What is Competitive Analysis?
Competitive analysis analyzes your competitive websites and evaluates their strengths, weaknesses, opportunities, and treatments (SWOT). This helps the marketers to structure a competitive plan. This involves: Links Research, Keyword Research, and Content Research.
Importance of Competitive analysis
- To distinguish the strength and weaknesses of your competitors
- Competitive plan to instill distinct benefits
- A gate to prevent opposite competitors from getting into your business
- To prevent exploiting your markets weak spot
Six Steps for performing competitive analysis
Choose your Top Competitors
Knowing your competitors will increase your chance of ranking higher.
- Select few competitors for analysis
- Use local competitors if your business is local
List and Identify their SWOT
SWOT refers to the strength, weakness, opportunity, and threat of a business:
- With an accurate idea of your competitor’s business attributes and online presence, you could prepare a listing of their strengths.
- Weaknesses must be considered within the context of the business wherein you compete. Make sure to list the weaknesses of their online presence.
- You could benefit from a totally quick gain if they have a vulnerable online presence. Know your competitor’s organic keywords.
- Opportunities will occur primarily based on the listing of weaknesses.
- Broaden educational content material If competitors do not offer any content
- There can be a few competitors who are ambitious that can be a threat to your company.
Content and competitors
Targeting a similar audience as your competitors and business matches, even the content seems similar.
- Find Content gaps: The content gap is the user’s search query and the results they come across. You can find the content gap in four steps:
- Through Keyword ranking
- Through keyword research
- Through Competitors analysis
- With the help of a DemandJump tool
- Find competitors most popular content: To see the most popular content of your competitors, use these four tools:
- Find Competitors most linked content: with the help of the backlink analytics tools find out your competitors most linked content. Monitor those links to catch up with your competitors.
- Find competitors PPC keywords: There are tools for every content as well as research. Here are some tools to find PPC keywords of the competitors.
- Learn from competitors’ PPC ads: To analyze competitors’ PPC ads you need to observe your competitors by learning their techniques and using them in your website. Following are two tools to help you out.
- Google Adwords
- Bing Ads Auction Insight
Benefits of Competitive Analysis
- Knowledge of the market
- Higher focus on the clients taste and preferences
- Business ability forecasting
- Financial fluctuation monitoring and managing
- Product monitoring of your competitors
- Helps in knowing the pricing of your competitors
- Business opportunities based on your competitors weakness
- You will know what your target audience desire
Tools for Competitive Analysis
- Google advanced search operators