How to do a Competitive Analysis?

Do you remember when was the last time you ran a competitive analysis for your brand or company? And most importantly, are you aware of how to do a competitive analysis? If you are not sure, you are missing out on an essential intelligence that could help your brand grow.  

Wait a minute, before answering how to do a competitive analysis, let's talk a little about the meaning of competitive analysis.  

  

What is Competitive Analysis?

  

A Competitive Analysis is a strategy to identify all your competitors and research their products, services, sales strategies, etc. And through this, you can make your business strategy to improve your brand over your competitor.  

Competitor Analysis helps you to stay ahead of the industry trends and make sure your product is consistently fulfilling the industry standards.  

Now, let's dive into how to do a competitive analysis for your company or a brand.  

To run an effective and whole competitive analysis, you can follow these steps mentioned below:  

Step 1. Know about your Competitors- Firstly, you need to figure out who your competitors are so you can compare your data accurately and precisely. But how to do that? Divide them into two categories: Direct and Indirect Competitors.  

Direct Competitors offer the same product or service as yours and might operate in your location.

Indirect Competitors provide different products or services but can solve the same customers or solve the same problems. So, when you compare your business, you should be focused more on Direct Competitors.  

  

Step 2. Check Competitors Content- When you get aware of your competitors, then it's time to check their ideas which they are bringing to the market. With the help of competitor analysis tools, determine what kind of content creation they are focusing on. There are many threads here like blogs, videos, webinars, podcasts, etc.  

  

Step 3. Analyze your Competitors SEO Content- All websites have structures, better structure, high ranking in the search engines. Try to click every link in the footer and prepare a list of web page links, H1 tags, internal links, image text, and keywords. Assess what they are doing well and find a loophole for yourself to fill.  

  

Step 4. Take a look over your Competitors Social Media-Social Media is the best way to interact with the users, but everyone sees it differently. Take a look over your competitors' social media and check their profiles, say? What do they post? How frequently they post? Do they use photos? Examine the differences and similarities of Facebook, Twitter, Instagram, YouTube of your competitor's page.  

  

Step 5. Make Your Own Business Strategy- Now, when you have seen every strategy, noted every step, and analyzes your competitors' social media, it's time you should make your business strategy. Identify where you can improve and how to invest your resources to keep ahead of your competitors.  

  

Conclusion  

In the end, we can say that competitive analysis is the best way to uplift your business. Once you identify your target audience, it becomes easier to promote your business to potential customers. These competitive analysis steps will help you create a kind of strategy that will help your brand grow and dominate the market. If you cant do it by yourself you can hire best seo services from Knotsync