Here Is An Easy-Breezy Guide To Conduct Competitor Analysis?
There is no rocket science involved in carrying forward a competitor analysis process. In reality, it goes beyond the few simple Google searches which are done to identify your competitors and analyze their standing in the industry.
This blog talks about the simple, easy-to-use process that will help you do an in-depth competitor analysis.
Expert says, “You should stay thrice step ahead of your competition”.
If you are clueless, how to accomplish this- Don’t Worry! We are here to help you out.
There is a saying “When your friend scores higher marks than you, you feel way worse and it gets harder to digest. Relatable? The same is the case with businesses; if your competitor is doing great in the industry, then your business will suffer. Therefore, it is important to conduct an in-depth and comprehensive competitor analysis.
Analyze and monitor your competitor’s report and on the basis of that take action to stay one stead ahead of them. This is what competitor analysis is known to be.
You anyhow have to learn how to dissect each competitor’s website and understand the overall approach so that you can develop a competitive edge over them.
Table of Contents
Why Is It Crucial To Look Out For Competitors?
The analytics information you gather about your competitors is referred to as Competitive Research.
You have to do the SWOT Analysis in order to know about the competitor’s business.
S- Strengths
W- Weaknesses
O- Opportunities
T- Threats
It is important because it will help you identify industry trends and strategies.
Identify Your Competitors
You can’t deny the fact that your competitors are looking out for you as you’re for them. So search for them to make comparisons so that you can get better at running a business.
- Study their weaknesses and strengths to kick start your business.
- Do keyword research and analyze what type of keywords competitors are targeting in their content.
- Keep a tab on your competition so that you stay ahead of them in the race. This process is well-known as competitive intelligence gathering.
Look Out For Competitors
There are hundreds of way to identify key competitors in the industry, but Google and Amazon are the most reliable sources.
Things to Notice
- Webpage, blog and social media content
- News mentions and press releases.
- Check out their reviews.
Other resources on which you can bank on: Keyword Spy, Ahrefs, Reference USA and Alexa.
Divide Your Competitors Into Categories
Categorize your competitors on several levels based on Primary, secondary and tertiary.
- Primary Competitors: Primary Competitor means those companies that are your direct competitors that have a similar product/services, or they are targeting the same potential prospects like you.
- Secondary Competitors: These secondary competitors basically offer a high or low-end version of your product. In a nutshell, sell something similar to a completely different audience base.
- Tertiary Competitors: Tertiary competitors really come in handy when you’re making plans of expanding product catalog since these businesses are tangentially related to yours.
For Instance: If you’re a jewelry dealer, a tertiary competitor, maybe someone who sell stones and gems.
Note down the detail of competitors, including the following elements:
- Location
- Name of store
- Product Offering
- Category of the competition.
- Strengths and weaknesses of business.
Examine Your Competitor’s Website
Once you’re done with the process of identifying your competitors, analyze your website.
To Get Started
How on the website they display products and how they communicate word-of-mouth about their product.
- Check how their product descriptions are detailed. What information is missing and what they include?
- Do they send newsletters on emails?
- Check whether, on the website, their social media icons positioned?
- Do they have calls to action button on the website? Did they pay heed to navigation element and color schemes?
- How regular they are when it comes to posting content on the website?
- Is their website responsive and adequately optimized for mobile?
- Do they offer 24/7 customer support?
- How many days do they take to respond to live chat, emails and contact forms?
- How regularly are they posting the promotional content?
Also, use Ahrefs tool to exactly know how much amount or organic traffic your competitor is receiving. It will help you learn about the opportunities to optimize your website for keywords you’re not targeting.
Check Out The Reviews
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Look for the reviews of your competitors as it tells you a lot about the brand. Invest your time in looking for the plus and negative points of the competitors.
Do a comprehensive analysis and look for the product as well as go through the social media comment section. This analysis process is called a temperature check as it will let you know how healthy and client-centric your business is.
If you find out tons of positive reviews on the same product that means people like what your competitor is offering.
Review Their Social Media Account
When millennials are always glued on their phone and are scrolling 24/7 mindlessly, then your business must capitalize on the opportunity to outshine competitors. If you look at the competitor’s social media account, you will come to know about the crux of their services/products.
You can assume like this- If they have lots of followers and are actively engaged, then it is a sign they are pretty good at marketing.
Look For:
Which social media channels they are most reliant on?
- How do they speak with their client base on social media?
- How they interact with their following?
- How frequently they post something on social media?
- How much engagement or followers they acquire on a day to day basis?
If your competitor is playing the game really well, then that means you have to up your game to match their level. If you lack the hands-on expertise, then it is always better to count on the professional SEO services.
Conclusion
If your competitor doesn’t have a decent customer base, it indicates you hold a chance to outshine yourself in the industry. All in all, it will signify to you that there is a room of improvement for your business.
Moreover, recurrently performing a competitive analysis doesn’t mean you need to spy day and night on them and watch them like a hawk.
Your goal is to stay one step ahead. This competitor analysis serves as a primary factor when you create strategies to dominate the market. Now, you’re only one step away from growing your business. Avail MagicByte Solutions’ SEO services to identify your target market and promote your business to potential prospects.
MagicByte Solutions work-round the clock to get the client’s brand recognized on a global front. We channelize the digital efforts of brands to boost relevant traffic and to increase the visibility of the business on top search engines like Google and Bing. Our spectrum of digital marketing services helps the company to reach the right hands and new heights.