The most commonly trumpeted feature of lead generation software is the ability to identify visitors to your site who don’t make contact, and then follow them up later to try and convert them into a prospect. This is of course a very valuable feature, but less well known is the idea of tracking your competitors: see when when they visit your site, how often they do so, and what action they take when they do.
Why is this worth tracking? It will largely depend on the nature of your business and the level of competition, but here are a few ideas.
If a competitor is visiting your site regularly, they’ve evidently got an interest in your site and your business is on their radar. You need to know this so that their business is on your radar in return, and you can keep a closer eye on what they’re up to.
If they’re paying a lot of attention to a certain product range or area of the site, they could be doing competitive research to copy ideas, undercut prices, or otherwise try and get the upper hand.
It could also be a sign that their business or website is not performing as well as they are hoping, and they are casting around for ideas to improve their operation. This could be useful to know, as you could take the opportunity to undercut them on price while they’re weak, or improve your customer offer in direct competition. The possibilities are endless depending on how your business sector operates.
How is it done?
This varies according to the software used. For instance, cheaper packages such as Canddi and A1 Webstats, who are competitors to Lead Forensics, have no specific feature for tracking competitors, but of course once you’ve identified a regular visitor as a competitor the usual information and tracking data is available.
Two packages stand out in having facilities specifically for competition tracking – WOW Analytics which allows the monitoring of competitors’ activity, and Lead Forensics whose Data Manager allows this and much more, along with all the deeper level information you’d expect from the higher end of the lead generation software market.
Of course, the main function of lead generation software remains the monitoring and proactive contacting of potential customers, but any business in a competitive area could use all the extra intelligence it can get, and comprehensive tracking of competitor website visits may well provide that extra edge.