Competition is good for any business. Well, with most of the fields today facing stiff competition at every step you might think how can competition help you grow in business?
But cut-throat competition brings out the best in an entrepreneur and who knows it can also lead to new and innovative creations, productions and of course marketing strategies.
And when it comes to marketing online, you really have to be on your toes to ensure that you stay ahead and maintain that lead.
Apart from having your own digital marketing strategy which for sure you have designed in accordance with your plan to project your business/product in the market, you also need to keep an eye on the strategies that are helping your competitors succeed and even do better.
And that is why; whenever a business receives a major jolt or its growth rate is stagnant and not improving, it is the time that you carry out competition analysis. According to
According to small business SEO services, to analyse your competitors online, you not only need a good strategy but also help from certain SEO tools.
These tools reveal exactly what is going wrong with your marketing plan and what is clicking for your competitors.
Here we will first discuss the strategy for a successful competition analysis and then check out the tools online that can be used to pinpoint the things that are working for your competitors.
Why Do You Need Competition Analysis?
If you want to be completely sure that a competition analysis is one of the best things for improving your business, check out the reasons why:
- During the analysis you compare the tactics, topics, and channels that are playing a major role in the overall market performance for your competitor and also for you.
- It also helps you to uncover plenty of options to outclass/outperform your competitors and stand out among the rest.
- You can create a benchmark in your field against all the industry leaders, competitors and market influencers.
The main intention of competitive analysis is to validate the marketing strategy you are planning and come up with the right framework. So, what are the things that are important for competitive analysis?
- Choosing The Key Metrics
For a marketer, it is quintessential to recognize the exact marketing KPIs as well as metrics for tracking down the performance of his company.
And for this, he must take into account certain key metrics. These include:
Growth In Audience
Professional SEO services always believe that social media network is one of the vital factors contributing to your audience growth. Hence, the first thing you must do is to track down the growth of followers on social media channels.
When you track down the growth of followers on your social media platform you will have an idea whether the digital audience for your brand has increased or decreased.
Also, simultaneously you should try to track down the growth rate in the audience for your competitor and if he is ahead of you, find out what is working the most for him and is increasing his brand awareness.
Distribution Of Content
Next is to find out how many times your competitors are posting their content. Are they doing it regularly or less frequently as compared to you?
You will need to decide the distribution strategy for your brand by finding out how the competitor is gaining an advantage and optimizing the impact by timing his content distribution correctly. Accordingly, you can also plan your content calendar.
But again, planning after viewing the competitors’ ways does not mean you need to copy his content distribution strategy.
For example, if the focus time for tweeting of your competitor is lunchtime when generally most of the Twitter users are online and active, avoid posting your tweets at the same time.
It is certainly the peak period, but it is quite possible with so much competition, your message might get neglected. So what to do? SEO Services believe in posting tweets during the time when the competition is low, but there is some activity from the users in your particular industry at that time.
Find this particular time and then focus your content calendar around this schedule.
Tracking engagement is a very important part of competitive analysis. When you track content engagement it reveals lots of details related to your content.
For example, through content engagement tracking, you can find out which content is really liked by the audience depending upon the number of shares or interactions a particular content has got.
When you have the tracking report for both content engagement and content distribution, it becomes easier for you to come up with an effective content strategy against your competitors.
Checking Share Of Interactions (SOI)
The SOI graph reveals the marketing performance of your company on a particular channel, how it changes and how interactions are improving for your competitors.
With the help of SOI graphs, you can carry out outright comparisons between different competitors in your industry.
You can dig out more insights by comparing SOI for content on particular topics.
- Finding Key Channels
Although you will find most of the brands or products from the same industry, having many similarities, there are certain differentiating factors too.
While carrying out competitive analysis you need to identify the key channels that can work in the favor of your brand.
But while doing so also find out the channels that are working for your competitors as well. Always keep a tab on the overall marketing performance of your brand across the newly emerging channels as well as the core ones. Some such marketing channels include:
- Earned media
- Comparing With The Right Competitors?
When you are carrying out competitive analysis, use the comparison as the benchmark for tracking your performance. Make sure that you always compare your brand with the industry influencers, aspirational brands, and leading competitors.
Now you know what exactly you should check and track down to carry out a successful competitor analysis. Let us discuss the tools that help you in executing this competitive analysis and ways to make a successful move.
A pay-per-click channel is used when you want your traffic to improve. Nowadays, top SEO services are finding it useful even for the beginners to increase leads and revenue. But how does SpyFu helps in the competitive analysis?
SpyFu is primarily competitor analysis software that allows you to research as well as download the most profitable keywords for your competitors. And if you really can get hands to such keywords it is one of the biggest successes when it comes to online SEO strategy.
Why? For this, you better understand the importance of keywords in the success of any online marketing strategy. Sitewit data says that the first three ads receive around 41% clicks. Also, approximately, every business earns double to what they have invested in AdWords.
But to gain success through AdWords and optimize the return on the invested money and time, you need to use the right keywords.
In the SEO world, keywords are considered the major factor that decides the failure or success of any PPC ad campaign and even all the other types of online promotional campaigns. So how SpyFu does helps you here?
Well, if despite running the AdWords PPC online and investing as much amount as your competitors in it, if your competitors are making more money, then, it is quite possible that the keywords you are using are not profitable.
