COMPETITOR ANALYSIS:
A competitor analysis, also referred to as a competitive analysis, is the process of identifying competitors in your industry and researching their different marketing strategies. You can use this information as a point of comparison to identify your company’s strengths and weaknesses relative to each competitor.
You can do a competitor analysis at a high level, or you can dive into one specific aspects of your competitors business. This article will focus on how to conduct a general competitive analysis, but you’ll want to tailor this process to match the needs and goals of your business.
Competitor analysis, also known as competitive analysis or competition analysis, is the process of examining similar brands in your industry to gain insight into their offerings,branding,sales, and marketing approaches.
It’s a strategic and systematic approach that helps businesses understand their rivals and identify their strengths and weaknesses. Let’s dive deeper into what competitor analysis entails:
- Understanding Your Competitors:
- Before conducting a competitor analysis, it’s essential to know who your target customers are. This understanding will guide your analysis.
- Identify both your organic and paid search competitors. These are the brands that compete with you for visibility in search engine results.
- Classify your competitors as direct (offering similar products/services), indirect (targeting the same audience but with different offerings), or replacement (serving the same purpose but not directly competing).
- Analyzing Competitor Strategies:
- Content Strategies: Evaluate your competitors’ content marketing efforts. What type of content do they produce? How often do they publish? What topics do they cover?
- Backlink Profiles: Investigate their backlinks. High-quality backlinks can boost search engine rankings.
- Technical SEO: Assess their website’s technical aspects, such as site speed, mobile-friendliness, and structured data.
- Paid Media Strategies: Look into their paid advertising campaigns, including keywords, ad copy, and landing pages.
- Benchmarking and Strategic Positioning:
- Use the insights gained from competitor analysis as a benchmark. Understand the tactics your competitors employ.
- Pinpoint your own strengths and weaknesses relative to each competitor.
- Armed with this knowledge, strategically position your business for success in the competitive landscape.
WHY IS A COMPETITIVE ANALYSIS IMPORTANT:
- Strategic business decisions
- Fortifying defenses
- Unearth golden opportunities
WRAPPING UP:
Competitor analysis helps decision makers understand who competitors are and what the market structure is. It allows management to identify its competitors making and selling strategies.
Remember, competitor analysis isn’t limited to large corporations. Any business, regardless of size, can benefit from understanding its competitive environment and making informed decisions based on that knowledge.
