What is that one thing that every online business owner wishes for? That one thing is to reach as many potential customers as possible. Undoubtedly, the goal of every online business is to attract the maximum traffic flow. The formula of a successful business is pretty simple the more traffic you attract better your revenue generation is. There are various deciding factors for multiplying your traffic flux, and one extremely crucial one is digital marketing. And the fundamentals of a comprehensive digital marketing plan lie within a thorough competitor analysis.
Digital marketing has completely revolutionized the marketing world. The classic marketing techniques were constrained to a specific frame and space. But with digital markets, there are no boundaries whatsoever. You can market your business to every corner of the world. Digital marketing undoubtedly has expanded everyone’s targeted audience range as it helps you connect with the potential customers at the right place and time quite swiftly.
But with so many similar businesses online, it’s not very simple to make your website stand out for your target audience and the search engine. You need to keenly focus on the critical factors while mapping out a digital marketing plan. Competitor analysis is an essential factor in digital marketing. And today, we will be discussing this thoroughly. We will look into its different aspects and some excellent techniques to help you up to your digital market game. So let’s get started.
What is competitor analysis?
Competitor analysis is an essential factor when it comes to digital marketing. But the question is, what is competitor analysis and how does it play a vital role in developing a digital marketing strategy?
Competitor analysis involves analyzing, examining, and studying the techniques and strategies used by your potential competitors in your niche. It gives you an insight into the digital marketing techniques that they are using to attract the interest of your audience. It also gives you a clear picture of what is working for them and what’s not. Finally, you can consider all this information, stats, and figures in developing your digital marketing plan.
Competitor analysis also helps you comprehend where you stand in the market. What are your flaws and strengths compared to your potential competitors? Once you are sure of the areas you lack, you can work on them more effectively and ultimately develop a marketing plan to produce better results.
Now that we understand what competitor analysis involves? Let’s move to more important questions like why does your marketing strategy need a competitor analysis? And what differences it makes to your business online. So let us explore the answers to these questions.
Why Do You Need a Competitor Analysis?
Let’s face the facts; your targeted audience visits yours and some websites similar to yours when looking for something your business offers online. And the ultimate goal of each website is to attract as much traffic as possible. And if you want your website to get the maximum share of this traffic flow, you need to know what others in the market are doing to get it. It is where the importance of competitor analysis kicks in. so let’s see dig into why do you need a competitor analysis:
To review benchmarks.
To regularly monitor your digital marketing techniques and how they are achieving your set goals and targets. For example, how much time, effort, and other resources do you require to accomplish a particular target. It’s a very healthy activity, but what if your competitors achieved those goals more swiftly and effectively? That means that you need to review your benchmarks. Comprehensive competitor analysis gives you a clear comparison between you and your competitors in the market in achieving a fixed target.
To catch up with industry and market trends.
Every market has specific trends. Many of these trends appear or reappear seasonally. These trends can affect your marketing strategies big time. Keeping an eye on how your competitors utilize these trends or tackling them can help you make your digital marketing strategy more effective to attract more traffic. Also, it will help you to be prepared for the changes these trends might bring to the market.
To Learn New Practices
There might come many new theories and practices you want to experiment with from time to time. But there are no guarantees with these new practices, and they may work; they may not. Also, these experiments cost a lot of effort and resources that you might want to invest in at a particular time. In such situations, competitor analysis might come handy to you. First, wait for your competitors to try these new practices, and then analyze how they worked out. Then, you can opt for these new practices if they show promising results for your competitors.
To Refine Your Goals
The world of digital marketing is going through a constant evolution process. So with newer techniques and trends in the market, you might need to revisit your marketing strategies and your set goals. Competitor analysis can give you a clear picture of how others are refining and altering their goals and objectives with the changing trends of the market.
How to do Competitor Analysis?
As it established how crucial competitor analysis is for your online business and how you need this comprehensive analysis to strengthen your digital marketing plan, let us move to the next part. And the next part is how to do a competitor analysis that can give you valuable insights into other similar businesses online. So let us get dig into the basics of computing a successful competitor analysis.
Stay updated on competitors’ Market Positions.
If you want to stay ahead in the game, you need to know all about your competitor’s strategies to notch up your game. The first thing you need to be clear about is where your competitor stands in the market. You need to have a keen eye on their audience size. Also, try to figure out their market potential. Understanding what their edge attracts most traffic will give you something to start with. By processing and utilizing this information correctly, you can strategies your marketing moves and devise a better plan.
