A competitive analysis means to identify your competitors and analyze their strength which is relevant to your business. It is the process of researching and analyzing the marketing tactics and business strategies of the organization in the market. Numerous organizations do competitors analysis when they build a marketing strategy but they never get back to it. In order to be updated on competitors, you should have a constant look at their online moves and adjust your campaign according to it for better performance.
Competitor’s analysis includes your direct and indirect competitors. Competitor’s analysis is important as it will help you make you stand out from other businesses and help you to grow and reach a higher number of audiences. It will push your brand to its unique benefits and be able to identify opportunities.
HOW TO DO COMPETITIVE ANALYSIS:
Here are some factors which you may conclude while doing competitive analysis.
- Identify your real competitors
Finding your real competitors whose business or product is completely relevant to your Business is the most crucial step while doing competitive analysis. Make a list of top 10 competitors who are your real competitors. Many people don’t know how to find their real competitors and end up analyzing some others business which lead to loss of their business.
- Check on the Marketing channels
In today’s time almost all businesses have an online presence. Having a look on the online platforms on which the competitors have his presence is important too. The thing is that you will not be able to find all your competitors once but as you dive in and do more research you will exactly find your goal.
Other digital marketing metrics to keep track of might be the following:
- Social Media Following
- Post Engagement
- Website Traffic
- Keyword Rankings
- Analyze competitors SEO strategy
Although there are multiple metrics to measure your performance, nothing is like organic research results. Search engine optimization will help you increase your rank on google. Thing to consider while analyzing seo
- Find most successful keywords
- Find the total no of keywords used by competitors
- Get an idea of your audience as what they searching for
- Optimize your keyword to increase conversion and ranking.
- Compare marketing’s and efforts
Almost all business owners claim to have 100 percent natural and authentic products but they do not mention their complete details on their ingredients lists as they have a bit of alliteration. In order to stand out from the one should mention a complete list of their ingredients on the lists as it will buy customer’s loyalty and customer retention too which is likely to be more important than selling a particular product.
- Make your own Report
After analyzing and comparing the market it is important to make your own report. No matter how much u work on Organic search or any campaign, it is important to make your business unique and different from others. Copying others’ work will make a poor impression on customers and can bad effect on business.
We at Digital Jugglers, provide an effective competitive analysis that can help drive your business by assessing the marketplace and finding you a competitive edge.