Analyzing Your Competition Can Improve Your Business Marketing
Article written by Strand Media
Information you collect about your competitors is referred to as A Competitor Analysis. Researching your competitors is critical to your success as a business. Providing you with information on trends while allowing you to adapt your strategy. It can be difficult to create a competitor analysis. We’ve done our best to try and break down the process for you.
Follow These Steps To Create A Competitor Analysis
Gain an edge over your competition. Understand who your competition is and how you stack up against them.
Still not sure what a competitor analysis is or why you need one? Start with our other blog post: What Is A Competitive Analysis & Why Do You Need One?
List Your Competition & Put Them In Categories
Who are your competitors? Does your competition include the shop across the street? Have you done a google search for your services and products? Is there competition you haven’t heard of? but their holding the top-ranking spots on search engines.
After determining who your competition is, categorize them into different groups. Are these current competitors? Are they direct or indirect competition? It’s also smart to list aspirational competitors. Household brand names that you wish you were competing with (the Walmart’s, Home Hardware’s, Apple’s, etc.).
Know Who Your Competitor’s Target Audience Is
Who are the customers your competition tends to attract? Get a good idea by visiting competitor social media pages, websites and blogs. Viewing competitor content will gives insight into type of customers they appeal to. Are their marketing materials gender specific? Are they targeting budget or high-income customers? Their messaging and content may be situational. Are they targeting multiple buyer personas? This helps you determine if a competitor is in direct or indirect competition with you. A Buyer Persona can help you develop your marketing strategy based on your ideal customer(s).
Compare & Analyze Competitor Websites
Websites need excellent technical performance. Designing to convert visitors into customers is also important. Testing technical performance of competitor sites gives you valuable insight. Learn what improvements you need to make to your company website. Test site speed, cross-platform responsiveness, broken links, site analytics and contact details. Mobile devices account for over 50% of web browsing. Websites need to be responsive to screen sizes and load fast. These are all elements that impact how well your website ranks with search engines. Hire a website design company
Compare & Analyze Organic Search Results
You need prospective and existing clients to find you easily. SEO services are key to your online marketing strategy. Simple online searches have become the standard of operating a business. Your business website is invisible to a majority prospects. Potential customers searching for your services or products and not finding you. Test several elements that contribute to indexing in search engines. Keywords, trends, keyword rankings, sitemap, indexed pages, backlinks and organic search traffic. Having a website isn’t enough, search engine optimization will help the right people find you.
Compare & Analyze Your Local Competitions Search Results
How visible are you verse your competitors within local search? Are they on directories like Google My Business and Yelp? Are you? How do your online reviews compare to your competition? The amount of search queries for local businesses continues to rise year after year. A business not ranking on search engines is losing a significant amount of business. Online reviews are equally important. Users searching for your services read reviews. Negative reviews tend to repel people from using your services. While positive reviews will send customers to you. Local SEO is even more important if you’re a local business or service a specific area.
Compare & Analyze Paid Search Campaigns
What level of activity are your competitors engaged in with paid search campaigns? Paid Search, or Pay Per Click, advertising significantly increases an online business presence. Paid advertising can be highly targeted and relevant to viewers searches. It’s not only search, a variety of networks can display your ads. Investigate and analyze the paid search strategies your competitors engage in. Now you can decide how aggressive you need to be with your own advertising campaigns.
Compare & Analyze Competitor Social Media Pages
Analyze the level of social engagement from your competition. How frequent are their posts and how often is your competitors’ content is being shared? Visibility and activity on social media are now critical to running a business. Lack of engagement with your target audience can have negative affects. You may appear invisible to the masses or receive negative feed back due to lack of responding. If you lack the time it takes consider hiring an in-house social media manager or contact an agency.
Identify Competitive Advantages
Information you learn during your competitor analysis can help you make several decisions. What kind of technical improvements do you need to make to your website? Are your competitors creating quality content on a regular basis? Are they using social media to syndicate that content and engage with their audience? Can you create better content and speak to your ideal customer in a more engaging way? Is there an untapped target audience your competitors are neglecting? Can you capitalize on that audience? Are there reputable online directories your competition isn’t taking advantage of?
After analyzing your competition, break down the information. How can you gain an advantage over your competitors? Can you afford to not create a competitor analysis?
Create A Competitor Analysis & Make Necessary Changes To Your Digital Marketing Plan
It’s not going to happen overnight. It will be a process, but by the end of your competitive analysis you should be able to answer just one questions. “Why should a potential customer choose you over your competition?”. You don’t need to watch your competition like a hawk. Yet, performing regular competitor analysis will give your business the advantage it needs.
Have Strand Media Create A Competitor Analysis For You
You have a business to run and concentrate on. We can’t all be experts and most of us don’t have the time to be experts in everything. Sometimes we don’t know where to start or what tools to use. Strand Media can create a competitor analysis for you. Contact us to test and analyze your Competition. We’ll look at their websites, SEO and Local Search. Paid Search Campaigns and social media activity will also get analyzed. Alongside our report, our recommended solutions will allow you to outrank the competition.
November 29, 2019