A strategy that is well prepared and well researched helps you in recognizing the key rivals and going through the research of their products, services, sales, solutions, marketing, and best-practiced strategies is known as a Competitor Analysis. By getting this analysis done for your business, you can create ideal business strategies that will get you in a better position than that of your competitors. A competitive analysis that is ideal and appropriate, facilitates you to learn the details of how your competitors work and finds new and better perspective chances, knowing which can help you outperform them.
Additionally, it helps you in allowing you to remain at the top of all other businesses and industries and it also ensures that your product is constantly new and latest norms of the business industry.
The 8 easy steps of doing a Competitor Analysis
The main objective of doing a competitor analysis is to fix up you with the proper insights so as to notify the product development and also the marketing decisions.
The 8 easy steps of doing a Competitor Analysis :
⦁ Identifying your competitors
⦁ A SWOT analysis of competitor
⦁ Evaluation of the website performance and traffic
⦁ The advanced technology that piles your competitors use
⦁ Evaluation of share of voice
⦁ Evaluation of relevant and targetted keywords
⦁ Reviewing of the feedback and performance of social media
⦁ Evaluating the efficiency of SEO
Identifying your competitors
One can only perform a competitor analysis in the market when they exactly identify who their actual competitors are. It needs to start with the investigation of your business area in recognizing the topmost performers and leading brands. You might already be aware of your competitors, but do not fully rely on ideas and present knowledge.
A SWOT analysis of competitor
One of the best tools to think of when you line up against other businesses in the market is doing a SWOT analysis. Just when you have aligned all your direct competitors in the market, analyze their business entirely from the Strengths, Weaknesses, Opportunities, and Threats’ point of view. This evaluation will tell about the approach of sales, marketing strategy, content plan, positioning of the brand, customer experience, and other related things.
Evaluation of the website performance and traffic
Dig into the reach of the web presence of your competitors and evaluating it to that of your brand and others in your area of the market. Gathering all the important information that shows how users can connect with other sites on the internet. This information includes the bounce rate, the rate of engagement, unique audiences, sources of traffic, the average website time, and many others.
The advanced technology that piles your competitors use
Having a knowledge of the kind of latest technologies that your competitors are putting to use is important for the assessment of your own business to lower the resistance and improve the pressure within your business.
For example, you might have come across optimistic and positive reviews about your competitors’ business service. After your research, you come to know that the customer uses proficient customer service software you did not use till now. This information now becomes vital for you to grow and shine your business.
Evaluation of share of voice
The utilization of an appropriate share of voice for the evaluation of keyword performance and also the search authority between you and your competitors. Doing a relevant and targeted assessment of keywords for looking at which competitors run the maximum traffic for the highest-ranking keywords in your area.
Evaluation of relevant and targetted keywords
With the help of keywords that your competitors are using, you need to re-check on the keywords that you are using as compared to the rivals for your business. Conducting an assessment of keywords that shows which useful keywords generate the most traffic on the internet and social media sites. In addition, take a closer look at which of the paid keywords they keep as targetted so as to check what terms they are fighting with to promote.
Reviewing of the feedback and performance of social media
Social networking sites such as Facebook, Twitter, LinkedIn, Instagram, YouTube, Quora, etc are an asset for the voice of customers (VOC). This data can be used for product development in the market, and also for the positioning of the brand.
Evaluating the efficiency of SEO
Finally, you need to finish your competitor analysis process by analyzing the performance of search engine optimization (SEO) of your competitors. This can be done by examination of internet site algorithm that shows the efficiency of SEO.
By including SEO as an important part of your competitor analysis, you can now know that how your on-page and off-page, and technical search engine optimization performance can influence your ability to participate in the search.
Concluding ‘How To Do Competitor Analysis
We expect that you have gone through the blog post of ‘How To Do Competitor Analysis’ entirely and hope that you have been successful in understanding the analysis of competitors in the eight essential steps we have mentioned in the blog. We hope that you have also come to know the valuable importance of competitor analysis both for your brand and for your business.
Please know that a competitor analysis that is well researched, not just helps you in finding the competitors in markets but also will tell you the areas of your strengths and the ones which will help your business shine. When you know the areas that your competitors lack, you now the spots where you can exactly grow with. Other than that, what matters is the understanding of the market, knowledge of the domain, personal experience, and competencies of branding and marketing. Therefore, you need to stand i=higher in every domain so as to finish the market race.