Why Is It Important to Know Your Competitors?
Regardless of what field you are in, it’s critical to always keep up with the latest trends in the industry. Business owners are constantly on the lookout to determine what they can do to make their online presence more appealing to potential customers and keep current customers coming back. One of the best ways you can improve your business, on a whole, is by periodically performing an online competitor analysis
What Steps You Should Follow in Order to Have a Good Competitor Analysis
The first step in performing an accurate and comprehensive competitor analysis is to identify your competitors. While you may be able to think of some competitors off the top of your head, it’s essential that you take the time to do your homework and identify big contenders in the market. A good rule of thumb is that if you are performing an online competitor analysis for the first time, you come up with a list of at least four or five businesses that you think are big names in your industry.
Once you have narrowed down your biggest competitors, the next step is to do some homework. Click through their websites and even their social media pages to learn more about what strategies they are using. How many followers do they have? How often are they updating or changing their content? Is their content noteworthy in anyway? Exploring this information will go a long way in helping you learn what steps you may need to take to update your platform.
Next, it’s time to focus the attention back toward your website. Answering the following questions are important because they help you to focus on what improvements you can make to your website:
- What are the best features about your company?
- Are those strengths accurately displayed on your website?
- What are things that you noticed that your competitors displayed better?
- Are you truly capitalizing on the current trends and opportunities that are developing in your field?
- Who do you believe is your biggest competitor and why?
How Do You Stack Up Against Your Competitors?
Once you have had the opportunity to do your initial research on your competitors, it’s time to turn your attention toward the hard facts. While it’s true that looking through a competitor’s website is very helpful, the site traffic that their website is receiving versus what yours is receiving plays an important part in the overall SEO competitor analysis. There are numerous free competitor analysis tools that can help you ascertain these figures. A few examples include:
Seeing these statistics in black and white can help you see not only where your website is flourishing but also where it may be lacking. For example, you will be able to see what pages clients are navigating to, if there was a specific blog post that received more engagement than another and your overall internet ranking.
Don’t forget that it is important to run an analysis on your competitor’s website as well so that you can get a better indication of certain strengths that you may be able to tap into in your own unique way.
How Can Blue Interactive Agency Help You with Your Competitive Analysis
As marketing professionals, the Blue Interactive Agency team understands the importance of developing a noticeable edge over the competition. We have experience in working with clients from multiple industries and have helped them develop websites and marketing strategies that help to put their business and product on the radar.