All sectors are competitive. But when it comes to online sectors, the competition gets fierce. While SMEs feel the pressure of larger firms, they might not have the adequate resources to compete with them. Or so they think. The right and accurate competitor analysis can help any business regardless of scale. Of course, there are some important points to follow when you are looking at your competitors.
What Is Competitor Analysis?
A competitor analysis is looking at your competitors in your sector and trying to figure out how you can better compete against them. This analysis will work for you in both the physical world and the digital world. Especially, it will work in the digital world better. You will have all the right tools under your hand to dig deeper. And over time, you will master all of these tools that will give you the competitive advantage you are looking for.
Since more and more brands are focusing on the digital spaces, the competition in this field is becoming more intense. Ranking high on search engines have become the ultimate goal of the brands and business. And they are doing their best to be more visible in the online world.
Why You Should Do A Competitor Analysis?
If you want to be visible and gain more customers, you need to find new ways to reach out leads and potential users. But this might be easier said than done. If you have no experience in this field, words like SEO, search engine ranking, landing page, content might sound like a foreign language. No need to despair!
Actually, the basics of the online world is similar to the physical world. You have a business. And others have their businesses. And you need to compete. Different from the physical world, you now have tens of different tools to increase your visibility and reach a wider audience. All of these tools will give you a better chance to be successful in what you do.
Over time, you can easily master all the terms of the online world. The important thing at the beginning is to focus on your brand and try to understand how the competition works in this new field.
How You Should Do A Competitor Analysis?
When you are doing a competitor analysis, you need to understand who your competitors are and what are their strategies. These two questions will be the basis to understand the competition you are facing with. Without knowing who your competitors are, you can’t develop strategies against them. So, here are some of the things you need to ask yourself for a comprehensive analysis.
Who Are Your Competitors?
The first step you need to take in your competitor analysis efforts is to identify your competitors. Depending on your sector, you might have a lot or few competitors. In general, niche sectors have one or two other firms while more general sectors can have hundreds of different firms.
The number of your competitors will determine your strategies to penetrate the market. Are you competitors operating locally? Or do you experience international competition? The answer to these questions will also influence your strategy.
While it is easier to compete with local brands and business, the things get a bit trick when international brands and business are included in the competition. Regardless of who your competitors are, it is better to take one step at each time to keep your steps under control.
What Are Your Competitors Doing?
At this stage, you need to evaluate your competitor’s actions. With this, you need to check their websites and social media accounts to discover their strategies. Also, you can use some of the Digital marketing analysis tools to gain better insight about their actions.
If they are active on social media, you need to identify the channels. Or if they rank higher than your products or business, you need to focus on the keywords or content they use for the higher rank. All of these will help you with creating your won strategy to make your brand more visible.
Look for Online Activities for Competitor Analysis
Online activities can be in various forms. For example, interacting with followers on social media channels is one of these activities. Or regular blog posting or video posting could be another activity. The effectiveness of these activities will determine the position and visibility of a brand. You can create your own strategy if you understand your competitors better.
Are Your Competitors Present on Social Media?
One of the most important aspects of competitor analysis is the analysis of social media existence. Some of the highly popular and well-known brands have low social media presence. This might be an advantage for your business and brand.
If your competitors are not present on social media or do not actively use their accounts, you can focus on your social media accounts for higher engagement. Today, consumers prefer brands that answer their questions and solve their problems. And social media is of the best ways to meet these consumer demands.
Align Your Content Strategy
After doing a detailed and thorough competitor analysis, you need to assess your results. These will give you an overview of your brand, your existing marketing strategies and what is missing in your strategies.
The next step you need to take is to align your content strategies. If videos are demanded in your sector and if your competitors are focusing on this area, so should you. But there is something you need to careful about. While aligning your content strategy and trying to engage at the more efficient points of contact, you need to find your own voice.
Your own brand voice and messages will be the key to get ahead of your competitors. Your customers and potential customer will embrace you since you are offering them something unique. While competitor analysis is important to keep up with others, at the end, your own service approach and products will determine your success. Try to keep up with the online competition but don’t forget to give your touch to your business and brand.