Are You Considering Wrong Competitors?
What do you think of this Title? Is it hitting you? If so, you should seriously think about it or rather you can read this blog and have a plan. So, what have you decided?
I tried not to make this blog so long and strictly stick to the point. So, starting with this….
How to do competitor analysis?
1. Choose your Top Competitors — This is the most important and crucial step, and if you’ll win here then your strategy will work. As I’ve seen many people fail to understand their proper competitors, the simple thing you’ve to do is and obviously I follow that is just have your Main Keyword in Google Search hit Search & your 50% work is done your all competitors will be there In Front you. When it comes to me, I choose TOP 10 excluding ads, but I save ads for later use. Now you’ve your competitor’s name and URL Analyze it properly from URL structure to keywords, From page content to backlinks.
- Pro Tip — If you’ll do proper analysis for every keyword, you’ll be having different competitors for the same. For example, let’s say you’re focusing on 5 keywords and as per above discussion will be taking Top 10 results for each keyword, so you’ll be having 50 different competitors for 5 different keywords. Isn’t it amazing and exciting to have so much of data, Now take full advantage of data and improve wherever you’re lacking!
2. Track Your Competitors Properly — I know this can be tricky but these are the matrices which I’d consider for starting and once you know them you can make the necessary changes.
- Company Background — Revenue and customers, Geo-targeting, Reputation, Online/Market Presence.
- Digital Marketing Background — Website Traffic, Top Pages, Search Rankings & Keywords, Backlinks, Social Media Presence/ Engagement, Paid Activities, Content Performance, and if you could find out then their Audience Interest, Age & Gender will be addon.
3. Know Them Completely — Strength & Weakness — Now you know your competitor completely the 2nd thing I’ve mentioned is bit hard but The one thing I can tell you for this is you’ve to be HONEST with yourselves, it may related to Strengths (Website’s look & feel, Traffic, Rankings) or Weakness (Having small or not team, low cash flow, weak online presence, confusing user interface, no quality content). Accept everything — work on weakness and embrace the strength.
- Do Ask These Questions to Yourself to Know Your Competitors
1. Are they doing anything you aren’t? Fill in the gaps
2. Are they publishing more posts per week than you?
3. Are they targeting audiences that you’re missing?
4. Are they copying you or inspiring you?
5. How are your competitors talking to consumers?
4. Identify Your Opportunities — Now this is the point we all are waiting for; you know when you were making the above points you were preparing for this question. Now considering the strengths & weaknesses you’ll be preparing for yourselves. For example, the strength of the competitor is The Best-Looking Website as everything’s in place and proper as per user’s perspective because you’re seeing the website as a user & you liked it. So, what are you going to do about it? You’ll analyze your website properly and will make the necessary changes. Now the weakness, the weakness of your competitor is No Quality Content. If you could utilize it properly it would be your strength and can make you stand in a crowd. So, what are you going to do about it? You’ll create the original quality content and add it to your website. That’s how you can use the strength and weakness of your competitor and that’s what we call an Opportunity.
Source — Google
I guess the above image is clearing everything. Now you’ve to decide on which side you’re on and how you can keep improving yourself.
Never Forget These Things -
- Look at them as a customer
- Look at them from their point of view
- Learn from them
And at the end — How a good competitor analysis will help you…
- It’ll Help your team build better marketing campaigns
- Can help with Identifying opportunities in the market that are currently under-served
- Can help you to take advantages of your competitors’ weaknesses to grow market share
- Can certainly allow you to make informed decisions about your strategy and ensure you can create sustainable competitive advantages
- Can help you to plan for future investments
- Can help you to set the benchmarks to measure your growth against
I hope I’ve added some information, if I’m missing anything or you’ve some other points to mention please mention in the comment section below. Because together we’re Learning & Growing.
Thank you for reading :-)
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