What is a Competitive Analysis? What is the importance of competitive analysis? and, How to do a Competitive Analysis? These are the questions that come to everyone’s mind these days. So, let’s learn everything about the competitor analysis.
You have often wondered why those companies offering the same product and services as yours are ranking above then your website in search engines or earning a better profit than your company. Surely those websites which according to you are a leader in your field has followed some strategies which you have missed to include. You can find those strategies of your competitors with the very effective competitive analysis technique. Competitor analysis is all about analyzing the strength and weakness of your successful competitor so that you can introduce some successful strategies to your own site for its success.
Many successful internet players highly stick to competitive analysis techniques for growing. When right techniques of your competitors are evaluated and implemented on your home website this acts as a game changer for your website’s online success. This is the reason why it is a common practice these days but before knowing that How to do a competitive analysis? it is important to understand what it is all about.
What is a Competitive Analysis?
In simple terms, competitive analysis is a process of conducting necessary research about your rivalry firms online and finding the reason for their success on search engines and among your customers. This specializes in collection and analysis of information of website in your competition and monitoring them on daily basis to anticipate them for the betterment of your website. Competitor analysis is fruitful because it helps you plan and stay ahead of your competitor in the online world.
Competitor analysis can help you identify reasons because of which you are behind your competitor so that you can bring in necessary changes in your website to target to reach on top search engine rankings for the dedicated keywords. This helps you acquire information about the strength of your competitor on the basis of which you can make a good strategy for online promotion.
Importance of Competitive Analysis
Competitive analysis is vital for a website’s online existence because it helps you find out those effective strategies which your competitors are including for success and growth. It is basically about conducting necessary research about the reason of your competitor’s success applying which you can ensure to meet with competitors website or can perform even better than them in the search.
Competitive analysis is research study which can help you get ways with which you can learn about industry trends and necessary innovation which you should bring into your site for its online success in search engines and among its online users. If the information gathered with competitor analysis is used wisely with proper elements it can bring professional excellence to your own website.
Now, let’s find out how to do a competitive analysis.
How to do a Competitive Analysis?
Competitive analysis can help you find what your competitors are doing to remain ahead of prevailing competition. This is a research and analysis technique which can provide you a way to identify how competitors are thinking, what tactics they are using, their sources, their strategies and much more. When you conduct this analysis you can learn about necessary changes you need to bring to your website for its success. Here are the ways that can help you know, How to do a competitive analysis:
Know Your Competitors
The first steps of competitive analysis are finding who actually your competitors are. There are huge numbers of websites online but identifying who actually is your competitor is important. You can classify your competitors on several bases and this can be local, globally and internationally. The main competitors are the once who are offering similar types of products and services as yours and are stealing your targeted customers online. Categorize them and once you are done classify them in terms primary which are your main competitors and the secondary ones. You can then make lists for the competitors on the precedence of their ranking as well.
Explore Their Website
Now it is time to explore the complete website of your competitors, first the primary competitor’s website and then secondary. In this, you need to carefully look for everything on the website. Analyze what products they are selling and how they are selling it. There themes, design, templates, site structure, navigation, descriptions, positioning and everything else which makes look their website eye suiting. Analyze why users love using their website because you yourself are an online user for your competitor’s website at that time.
Visiting a site is not enough you may also check that how much time they taking to respond to your messages on live chats and emails. Also, ensure that whether their website is mobile friendly or not and how they have included social media integration icons. When you carefully analyze each competitor site one after the other you will be able to realize what your own website is missing.
Identify Their Content and Seo Strategies
When you are done analyzing their site you can dig it a bit deeper and find out what content they have included. This does not mean its visibility but actually its matter. You must carefully analyze the content on the website and in other places and must also analyze the keyword they have targeted for. Be sure that in what time period they are changing content on their website. With this, you may also find that what type of content they have included on other sources like on blogs, forums, articles and press release.
These SEO strategies can help you identify what is actually helpful for online search engine rankings. It is also necessary to identify the SEO structure of a website. This may include various elements like the page title, Alt tags, Meta description tags, on page SEO, internal links and much more. Here you can also find that whether they are targeting with short keywords or long tail keywords for rankings.
