Years ago, it was nearly impossible to know competitors’ strategies without an insider, but today it is a very different story, all thanks to digital competitive analysis tools.
With competitor analysis tools, you can learn anything or everything about competitors’ strategies from keywords and the way they build links, the different types of pages that are ranking, and how good those pages are, and learn positively from it to improve and also make a better-optimized page.
When was the last time you ran a competitive analysis for your brand? And most importantly, do you know how to do one efficiently?
Competitive analysis is the process of collecting and reviewing information about your competitive landscape, such as industry statistics, business data, competitors’ performance, and details about competitive products and services.
The competitors that have a large market share aren’t likely to give up a piece of the pie without a fight. So anyone who wants to increase their market share and drive website traffic better come prepared with knowledge of competitors’ strengths and weaknesses.
Before launching a product in a new market, you need to understand the competitive landscape. Here’s a guide on how to carry out competitors analysis;
- Determine who your competitors are.
- Determine what products or services your competitors offer.
- Research your competitors’ sales tactics and results.
- Take a look at your competitors’ pricing, as well as any perks they offer.
- Ensure you’re meeting competitive shipping costs.
- Analyze how your competitors market their products.
- Take note of your competition’s content strategy.
- Learn what technology stack your competitors use.
- Analyze the level of engagement on your competitors’ content.
- Observe how they promote marketing content.
- Look at their social media presence, strategies, and go-to platforms.
- Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats.
- Identify your target keywords.
- Identify your competitors (business and search competitors).
- Throw them into an SEO tool, e.g. SEmrush, similar web, to know their ranking, also the general shape, product capabilities, etc.
- Analyze their content to see their target keywords, variation keywords, categorized pages, and more to make a better-optimized page.
In conclusion, look at the links that are pointing to your competitors’ sites. It gives your insight into the link strategy they are using, which you can adopt for yourself. Also, check their referring keywords.
Was this helpful? What aspects of competitors’ analysis have you begun? We would love to hear from you in the comments section.