Competitor Analysis Explained
Executing a successful digital marketing strategy means understanding how much work is required to get your business to stand out over your competitors, which of course means knowing what they are doing. This can be achieved by conducting a competitor analysis.
A competitor analysis is an essential task for any business who is starting a new digital marketing strategy. It gives a benchmark to work towards. It also shows where your competitors may have weaknesses, so you can get ahead in these areas.
Analysing Your Competitors
In just a few basic steps, you can produce a competitor analysis that highlights the threats and pitfalls of your rival firms.
Find out who your competitors are
You will already have an idea of which businesses you compete against in your industry, but it’s a good practice to draw up a list of your 10 strongest competitors. One way to do this, is to see who ranks for specific keywords related to your business. Look at the common trends on brands that rank highly and note them.
Establish what content they are creating
Understanding what content they have can help you determine what opportunities you have to help outperform your competitors. Find out what type of content your competitors largely focus on, whether it be blogs, whitepapers, press releases or webinars. How easy is it to find online? What can you do better in your content marketing strategy?
Look at their SEO performance
There are a few tools you can use to help you to determine this without spending ages looking at each SEO elements for each competitor. Tools like Moz and SEMRush help to show where your competitors sit in terms of SEO performance, by looking at things like content, keywords, H1 tags, internal links, page titles, URL structure and ALT attributes.
Analyse their social media behaviour
80% of SMBs have social media profiles so the chances are, your competitors are online. Social media presence is integrated into SEO performance so how active they are will count towards how well they perform online. Analyse what sort of content they post, how frequently they post and what sort of engagement they get. You can also ring fence their followers as potential leads to connect with.
- Highlight areas you need to work on
Having conducted these quick activities, you can then analyse your own site to see where you sit in comparison. Highlight the areas where you aren’t competing strongly enough in, and circle the areas where your competitors aren’t doing so well. Focus on these areas by implementing a digital marketing strategy that seeks to propel your brand forwards.
Need some advice on your digital marketing? Whitefish Marketing is an established Kent based digital agency with expertise in helping businesses to grow their online presence, offering a range of online marketing services from SEO, PPC, website development and social media management. Give our friendly team a call on 01303 720 288.