Competitor analysis is typically carried out to identify strengths and weaknesses of other market players, define your company’s standing in relation to them, highlight gaps, and estimate your potential and opportunities to fill them.
Competitor analysis has become an important aspect of digital marketing strategy and every business should perform this activity to stay ahead in the competition. There could be several things that your competitor is doing that you might not be doing. By running comprehensive research against your competitors gives you a better idea about what you need to do to take a lead.
Start your competitor research with a specific goal in mind:
- Are you trying to increase your website traffic?
- Differentiate yourself from the competition?
- Improve your search engine ranking?
- Find out where your competitors advertise?
- Improve your social media strategy?
In this article, we will have a look at simple steps on how to get analysis done in less time.
- Evaluate their Website Content: The very first thing you want to do is always check their site articles and also determine the method by which they’ve generated these articles and the way that it really is coordinated. Quality articles along with appropriate company, these two matters are important ranking indicators and you also should receive it directly to the website. By viewing your opponent’s website, you’ll find yourself a clearer idea about what can be the top-performing webpages and the reason why they’re standing at high rankings. Right out of their internet page material into their own site articles, assess every article bit and also determine exactly which will be the parts wherever your blog falls guiding and get started focusing with it.
- Focus on their Branding Strategies: Focus on their brands, Do they have a logo, what’s the logo color, & make a strategy for your brands to grow business more efficiently.
- Find out what tools they’re using: Analyze what website tools or plugins they are using and compare them with your website. Tools like BuzzSumo, that allow you to analyze content, can be a good way to find competitors too. Use a free service like Builtwith to take a look at the tools and plugins your competitors are running on their websites. You will see where the website is hosted, what Email services they use, and maybe you got an idea for your website too.
- Track their Social Media Activity: Track your competitors social media activity, best & easiest way is to follow their pages & see what they publish on Facebook, twitter, LinkedIn, Instagram. From that you will definitely understand your social media plan, & make strategy on that so that you’ll be able to grow your brand in less time and more efficiently. There are many social media tracking tools out there, but don’t waste your money on expensive tools.
- Look at their Pricing Strategy: Go to their website, Analyze what features they are providing and the pricing also. Then, compare with your prices, and make your price that attracts customers with discounts & offers.
- Sign up for their Newsletter: If they have a newsletter, sign up for it so that you can keep tabs on what they’re doing. Try to contact customer care service with a common & group of questions. See what they respond to. You can also make a purchase from your competitor’s website, this will help you to track their process better.
Learn our Digital Marketing Course in Lucknow, and you will be able to do competitor analysis. You’ll also learn website development, SEO, SMO, Google ads & much more.