Who wouldn’t want to start a race from point B if they get a chance to rather than starting it from point A in a race till point C? The same is the case with competitor analysis!
Competitor analysis gives you a heads-up about your competitors’ strengths and weaknesses.
It also helps you in devising strategies that give you a head start.
How Competitor Analysis Shifts the Gears for Your Business?
This analysis gives you a clearer picture to project growth. It also helps you with insights about channels and activities that worked well for other companies.
By large, it gives your business an edge. Because you could avoid all the nascent mistakes that your competitors did!
Strength and Weakness: Competitor analysis helps in understanding the strength and weaknesses of your competition.
Channel Selection: In the digital world, where there is a need to be omnipresent, you also need to focus more on channels helping your competition with maximum traffic.
Effective Strategies: Competitor analysis will help you understand where do you stand in the market. It will help you formulate an effective and detailed strategy that streamlines your communication.
How to Strategize Competitor Analysis?While researching your competitors, you need to take care of the following factors:
Traffic Sources: Discover the sources generating traffic for your competition and formulate the strategy to find new and proven ways to grow your site traffic. You can analyze the traffic sources on Similarweb.com and design your marketing strategy accordingly.
Competitor Keyword Analysis: Analyze the keywords that give your competitors the highest ROI. To rank better, spend less, and get the maximum traffic, all you need to do is a detailed keyword research on Google Keyword planner. SEMRush is one of the best tools which can provide you with your competitor’s keyword analysis.
Backlinks & its source: Generating organic traffic is the toughest thing for marketers. Backlinks are valuable for SEO and help you increase the credibility of your website, along with organic traffic. Ubersuggest.com will dig up your competitor’s backlink sources and their top pages for you.
How to do their Social Media Analysis?
After completing your analysis on Similarweb & Ubersuggest, you will have a brief idea of your channel selection. You need to check which channels are providing them more traffic. You can bifurcate all the channels into the below factors and accordingly proceed with your analysis.
Frequency & Recency: Check the frequency of their posts. How frequently do they post on Social Media channels? Also, checking their recency to understand have they posted anything on a consistent basis.
Content-Type: The most important thing you need to analyze while doing your competitor’s social media analysis is the type of content. You need to check the content pegs they are posting across each channel and observe which one is working for them.
Once you have gauged all the information, you would be able to use it to brainstorm new ideas that work in your industry. The analysis would help you assess where you stand. But most importantly, it will aid you in making your start-up unique and will catalyze your presence in the digital world.
