Competitor Analysis for your Business Growth

Importance of Competitor Analysis for your Business Growth

  1. What is competitor analysis?
  2. Why is competitors Analysis important?
  3. What are the popular Competitor Analysis Methods?
  4. How will competitor analysis assist your business? /a>
  5. Which are the popular competitor analysis tools in the market?
  6. Summary

Mankind has always lived through the competition since the days of evolution. The competition gives a healthy boost for self-improvement and motivates us to be our better selves.

A similar concept applies to your business. “Survival of the fittest” is a well-known saying and it is intertwined with the fact that each one must compete to maintain their position and survive.

In the corporate world, it is more difficult to survive, as there is cutthroat competition at each step you take. Therefore, it becomes vital that you plan well in advance and keep a watch on competitors moves.

So how will you find out what your competitors are up to?

Here is where competitor analysis comes in as a handy tool.

What is Competitor Analysis?

Competitive analysis should be a critical part of a business marketing strategy. The results from such analysis establish facts that make your product/service unique.

Competitor analysis answers some important questions like: 

Who are your competitors and which products/services they sell?

What is their market share?

Competitor’s strengths and weaknesses and the threat they pose for you.

What are their current and past strategies?

Mediums they use for marketing.

Type of SEO strategies they focus on.

How much airtime are they purchasing for advertising?

What steps can you take ahead of them to leverage your product?

Why is competitors Analysis important?

You gain an understanding of competitive advantages and disadvantages related to your niche.

Competitor research helps to figure out competitors’ plans so you may develop strategies to create a future advantage over them.

“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” – Otto Van Bismark

By placing competitors in strategic groups and listing their service, profitability, marketing objectives, growth patterns, income fluctuations you can know which path to take and which to avoid.

The top reasons for competitor research are:

It gives better knowledge of customer’s expectations.

It gives insight into your weaknesses.

Helps improve USPs.

Learn quickly from other’s experiences.

What are the Popular Competitor Analysis Methods?

Competitor Analysis for your Business Growth

Identifying Competitors

A competitive analysis works only when you know your competitors. So initiate industry research and identify leading brands and top players.

Compare Marketing Positioning

With a list of competitors on hand, you can analyze them and conduct a SWOT analysis to compare details related to brands and their customers. You may use a competitive matrix to do this. It is a chart which plots a brand’s qualities including its weaknesses, strengths, feature, etc.

Compare Website Traffic

Analyze competitors’ web presence and compare it to your brand by collecting data showing users’ engagement with their websites.

You can get to know it through:

Unique visitors every month

Pageview Number

Bounce rates

Time spent on site

Pageviews per-users

Engagement rate metrics

Evaluate keywords

Analyze voice share

Compare backlinks

Check SEO effectiveness

Assess keywords

Use a competitor keyword Matrix to check out organic traffic score and paid impressions.

Compare share of voice

It helps compare keyword performance and search authority between competitors. Use keyword analysis to see which competitors get the maximum traffic for top-ranking keywords in your niche.

Evaluate Backlinks

Get an idea of competitor’s online authority by looking at their backlinks. Check both the quantity and quality of backlinks. Check the common linking sites. If they have links from the same site, you may get them too.

Analyze the SEO Effectiveness

Analyze website metrics to show SEO effectiveness by including them in your competitive analysis. By doing so, you can better understand whether your on-page, off-page, and technical SEO are doing good for your business. 

How will competitor analysis assist your business?

Competitor analysis is the best way to put yourself in customers’ place and have a broader view of your market and business. So it helps understand what your competitors are doing better and clears the client’s perspective of you.

There are some advantages you cannot miss out on when you regularly run a competitive analysis. 

Understand customer journey and know the typical customer persona and customer journey. Factors like where this journey starts and steps involved in research and buying the product/service sold.

It keeps you in touch with the market.

Help understand your market from customer's perspectives.

Help identify pain points and opportunities.

Detects threats in advance so you can mitigate them.

Which are the popular competitor analysis tools in the market?

When you keep wondering how your competitors are always a step ahead in gaining leads and clients, then please keep reading. The competitor analysis tools that I will mention here may open a world of new opportunities for you.

They may help improve your SEO rankings to a great extent and improve your organic reach to clients.

To learn more about why a business needs SEO visit: 
9 Best Reasons Why is SEO important for your business

The tools that will help you gain more traffic and leverage over competitors:

Competitor Analysis for your Business Growth

Ubersuggest

Ubersuggest helps in searching top competitor keywords, and backlinks and where they come from, plus the top pages for you. You can strategize using this information.

Spyfu

When your site is in the growing stage, you need to use Pay-per-click. It can be easily used by beginners to ge4nerate leads and increase revenue. For this, you need to focus on the right keywords as they decide the success and failure of a PPC ad campaign.

If you invest an amount into AdWords PPC, like your competitors, but they are making more money, then your keywords are not competitive.

SpyFu helps to research and download the keywords which are most profitable to your competitors. It will list out the paid keywords used by competitors to improve your overall SEO performance.

For a detailed understanding of PPC campaigns and how they work, read our blog on:
All you need to know about PPC campaigning in 2020

SEMrush

SEMrush is a multipurpose tool that helps in competitive research. It works on any domain name and uses that data to optimize marketing campaigns. You are done with Keyword Research, Competitor Research, Site Audit, and Backlink Analysis through SEMrush. It also shows the keywords which are updated in real-time.

Alexa

Alexa provides deep analytical insights to assess and improve businesses on the internet. It is mainly useful for online entrepreneurs namely: Digital marketers, Site owners and publishers, and Content strategists. Use Alexa’s SEO recommendations to create content that is engaging for your target audience.

To discover your audience demographics, input your URL and click the Find button at Alexa.com.

Google Search Operators

It is an advanced audit tool that helps search for what you want effectively. Google Search Operators are symbols or query words that are used to trigger specific actions to give you relevant search results. You may use these queries to set up filters. 

Keyword Competitor

This is an all-inclusive competitive analysis tool that will point out the keyword opportunities missed by your competitors.

On-page SEO works best when the right keywords are used. You may create multimedia content like videos, animated infographics, a podcast from the insights you gain. The Keyword Competitor gives access to both organic and paid search keywords of your competitors. 

Buzzsumo

Now Buzzsumo is a popular social network tracking tool. It helps find the most shared content for any given topic. Just type the keyword into the search bar and click Go.

Summary

To sum it all up, I would like to reconfirm that Competitor Analysis is a tool for discovering new opportunities. All businesses, irrespective of the fact whether they are new or established, small or large scale, should run regular research on their competitors.

This will help them know where they stand and what they are missing out on, which their competitors are doing right to generate business.

Keeping this in mind, use these tools to craft a content writing and marketing strategy. Diversify the type of content you share without sticking to the basic blog/article writing.

Do not forget that growing any business takes time and endless efforts so keep the long-term goals in mind.

There are various reasons for competitive analysis, but if you wish to build a profitable organic traffic pipeline that generates regular traffic, brand visibility, and revenue, then you must use the above-mentioned analysis tools.