We’ve all heard the expression, “Keep your friends close and your enemies closer”. Well, when it comes to success in the business world, this couldn’t be more accurate. Monitoring your competition can help you to improve your own products and services, because you can learn what things are working for them that you might emulate, and what they’re doing wrong that you can avoid. So how do you keep a close watch on your competitors without hiding in their bushes with a pair of binoculars? Easy.

Leverage the Power of Google – You already use it for everything else – why not also use it as a tool to keep an eye on your closest competitors from afar? It’s incredibly easy, efficient and your competition will be none the wiser. Simply set up a Google alert with the name of the companies you’d like to keep tabs on and any associated products, and every time those terms appear in a blog post, press release or article on the web, you’ll receive a notice. This will let you keep track of announcements, reviews or complaints that you can use to your advantage.

Learn Their Keywords – One of the most important components of SEO is choosing the right keywords to target. If you’re optimizing the wrong words and phrases, you’re missing out on critical traffic to your website. There are a number of tools you can use to determine which keywords people are using to search for your particular product or service, but one of the easiest is to find out which ones your competition is already ranking for. Tools like Alexa and KeywordSpy allow you to identify both the paid advertising and organic keywords that are driving traffic to your rival’s site so you can follow suit.

Look into Public Records – When a business plans to launch a new product, they typically apply for a patent or copyright first, right? Additionally, businesses that want to expand or renovate their physical location are usually required to have a permit in order to do so. Your competition is no exception. And, because this information is public record, you can get a good idea of what they have up their sleeves before they make their first move.

Experience it First-Hand – What better way to measure the quality of your competition’s goods or services than by trying them for yourself? For instance, if you’re in retail, take an incognito shopping trip to see how their products and customer service stack up in comparison to yours. Take note of their inventory, how their employees treat customers, what types of displays or marketing materials they are using – anything that can help you better hone your own strategies. If you’re uncomfortable about spying yourself, or if you’re afraid you’ll be recognized, have a close friend or trusted employee do it, or simply hire a mystery shopper.

When it comes to business, regardless of industry, understanding your competition plays a critical role in ongoing success. These are just a few of the many ways you can keep a close eye on your competitors and use the information you uncover to improve your own business. Just remember – if you’ve already reached a certain level of success, someone’s probably spying on you too. Just be mindful of what information you make public and take it as a compliment.