What is a Competitor Analysis?
Addressing the need of customers is at the core of marketing, however, this by itself isn’t sufficient to ensure success – the accurate analysis begins when you are capable of fulfilling your customers’ needs better than your competitors.
Your competitors – the ones you stress over, in any case – have effective businesses. They have happy customers who like what they do, other businesses admire them, and they’re presumably profiting.
They’ve achieved every one of the things you need while serving a similar market to yours. And they are the ideal mentor if you consider it if you feel it that way. As they cannot guide you under their wing about the marketing process, there is a better option: Competitor Analysis.
An inside and out analysis and research of your competitor are one of the fundamental parts of the far-reaching market investigation. A focused study enables you to evaluate your competitors’ merits and demerits in your commercial center and actualize compelling procedures to enhance your upper hand.
Before conducting competitor analysis, know your competitors. There are two types when it comes to the classification of your opponents.
Direct Competitors: Any business marketing a product that is similar to yours and at the same geographical area is a Direct competitor.
Indirect Competitors: A firm which is marketing similar products and has similar distribution channels but has chosen to operate in different market segments, are your indirect competitors. However, you cannot ignore the indirect competitors here because they can shift to your market segment. For eg; A subway burger and A Dominos Pizza are two different products, but they ultimately serve one need, i.e, hunger.
Now, that you’ve gained knowledge about your competitors, let’s start the big questions:
- Who are the real players serving this market?
- Who are my main three competitors?
- On what premise am I ready to compete?
- What is the scope of products and services they offer?
- Are their products and services aimed at fulfilling similar target markets?
- Are my competitors productive?
- Is it true that they are expanding? Scaling down?
- Generally, how is the market split-up between them?
- For how long have they been doing business?
- What are their positive qualities according to customers?
- What are their negative traits according to customers?
- How do current customers see us contrasted with the competition?
- How might I differentiate my business from my competitors?
- Do they have an upper hand; provided that this is true, what’s going on here?
- Their marketing strategy.
- What is their promotional strategy?
- What are their pricing structures?
- Do they work in the same geographic region?
- Have there been any adjustments in there focused on market sections?
- What is their size? Incomes?
- What is their percentage of market share?
- What is their aggregate sales volume?
- What is their development rate?
- How would they rate on
- Customer service
- Quality of product/service
- Time is taken for operations
- Pricing, incentives
The list seems too long isn’t it? No worries. As every business is creating their online presence to reach their target audience in every meaningful way, you can learn a lot with the help of these competitor analysis tools about their digital marketing strategy as well as your content marketing adjustments.
Rival IQ is a robust marketing intelligence tool that you can use for in-depth competitive analysis. It allows you to enter your company along with your competitors to research website design, social media activity, and search optimization.
Initially, it allows you to create landscapes which include your company and its competitors. To the next, it shows you a landscape page with your competitors. You can type on each one of the competitors to know their marketing strategy.
While conducting competitor analysis, the hardest part is to turn data into actionable insights. While many of the competitor analysis tools provide you with data, SEMrush provides you with a documented strategy with four important elements enlisted:
- Keyword Research
- Competitor Research
- Site Audit
- Backlink Analysis
With all these insights you can create an SEO friendly content that can attract your target audience.
One of the most important parameters that evaluate whether your site is good or not is the no. of visitors that visit your website. Similar Web helps you do that. You can analyze your competitor’s visitors per month and get traffic insights.
Alexa was founded in 1996 by Amazon and has a rich history of providing deep analytical insights to compare and optimize businesses on the web. Specially used for Digital marketers, site owners, publishers, and content strategists, Alexa shows your audience demographics so that you can create captivating content that can turn your casual visitors to loyal readers.
Links have a great impact on improving your site’s search rankings. As a link building tactic, broken link building is effective, scalable, Google-friendly and content-focused. That’s why it’s reliable because Google wants you to create the right content that will earn editorial links.
Through Site Liner, you can check the amount of duplicate content, average page size, average page load time, average page load time, average number of words per page, text to HTML ratio, internal links per page, external links per page, total links, inbound links per page.
Brandwatch is a social media analytics tool that tracks billions of conversations happening online every day, including blogs, news, forums, videos, twitter, reviews, image, Facebook…etc., and allow brands and companies to understand consumer insights, trends, influencers, and brand perception.
Brandwatch uses a web crawler feature to analyze the pages and store data to match against your queries. It creates value for clients through real-time tracking, authentic consumer insights, and influencer identification.
Sprout Social provides a platform for businesses to manage social media engagement, publishing, and analytics. Sprout Social is built on the idea that the world is better when businesses and customers communicate freely. They exist to help streamline and enhance those conversations—with customers, prospects, and enthusiasts. Their platform is packed with handy features but stays out of the way to let brands easily engage with people and build lasting relationships.
Quicksprout is a blog website that provides you with the tips and tricks to make a quick rise in your website traffic. Besides, it has a build in software that can conduct a thorough investigation for any website that is keyed in. Be it the wrong placement of images or an excess of video content, Quicksprout gives you a detailed analysis of all.
BuzzSumo takes care of all that duplicate content and makes sure your site content resonates with the audience. It shows a list of current trends people are searching online, provides insight into the influencers, articles published around that topic, the average number of shares, and the overall total of shares. With BuzzSumo, you can get insights into the last 7 days, last 30 days mentions online so that you can create eye-grabbing content.