and extract insightful data from how they pilot their Amazon business. It allows you to discover the keywords for which your competitors’ products are ranked and track how their ranks change over time.
You then get to compare those findings to your own products and better understand where they drive sales and how their SEO efforts, pricing positioning, PPC strategy, and other advertising techniques might explain the gap between their performance and yours. Such a competition-monitoring-based approach is constructive when you are an existing seller within a specific niche and considering launching new products as you can get a better sense of the degree of competition you would encounter beforehand.
You can compare the listings to find some of your competitors’ keywords. Start by identifying short-tail keywords that best represent your benchmarking product categories and track them on DataHawk. This will allow you to discover the monthly search volume attached to each keyword of interest in the marketplace. It will also give you a list of ASINs organically ranking for that keyword. Consequently, it enables you to estimate the market opportunity and competition related to each keyword and the categories you are researching.
To give you an example, DataHawk tracked the keyword “brow shaper,” which had a competition score of 84%, meaning it has little competition.
When conducting this kind of keyword research, monitoring the monthly search volume and average ratings is vital.
DataHawk’s Keyword Research tool also gives you a list of products ranking organically on any keyword along with the information of their position and page numbers. This will help you identify your top competitors based on your keywords.
You can also use the Keyword Lookup to identify your competition. For instance, if your product is “Schick Schick Silk Touch-Up Multipurpose Exfoliating Dermaplaning Tool,” you can simply go to keyword lookup and check the keyword suggestions.
The example above illustrates how you can leverage DataHawk to uncover the main competitors for this keyword. You could then go ahead and check the listings keyword and make them yours by adding them to your listing and bidding on them if needed.
How to Track Amazon Competitors’ Best Seller Rank (BSR)?
By tracking your competitor’s best-selling products, you can observe what the best-sellers are selling and further utilize the information into new product ideas. DataHawk’s Amazon Sales Rank tool lets you monitor the sales performance of any product by tracking daily changes in Amazon BSR in multiple browser nodes or categories.
Such monitoring enables you to extract insights about the potential sales performance of your competitors and leverage other data points to outperform them.
In this example, DataHawk identified top competitors for “Schick Schick Silk Touch-Up Multipurpose Exfoliating Dermaplaning Tool,” using the BSR Tracker, in the category “Tools & Accessories.”
This is the list of the top 100 products in the category. This data allows you to draw comparisons and helps you analyze your competitive landscape.
Amazon Sales Estimator Tool
DataHawk offers one more tool to give you a competitive edge over your competitors: the Amazon Sales Estimator tool.
DataHawk’s Amazon Sales Estimator tool offers you sales estimates for all products on Amazon and can be used to monitor competitors’ ASINs. It gives you estimates for any product’s last 30 days of sales on Amazon and enables you to predict your sales.
If you already have a product on the market or are planning to launch one and are hoping to improve your marketing, getting sales data for similar products and brands can help you get an accurate picture of the potential demand you can expect for your own product.
Knowing what sort of sales volume your competitors are achieving with which rankings will help give you a full picture and help you accurately gauge how many sales you should be able to achieve by reaching a certain rank.
In the world of eCommerce, learning how to run competitor analysis on Amazon and how to track Amazon competitors is crucial to sustaining a profitable business. Doing so helps motivated sellers make intelligent and data-driven decisions that guarantee competitive pricing, better advertising campaigns, and optimized product listings. Moreover, to maximize your time and investment in your Amazon business, start tracking your Amazon competitors today by testing out DataHawk’s Amazon seller software.