Identify Their Market Promotional Techniques
You need to be very sure that how they are promoting about their product and services among their customers and what is the reason that their users are so interested in buying their products. Identify all the aspects of the price of the products, the services they are providing, how the experience of users are different. With this, you can also find the banner ads and ad campaigns they are running on emails platforms and other search engine platform so that you can launch your own ad campaign as well. You can also find keywords for such ad campaigns and their click-through rate through necessary tools. In short, this is all about promotional strategies that your competitors are using to penetrate in the mind of customers of your respective field.
Review Social Presence
The best way to identify the image of any company among its customer is referring social media sites. There are plenty of social media platforms like facebook, twitter, and LinkedIn where people generally upload their feedbacks and reviews about the company or their products and services. It is important to identify that which social media site they are integrated with. One can also identify that how the company is promoting on social media platforms. Check their profile and know about their customers because this can be desirable customers for your company as well. Make sure that how effectively they have managed the profiles and how they are optimizing it for better social media existence. Carefully study their posts on social media platforms and know about their social media promotion strategies.
You may also add their pages to your lists for a recent update about every new post and can follow them so that you can check how frequently they are updating on social media pages.
Identify Areas of Improvements
The main and the most important aspect of competitor analysis is an improvement. Once you are done with various steps of competitive analysis you have plenty of data to identify why actually your competitors are successful and what they are doing to stay ahead of you. More than conducting a fruitful research, it is important to identify that what all can actually work for your own website. Identify wisely the key areas for improvement and build strategies to slowly bring those changes in your own website. Once you start to introduce these changes on your website, you will slowly start to see success knocking at your door-steps.
Whether it is content creation, ad campaign, search engine optimization or social media engagement you can get a lot of help from this research. Learn to find mistakes and flaws that your website has and learn to solve them one after the other so that you can compete your competitor soon. When right techniques are involved one day you can also reach ahead of your competitors.
Tools to Analyze Competitor’s Website
Analysis of competitor website is a great way to find why your competitors are ranking well on search engines. When you analyze the reason behind the ranking success of your competitor you will be able to identify where your website is lacking and this, open space for bringing in necessary innovation and changes to your website with which you can also ensure better customers and better search engine rankings for your website but how to do a competitive analysis? It is easy with online competitive analysis tools. There are several tools which can help you conduct meaningful research on your competitor website and some of them are:
This is a competitor analysis tool that helps you get an overview of effective marketing strategies used by a competitor website to gain rank in search engines. This uses various variables like percent of traffic from sources, referring website, the keyword used etc.
This is the oldest tool with which one can identify external links to a website and website top referring sites. It can also help you identify those keywords with which competitor are gaining paid search traffic.
This tool helps you know everything about the audience which includes their age, areas, interest, type, widgets, length and frequency of time spent on the website and much more. It can help you identify what branding changes can help you achieve goals.
This competitive analysis tool helps you identify the main competitors of your website and their effective search engine marketing strategies. With this, you can find keywords, competitors, backlinks and much more.
This is a tool used to analyze SEO and social campaigns. It helps to monitor backlinks, keyword ranking and offers tools for finding the search engine rankings for competitor’s keywords.
Ahref is a tool that gathers all data to provide necessary information including which one can gain right rank. It helps you identify patterns and backlinks of your competitor’s website.
Mix rank can provide you useful information about any website like its registered directories and other backlinks, its traffic sources, technology the business is using, marketing channels and much more.
It is analysis tools that can help you monitor detailed information about paid search campaign of competitor website and their digital advertising strategies. It provides data from top 90 advertising networks that include some of the famous sites like Bing, Google Ad words, site scout and much more.
It samples important information about competitor business. It can also help you find how they are earning a profit and generating clients on online channels. It uses a technology with which you can identify the potential leads as well.
Spy fu is a great tool that helps you identify all those keywords with which your competitor website is gaining rank. This is especially useful when you want to start an ad campaign for your website.
Competitive analysis is a continuous process which can provide you areas, where you can grow to bring success to your own website but remember only analysis and research about your competitors and analyze their strategies, is not sufficient you must know that how to implement those techniques to your own site to bring in both search engine rankings and increase user rates to your website.
After reading this post if you still don’t understand what is competitor analysis and how to do a competitive analysis, then you comment below. I will try to explain more.