Digital marketing has become the most crucial marketing technique because of the high number of online users. It allows marketers to reach a wider audience through blogs and websites. But this opportunity has attracted so many competitors, making the competition for the top spot in search engine rankings very intense.
Hence, it becomes essential to optimize your web pages to meet SEO standards by employing the latest trends and techniques. One way to ensure that you stay ahead and keep tabs on all the latest optimization trends is utilizing competitor analysis. Please ensure to read to the end of this article to learn more about this concept.
Meaning and Benefits of Competitor Analysis
Competitor analysis is a strategic marketing technique used to monitor the strength and weaknesses of your competitors. It allows you to be a step ahead of them and helps you keep track of the latest marketing trends. Here are some of the most significant benefits of competitor analysis.
- It helps you evaluate the potential of new products and services.
- It helps you examine how functional and practical your marketing strategies are.
- It empowers you with the knowledge required to draft out new strategies.
How to Do a Competitor Analysis
Indeed, analyzing your competitors’ strategies to know their strengths and weaknesses will help you know how to outwit them. But you can only manage this if you know the right way to carry out this task, which may be challenging, especially on your first attempt. Here are some expert tips and steps to follow for successful competitor analysis.
- Build A List of Competitors: It would be pretty impossible to complete a competitor analysis without knowing who your actual competitor is. Therefore, the first step to take in this direction is to compile a list of your direct and indirect competitors. Your direct competitors are those that deal in the same product as you, while the indirect competitors are those offering an alternative to your product or service.
- Create a Profile for Each Competitor: The next step to completing your analysis is to create competitor profiles by researching each competitor. This step requires that you find out as much as possible about each of their methods, challenges, approaches, and tactics and attach your findings to each competitor.
- Identify Rivals’ 4Ps: The 4Ps are the pillars of marketing, and it is not enough for you to have yours. The 4Ps are Products, Pricing, Placements, and Promotions, and the stiff competition demands that you understand the strategies your competitors use for each P. This research will give you an insight into how they operate and why it works for them.
- Create A Plan for Action: Your analysis will be incomplete if you do not act upon the information you have gathered. But acting without a plan will also do you more harm than good. Hence, you are expected to brainstorm ideas with your team on how to override your competitors’ strategies and increase your ranking. All you need maybe a simple SWOT analysis or any other concrete plan that will be sufficient for the task.
Competitor analysis is crucial for all forms of marketing, bearing in mind the benefits it affords. But it becomes even more necessary for digital marketing, as it can help you maintain top SEO ranking for your blogs and websites.
To find out how our SEO services can benefit you and your business, Call us now on 07 5641 0224.