Competitor analysis is a very vital practise for a digital marketing agency as it is for big businesses, and it is easy to do. Individuals can keep tabs on their competitors by using these tools to gather and analyze information about their competitors. If you ever wished to know what your competitors are up to.
You can legally spy on the leading businesses in your niche to know how they are getting customers, why they are outselling you, or what their plans are? Well, the good news is, that you can, and gathering the intelligence to analyze your competitors is easier than you think. Competitive analysis is a field of strategic research that specializes in the collection and review of information about rival firms.
It is an essential strategy to use in finding out about what your competitors are doing and what kind of threat they present to your business. With a series of new software and technology, digital marketing agency and small business owners have the ability to know more about their competition than ever before. It is extremely important to regularly conduct a thorough competitive analysis in order to stay one step ahead of your competitors.
Here are Top Competitor Analysis Tools to gather competitive intelligence
Knowing Your Competitors
Knowing your competitors is very easy, all you need to do is using the search engine like Google and Bing or make use of the digital platform like Facebook, and YouTube to do research for the type of business you are doing. Make ist of the top five companies that show up and copy down their domain names. Look at where your top competitors show up in the search listings and analyze their descriptions that show up in the search results.
Those descriptions may give you an indication of who their target market is or what the search engines think is important about their pages. If you are a local business owner, you need to do some searches that include your city name, county or other geographical information followed by the type of product or service you sell. If your competitors show up in search results for those terms, but your company does not, you need to take a closer look at the pages the search engines link to on your competitor’s websites.
Look at what the focus of the page is, and what keywords are used on the pages, whether their name, phone number, and address are on the page, and what the percentage of text to images is. Then compare the results to your own website. If the company is using YouTube, look at their videos to see what they are promoting and who their target market appears to be
Using the Competitor Analysis to search for your Competitor’s Specific Products or keywords
There are chances that your competitors may be selling more than one product or service, and those products and services might be called different things by different customers. To catch some of the variations and see which your competitors are getting found for, search for individual products or the services you sell, and see what companies show up on the first page of search results.
Repeat the search using variations of the product or service name. For instance, if you are doing 3D Architectural, search for building design, 3D modelling, and landscaping in addition to lawn care. List the companies that show up in each search.
Visiting your Top Competitors Websites
Any information or products do the competitors feature on their website? Do they have a blog? How do they display what they sell? Are they running special promotions? Do your competitors have testimonials or portfolio or videos on their site?
What are the headlines they are using on each of their pages? Are their sites easy to navigate? How do what they are promoting and how their site looks compare to yours? Do their business name, business address and phone number appear on every page? Do they have an email signup form in a prominent position on their site?
What you should look for here is if there are any common factors (like; inclusion of geographic location, keywords, types of products featured, guarantees, lead capture forms, social media links, etc.) that your top competitors are including on their websites that are missing from your website, or possibly from the product you are offering.
You need to be following your Competitors on Social Media
You need to find out about new products your competitor has a store and when they will release them by keeping track of their Twitter feed, Facebook, LinkedIn, Instagram and Pinterest pages. If you know who some of the employees are, see if those employees have profiles and pages on any of the social networks and follow those, too.
In addition, you need to learn about what the companies you are competing with are doing, pay attention to people who are following them and mentions them in social media posts. Then see if you can make connections with some of their followers.
Subscribe to Your Competitors’ Email Lists
When your competitors are introducing new products, planning a sale or an event, promoting their community involvement, or just looking for repeat business, they will send mail to their customers and subscribers. If you are on the email list, you will have that competitive information delivered right to your inbox.
Searching for the Competitions’ Key Employees Online
If you know the names of your competitor’s key employees, save that information into your online searches. Doing this will help you to find the information on speaking engagements, affiliations they have with other companies, places they have posted or gotten publicity, and other details that will help you to understand what your competitors are doing to get attention and get customers to visit their online stores and website.
Your search may also turn up an employee leaking information about an upcoming product, talking about the next area the company hopes to move into or sharing other information you could use to your advantage.
Using the Website Competitor Analysis Tools to Spy on your Competitors
There are various tools that digital marketers and SEOs use to improve optimization and track competitors. Among them, Moz, SEMRush, Spyfu, Ispionage. These competitor analysis tools can show you your competitor’s backlinks, what keywords they get found for, and which pages are getting found for those keywords.
Some of the tools will show you what ads they are running online or have run in the past, what keywords they are bidding on, and an estimate of how much they are spending bidding on terms.
Knowing this information will give you a better understanding of what terms and products to use in competing with your competitor’s business. You can make decisions on what you need to change in your website, ads, or product literature to make your business more competitive. The services can be useful, but if one of them provides the type of information about your competitors you can benefit from, they are worth trying for a month or two.
Joining Local Business Networks
If your business is local, joining the local business networks in the locality and attending meetings regularly is another competitor analysis strategy that can help you to stay on top of local competitors and new competitors coming into your neighbourhood. The local business group are your spy into the community at large.
Becoming a regular attendee and a friendly networker, you may hear about new businesses moving into the area, planned local traffic changes, reasons people are happy or unhappy with one of your competitors and other things that will give you competitive and strategic information to help your business survive and thrive.
Culled from Business Know-How | Competitor Analysis Tips for Small Business