Every kind of business either new or established has to operate within a competitive environment. It actually pays to be familiar with your competitor’s online marketing activities.
Applying competitor analysis, you can protect the future of your business. For example, a deer always has to constantly be on a look out for pack of tigers, similarly you need to keep track of your competitor’s marketing strategies, so they don’t eat up your position in the industry.
A dynamic competition analysis can kill two birds with one stone.
- Helps understand rival tactics
- Opens a window from which you get to see your own weaknesses
Knowing your current position is very important, so perform a competitive analysis.
4 Ways to Evaluate your Competition
It is extremely important to know everything you can about your 5 closest competitors. Competitor analysis does not mean copying of rival’s business it is all about understanding their marketing strategies. You need to know –
- Range of products they offer
- How they price?
- How they pack?
- How they write?
- Marketing copy style they use
Taking sneak peek for competitive analysis needs undercover work like using BrightEdge tracking tools. Tools help –
- To dig opponent’s keywords prioritization patterns for comparison
- To perform an in-depth assessment through breakdown of competitors rankings
- To monitor opponents online presence and reputation on search engines
Business owners must also remember that local SEO is necessary because search engines exhibit local listings to enhance relevancy and provide better user experience. You can gain more information about how the local SEO helps your business to stay ahead in this fluctuating search landscape by visiting www.brightedge.com
Opponent’s Website Analysis
Analyzing opponent’s websites allow you to identify what can work on your website and features or outlay to avoid.
Well-crafted website can make a huge difference. It helps to secure new opportunities or lose potential consumers to your competitions. Business success depends on enormous amount of errors and trials.
Learn from their errors and plan your own strategy, wherein you can avoid competitor’s pitfalls. Thus you save time in correcting mistakes. In addition, you can also know what strategy works for them.
Checklist for Competitive Analysis
- Visit their website – Focus on good and bad features to make a list
- How good is their acquisition strategy – Categorize and evaluate their traffic sources including organic, referral, direct and others. It gives an idea of what works and what doesn’t
- What is broken down and fixable? – Check for landing pages with low-performance, bounce rates, etc.
- Is their content marketing successful? – Perform an in-depth study of their content strategy. Find out what is drawing social shares and what is lying unused under the bottom
- What is their marketing budget? – You can guess from their paid campaigns by comparing it with your advertising campaign can shed a light on your rivals budget
- Unknown variable working towards or against? – Look for areas your competitors are exploiting. It can be untapped audience section or service gap or anything that is encouraging your opponent’s industry foothold.
Significance of Monitoring
Gauging peers performance is crucial along with analyzing your personal marketing campaigns. Without applying SEO techniques it is difficult to survive heavy competition and to learn more check this out.