HOW TO PERFORM A COMPETITOR ANALYSIS IN THE NEXT 5 STEPS?
Whatever you do, it is safe to say that there are other companies out there that offer exactly the same service or product as you, and that is why you need to do a competitor analysis.
In such a crowded market, you need as much information and data as possible to gain an edge over your competitors.
In order to always stay one step ahead of others, you must regularly conduct a thorough analysis of your competitors.
Why is a competitor survey important?
Competitor analysis is one area of strategic research that specializes in gathering and analyzing information about your rivals.
This is a key tactic to find out what your competitors are doing and what threat they pose to your business.
According to the latest data, over 40% of professionals from different companies agree that intelligence about competitors is critical to the success of your business.
Competitor analysis is, in fact, simply the acquisition of a small number of databases available in the public domain.
In addition, of course, you can also find more information using search engines.
While in-depth analysis with the help of dedicated programs will give you the most information, you can also get a lot of things you need while sitting at your computer. Here you can see in more detail how you should do it all.
HOW TO PERFORM A COMPETITOR ANALYSIS
1. Identify your top 10 competitors
This should always be your first step in conducting a competition analysis. Are you aware of your main competitors?
When you sell your products or services online, you will most likely compete with dozens or even hundreds of companies that offer the same products or services to consumers.
Whether you are a local or international company, there is probably someone in your company’s marketing team who can quickly scare your competitors with your well-functioning marketing strategies.
If you need help identifying your competitors, Google is a great tool. Simply searching for a product or service using a search engine can highlight key competitors on the results page.
Another effective way to find competitors is to use an online tool like SEMRush.
SEMRush is good software to see what keywords other companies are using to get the best results.
2. Analyze and compare competitor content
Finally, once you’ve identified your competitors, you can lay the groundwork for your competition analysis and dig much deeper to better understand the type of content you’re publishing.
By analyzing your content, we can help you identify ways to help your site outperform your competitors. What type of content do your competitors focus on creating?
Does your website content contain newsletters? YouTube channels? Online transfers?
Finally, once you’ve found their content, you’ll be able to determine its quality and see a comparison with your site’s content.
Find out how often they update something on their site and add new content.
All in all, make sure they’re doing something you haven’t done to improve your site.
If your competitors are constantly publishing case studies, this may be part of the reason why customers are more likely to reach your competitors. Prospective customers will always want to know what it feels like to work with your company.
Next, take a closer look at their blog.
If your competitors have a habit of publishing your business on your site at least 3 times a week, while you only do it every two weeks, it will be beneficial for your business to start publishing more often and more relevant articles than your competitors to increase traffic.
Only frequent addition of articles will not bring you any revenue, but the added content must also have value.
3. Analysis of their SEO
Let’s say your competitors have the same type of website content that you update as often, and you create high-quality work. Now you should take a little closer to see what they do differently than you.
If your company owns an important blog, then you also know how important its content is. When conducting a competitive analysis of a content type created by competitors, it is useful to consider the SEO of that content as well.
With the help of Google BERT’s algorithm, search engines are increasingly understanding your intentions.
Those days are long gone, when you just had to stuff your keywords into your content, which in turn guaranteed you the best possible results on the results pages.
Just try to beat your competitors in their own game.
4. See their participation in social media
A company’s presence on social media is becoming increasingly important, and each company uses each platform in its own fashion. Social media is a great way for businesses to interact with their users and fans.
In addition, companies use these sites to share content.
The next step in your competition analysis is to determine how your competitors use social media and relate it to their marketing techniques.
Now all you have to do is see if you are able to find your competitors on social media, but you also want to see how effectively they are taking advantage of your profile.
What type of information do they post? What is the frequency of posting? Do they have cover and profile photos?
But what about platforms like Google My Business and Pinterest that are often overlooked?
Next, check your inclusion on social media. Do their posts accrue clicks? do they have the necessary followers? Do they post photos of events or corporate culture?
These are also questions you should ask yourself when checking your competitors’ profiles. Remember that having a profile does not mean that they are winners on social media.
Don’t leave your own site in a hurry. Get to know what your competitors are doing and what you can do better than them.
5. Identify the places where you should make the necessary updates
After the competition analysis, you should have a much better idea of what your competitors are doing.
Take the information gathered about each competitor and identify places where you can make improvements in your own work. If you look closely enough, you will inevitably always find something to improve.
Not only can you identify key areas that you can improve through content creation, search engine optimization, and social media engagement, but you can also validate your business presence with potential customers, blog readers, and social media users.
In this graph, you can see the information that your competitors are already offering you through these sites, social media, and content.
Increasingly, companies see reports from competitors as the key to their success.
If you want to put yourself ahead of your competitors, start with research that is already within your reach. Next, plan what you and your team need to do more to make your business stand out and be the first choice for users.