Check Competitor’s Platforms of Advertisement
Your marketing game is greatly dependent on which digital platforms you are using and how you are utilizing these platforms to work in your favor. You can start with checking through which digital platform your top rivals get the most share of paid or organic traffic. Many tools can help you find these facts and figures quickly. Then, once you know about the digital platforms preferred by your rivals to advertise and market their business, you can start working on building marketing techniques for these platforms.
Benchmark competitor’s Google Ads
Keeping an eye on your competitor’s google ads campaign can be beneficial. You can get an idea of the volume and rate per click for your rivals’ keywords. You can also develop similar keywords and check out the volume corresponding to them. By tracking your competitor’s ads campaign, you can also figure out the best landing pages so you can design your content pages accordingly.
Analyze your competitor’s SEO efforts
SEO and digital marketing go hand in hand. The better your SEO strategy is, the more prominent your business is online. And that is the real goal of digital marketing, making your business noticeable to the audience. Analyzing your competitor’s SEO efforts can give you an edge. It gives you an insight into your competitor’s best-performing pages, their keywords that are gaining the maximum traffic, etc. Many tools can help you understand your competitor’s SEO plan and the SEO technique that produces good results. So you can incorporate those techniques and make your SEO game better.
Checkout Social Marketing Strategy of Competitors
In this digital era, we can never ignore the power of social media. Before you strategize your social media marketing plan, it’s healthy to look at how your rivals handle their social media. What are the latest trends they are using in their favor to attract the audience? Some social media platforms also show you an ads library if you search for a particular keyword. Knowing what works for others can give you a headstart when developing your social media plan.
Evaluate Content Marketing of Competitors
There might be many reasons your competitors are getting more traffic, generating more leads, and doing better business. A significant one of these reasons could be their content marketing techniques. Many tools can help you learn about their keywords to attract the organic traffic flow. Learning about their content marketing strategies will also help you understand what kind of content engages people and increases the conversion rate.
Knowing about these things can help you develop better content and incorporate the right keywords in it to increase your traffic flow.
Find Opportunities with SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities, and threats. SWOT analysis is a strategic analysis that helps you evaluate the performance of your business. This analysis indicates the strengths of your business that make it stand out in the market and its weaknesses compared to others that may be lagging you down. Through this analysis, you can also find out the possible opportunities to get a competitive edge and the threats that your business might face.
Some of the Best Competitor Analysis Tools
Competitor analysis is super significant for boosting your business online. But you can’t simply rely on guesswork. You need facts and figures. Many tools can help you in performing a comprehensive competitor analysis. Let’s take a look at a few of them:
Spy Fu is a valuable tool that helps you find out your competitors’ keywords and which ones are the most profitable. It gives you an idea of all their paid and organic keywords and you can later download them as a list.
SEMrush is an exciting tool that can help you figure out the source of your competitor’s traffic. For example, you can determine whether their traffic comes from an organic or paid source through this tool. For example, you can also easily comprehend your competitor’s strategy by its backlink analysis.
Ahrefs is another helpful tool that is all about figuring out the backlinking network of your competitors. You can analyze the websites your competitors are linking to through this tool. Also, you can find out the most potent backlinks and the anchor keywords of your competitors.
SEO spyglass is a competitor analysis tool that gives you a complete backlink report. This report Features all the vital information like domain, URLs, page ranks, anchor keywords, traffic generated by each link, etc.
Tip SERP is a tool that gives you an in-depth analysis manually developed by the experts. This in-depth analysis includes traffic estimation, social presence analysis, backlinking reports, keyword research, etc. this tool offers both paid and unpaid versions.
SEO Site Checker
The SEO site checker tool delivers a report by analyzing six areas of your competitors: SEO issues, social media issues, security improvements, speed optimization, mobile usability, web, and structured data usage. In addition, this report indicates the areas in which your competitors are lagging so you can gain an opportunity to get ahead of your game.
As its name suggests, Monitor backlinks is a backlink analyzing tool that emails you a weekly report consisting of your competitor’s backlinking information, new backlinks they created, your backlink analysis, etc.
How will an SEO Company Help in comprehensive Competitor Analysis?
As you can comprehend, a competitor analysis requires a lot of fine details that can never be ignored. It also requires many professional strategies and techniques. So if you want to conclude a comprehensive competitor analysis to boost your digital marketing outcomes, you need a professional SEO company to help you. Getting services from an SEO company can help you formulate the right plan, implement that plan, and then analyze the results.
That was all about comprehensive competitor analysis, its significance, how you can do a thorough analysis, why your business, and valuable tools needed to help you. We hope that we have made understanding competitor analysis easier for you to implement these techniques to boost your digital marketing outcomes.