There is always competition available for business in any market. If you think you don’t have much competition as you are launching products then, you are wrong. Every business has some competition which they can learn from to move ahead.
Technology improvements make changes in every field and you can make use of this technology to learn and know more about your competitors. Let’s take a deep look at competitors analysis and how it will help your business.
What is a Competitor Analysis?
Competitor analysis is the process of knowing what your competitors are doing by collecting data and following your competitors. Competitor analysis helps you to be in trend and know more about your competitors which help you to improve your business.
How to conduct a competitor analysis?
Top Ten Competitors Of Your Business:
Competitors are one are sharing your visitors and leads from you. It is important for one to know top competitors to analyze and improve their overall performance. It is important to follow all top competitors to be in a track.
If you are not aware of who your competitors are then Google can help you. SERP will help you to point out all your top competitors. There are many online tools like SEM rush, Ahref to find your competitors.
Analyze competitors Content:
When you know who is your competitor, it is easy for you to understand what they are doing and to keep them tracked. It is important for SEO to compare the quality of the content with their competitors.
Read: Global SEO VS local SEO: Here is everything that you need to know
Creating content which doesn’t create traffic is a waste of time. So, it is essential to analyze your competitors content like blogs, infographics, PR, Videos, audio, powerpoint and so on. It will also help you stay ahead of the competition.
Analyze Competitor On page:
By analyzing the SEO structure of your competitors, you can understand how they utilize their site structure to improve overall performance. You have to analyze on-page factors like H1, image alt, Content, Url Structure, internal links to know about your competitors.
To make a significant improvement in your ranking, you have to target long tail keywords which you can find in your competitors content.
Learn About Your Competitors Social Media:
The Social media presence is a game changer for any business as it brings a lot of useful traffic for your business. It is important to analyze your competitor’s social presence and strategy to improve your Social media followers.
You have to analyze competitors social content like posts, profiles, cover image, profile image and check when they post. It will give you a clear idea about how their strategies their social media presence.
Key Factors of Your Competitors That You Should Notice:
- Unique qualities of their product.
- SOM (share of the market).
- What type of customers do they target?
- How they distribute their product or reach their customer.
- Price and other qualities of their product.
- Who they are backed up with? (funding)
Note: It is important for concern to maintain a separate report on competitor analysis which helps you in every point of your growth.
Data Collection & Identifying Your Primary Audience:
Creating a separate spreadsheet to collect all the details and information about your competitors will be useful for your business. You can also use tools like Ahref, SEM rush, Alexa, Facebook audience insight, Buzzsumo, mail carts and similar web.
Good marketers should categorize their competitor to keep track of their details. Mostly there are two types of competitors which include direct competitors and indirect competitors.
Now, you get to know more about competitor analysis and how to do it for your business. The competitor analysis is not a one time process, you should keep on doing it to stay ahead of your competition. If you want to know more about related topics then, check out our SEO articles.
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