How to Carry Out a Competitive Analysis: 7 Steps With Tools

The business that operates online, we’re sure you keep a close eye on how well your website is doing. Web analytics is an excellent way of keeping a close eye on how well your website technically performs so that you can keep any glitches at bay. However, when it comes to successful marketing, web analytics is only a piece of the puzzle. 

When devising your marketing strategy, any company’s biggest goal is to appear on top amidst all your competitors. No good marketing strategy can ever exist in a bubble. If you ignore what the competition is doing, your plan will miss some pretty important points. 

A competitive analysis is the more significant piece of the puzzle that’ll tie in your web analytics and other research to help you come up with the best marketing strategy. The competitive analysis tools give you the big picture, letting you analyze your competition’s SEO and advertising strategies while conducting a thorough market analysis. If you’ve been skipping on the competitor analysis because you don’t want to spend those extra resources – reconsider. 

Competitive analysis tools make it easier than ever before for you to get all the information you need on your competition in a flash. If you’re interested in learning just how you can use these tools to your benefit, keep reading below.

Hunt For Your Competitors:

The first step to successful competitive analysis is identifying your competitors. Without tools, it would take weeks of extensive research to identify the top players in your niche. Analyzing market traffic and trends without any tools won’t just be time-consuming and inaccurate. Market Explorer is one of the most useful competitor analysis tools out there. It’s also the place you should start when you start your analysis. It can tell you everything you need to know about your niches, such as the top players, in-market interests, and the best demographics that you need to consider. That’s only just the beginning, though. 

Market analysis is a complete market scanning and forecasting tool that lets you see which demographics are the best for you now and in the future. The granularity offered to you by this tool is unmatched, as you can predict future trends with incredible accuracy and prepare yourself for future shifts. Furthermore, you can assess your competitors’ growth and set reasonable yet competitive benchmarks for yourself.  The information you get via Market Explorer sets the tone for the rest of your competitive analysis. 

Adopt your competitor’s strengths:

When coming up with a marketing strategy, it’s essential to consider how your competition is doing in marketing compared to you. Getting a fair idea of the strengths can help you set goals for yourself to compete better. Things to consider can include analyzing everything from their company size and broader offerings to delivery times and charges. With a list of your competitors’ strengths, you’ll have a clearer idea of what areas you need to cover. Traffic analytics lets you analyze your competitors’ regional presence and enables you to view their top content.

Identify all the gaps in your marketing strategy:

When conducting an analysis, it’s essential to consider areas that you may have overlooked. Keywords are one of the most effective ways to generate traffic. Assessing your keyword gap can let you improve your visibility and authority on search engines. You can start with identifying which keywords your competitors use and how effectively. Furthermore, you can come up with new keywords and content to help you fill the gap. Additionally, carry out a backlink analysis to determine which websites link to your competitors but not you. Backlinks are essential to building authority, so adding high-profile websites to your profile can boost your ranking. 

Focus on SEO strategies:

SEO strategies are among the most effective ways to generate traffic and leads and make your brand immensely popular. Getting the top SERP positions is no easy task, however. Luckily, analyzing the SEO strategies your competitors use is a great place to start. Organic research is vital because 70% of users focus solely on organic results instead of paid listings. Organic research can help you get the top SERP’s for your relevant niche so that you can attract more traffic than ever before. You can identify the top domains to compete with and analyze the keywords used most effectively by them. 

Track your competitors on social media channels:

Social media is now the landscape for some of the most effective ad campaigns around, so it makes sense to pay close attention to your competition. Tracking your competition’s social media can let you understand and incorporate their marketing strategies into your own. We can’t ignore the importance of this step enough – over 78% of salespeople using social media outsell their peers, so it’s a good idea to get on board. You can see which content performs the best and try to mimic it while analyzing which audiences respond most favorably to your competitor’s content. While social media marketing used to be an additional way for brands to reach out to clients, it’s one of the most lucrative ways to generate leads.

Study your competition’s ad campaigns:

The best way to develop successful ad campaigns is by analyzing the best techniques used by your competition. Studying ad campaigns involves studying display advertising, which tells you which text and banners attract the most customers. Additionally, you can review the most successful display campaigns and incorporate them into your ad strategy. Moreover, you can also conduct advertising research. It lets you view the composition of the most successful ad texts from your paid search competitors. 

Study your competitor’s pricing:

When coming up with a price range for your product or services, it is crucial to consider your competition charges for similar products. Customers want a bargain more than anything else, so you’re bound to lose out on many clients if your price is too high. PLA research can help you assess your competition’s costs and the specific keywords they use to trigger ads. At the end of your pricing research, you should have a reasonable price range your products should fall into and new keywords to target.

Conclusion

A successful marketing campaign relies heavily on both web analytics and competitive analysis. With these tools, you can get accurate and in-depth data in just a few clicks, letting you quickly come up with an effective marketing strategy. With new tech developments, your competitor’s marketing campaigns get smarter day by day. The best way for you to stay on top is through competitive analysis, with which you can improve your company in the long run. 

 

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