Most businesses seem to hold an untold stress every time about their competitors slowly capturing their business space. The truth is they know that their competitors are capturing the business space, but they do not know the ways/ tactics they are using to capture the customers.
Before getting into the area, you must first answer these questions –
If your answer is ‘sorry, I don’t know’ or ‘why should I monitor my competitor?’ to any of the above questions, then I must say, you are definitely lagging behind in your business. As competitor analysis is the key aspect of any business organization that helps get the blind spots of the competitor revealed and to build a stronger and successful business.
Here we present to you a few ways which could help analyze the health of your competitor’s business online & offline.
Getting visible in Google’s organic page ranks is very important when it comes to Online Marketing. After all, Online Marketing is the lifeblood today and finding out your exact competitors, valuable keywords, the backlink strategies that works best is trivial to build your own website’s organic traffic and upsurge your business. You can either make a DIY or get associated with an Award winning Google Certified Agency for best results.
Competitive intelligence offers data about which tactics are prosperous in the industry and what should you be doing to start improving your keyword rankings. The insights gained from this competitor analysis helps to prioritize the task that is carried out in the campaigns. By knowing the weak & the strong points of the competitors, you can easily fix the ways that can be used to outperform them and the amount of resource it will require to do so.
Determining the real competitors is important for this analysis. You must find out which websites rank high for your targeted search terms. There will be news or informational websites that pop up along with results, but don’t worry about them, they do not compete with your site in the business factor. Only worry about the businesses that challenge your search ranks in terms of revenue. Identify the top three competitors – they can either be a mixture of your direct local business competitors or your online search competitors. In case, if you are ranking high for a specific keyword, you must study the other competitor websites that are close behind you, so that they do not surpass you in future. You can also ask your customers in a casual way, about their earlier experiences with the product or service with your competitors, by this way, you can know if the business is your real competitor or not.
After you have identified your real competitors, your next step is to analyze their websites internally and look for a few factors, they are –
A Backlink Audit helps us to know, which websites are linking to the competitor’s websites. (Check your backlink status – Get A Free Manual Backlink Audit)This analysis is significant because it helps us identify, which links will work and boost your own website, by getting the link from the websites that are already linked to the competitors. Websites that are linked to multiple competitors’ links have a higher rate of success. Factors to consider in backlink analysis
Most companies are active on at least one or two social networking platforms – Facebook, Twitter, G+, LinkedIn etc., means tracking their updates is easy now, if you had already liked their page or if you are following them.
Look for the following details without fail –
It is very important to have a focus on Social Media too, because, 82% of the millennial generation looks for product/service details, compares them with various other brands, discover new brands and most shops online.
There are many tools offered by Google, which could help you with the competitor research. They are Google Trends and Google Alerts. With these tools, you can know whenever your competitor is making an update and also compare your repute rankings with your competitors.
You must not just stop with merely collecting all these information, you must also start to take actions based on the information that you have collected. After the analysis, if you find out that you are ahead of your competitors, you focus must be on content creation strategy to sustain and grow your backlinks in an organic way, in case, if you are lagging behind your competitors with regards to backlinks, you have to start a link building campaign at the earliest.
Most businesses are online now, with a gradual decline in offline marketing strategies. Still, there are a few ways to hunt what your competitor is doing –
A successful competitor analysis requires more observation and a lot of time and patience, which might be a problem for the busy business owners. Though you might be successful with your DIY competitor analysis for the offline strategy, you might lag behind with the online approaches, as it requires a lot of understanding about the Google guidelines, which a Google Certified Digital Marketing Agency can help you out. Spy on Your Competitor’s Strategy and make money today!