In that case, SpyFu will reveal to you the paid keywords targeted by your competitors as well as a list of organic search keywords that will help to improve your overall performance.
Generating traffic to your site or blog is the most important thing for you. And if you are not doing it, you are failing somewhere despite the fact that your services or products are of top class. If you do not get the right kind of traffic, there is no chance you can succeed.
According to Matt Lloyd, your number one focus should always be the right type of traffic if you are interested in capturing a bigger slice of market share. Even the HubSpot data show that blogs provide around 67% more leads for the B2B marketers than those who do not do blogging.
Hence, if you are looking for positive ROI, you must tap down the blogging factor as it is one of the most powerful traffic and sales generator. But blogging works only if you come up with a high-quality content that offers detailed and relevant information.
Only then, it is possible for you to attract the target audience, especially the social media fans and search users looking out for your kind of product/services. And once again, here you can find out what exactly your competitors are doing to attract users through blogging.
And to know the details, try using QuickSprout which is a competitor analysis tool that helps you learn everything about the sites of your competitors. It also gives you suggestions regarding what you can do to outrank your competitors.
You can also use this competitive analysis tool to find out the SEO score, social networking score, ETS or estimated traffic score, and bill score of your competitors.
Even if you have detailed data with you about the competitors, it may be difficult at times to turn it into actionable insights. And even harder is to use it to plan as well as improve your current strategy.
To succeed online, you need the strategy documented with salient features that form the core focus. The best SEO service company always uses spying tools to spy on the competitors and then develop a strategy accordingly after getting access to the vital data.
One such tool you can use is SEMrush. It is highly versatile and assists you in conducting competitive research across the web on any given domain. You can use the data made available by this research through SEMrush for optimization of your campaign.
With the help of SEMrush you can carry out:
- Competitor Research
- Backlink Analysis
- Site Audit
- Keyword Research
This tool reveals the SERPs or the search engine result pages as well as the keywords along with their real-time update. Using the real-time keyword update and the competitive insights from SEMrush research, you can easily produce content that will entice the readers.
Reports indicate that B2C and B2B marketers have achieved incredible results by taking help of SEMrush as the plan based on this research enables you to reach the target market.
If you want to find out the number of unique visitors hitting the site of your competitors every month, then Similar Web is the best analysis tool for you.
It is one of the best competitive analysis software that primarily digs deeper into the competitors’ site, platform or app and comes up with the needed information.
Most of the top brands use it as it is highly versatile and is known to come up with more accurate results about any website.
Using Similar Web is easy. All you have to do is choose whether you want the data for mobile app or website and input the URL of the competitor and click on the ‘search’ button to get the results.
Once you have the details you can make the comparison between the traffic statistics of two or three competitors by just clicking on the ‘add competitors’ button.
Always remember that when you monitor the market share of your competitors, you also should check their traffic sources.
Try to find out which medium is giving them the maximum traffic? Are they getting it more from the social media and if yes, which particular media? Is it Facebook or Twitter?
Just go through these details and accordingly target your SEO strategy more in these areas. But while improving your strategy against competitors also keep in mind that you should always try out other areas that have low competition.
For example, if they dominate the organic search results, you can improve your performance on the social media channels by coming up with better content.
In this way, you can expect to build more influence online, get more traffic through referrals and also use them to improve your ranking on the index.
Also, try to find out the top 10 sites you are competing with through Similar Web as apart from the traffic sources, it is also very much essential that you find out the websites in competition against you.
Getting detailed knowledge about your competitive landscape should be the top priority.
Using all such information you can create an online media presence that is a unique mix of organic keywords, ads, and social networks.
SimilarWeb.com offers most of the features free. But the paid upgrade version gains you access to multiple competitive intelligent tools.
New visitors keep your website’s ranking at the top. And to attract new customers, you need to add fresh content every day. The Right mix Marketing study says that around 80% blog visits are from new users.
Moreover, sites that publish the blogs daily give you five times more visits than those that publish it inconsistently or erratically. But to attract regular visitors your content must be fresh and valuable.
If despite publishing blogs regularly, your site fails to get the expected results, then you must find out the type of content your competitors are publishing to attract the users. It surely must be useful and practical, but what else are they adding?
SEO consulting services use Alexa, an Amazon company to find the right balance between strategic insight, competitive intelligence and traffic metrics. Alexa provides deep analytical inputs for comparing with your competitors and building a business based on it.
This competitive analysis helps you to track down whether you are speaking the lingo audience understands and want to read. Speaking the same language as the audience understands is highly imperative to become successful.
With Alexa, all the digital marketers, publishers, site owners, and content strategists can derive in-depth insights that can be used to optimize the site for the users.
Its results help you to understand the overall competitive landscape, accurate site metrics that include monthly page views and unique visits, bounce rate, time on site and more.
With the help of Alexa, a content strategist can create great content as it offers in-depth research, content creation management, and distribution as well as idea generation features.
After understanding the importance of competitive analysis and what exactly you want to do for conducting it, all you need to do is use the appropriate tools for deriving the data required.
By using the in-depth details revealed by these free tools you can easily come out with a marketing strategy that will improve your online visibility, social media presence and bring more traffic to your website.
SEO marketing services always keep on checking their competitors’ strategies to ensure that whatever they are doing is updated and helpful to keep their site ahead in the competition. So stay ahead and succeed by performing competitive analysis using professional SEO tactics and tools.