3. Research Your
Competitors:
It’s no surprise that your competitors might be doing
better than you. Instead of worrying about them
doing better, you should invest some time and
conduct a thorough research on them.
4. Check how they attract customers, try understanding
their business strategy and learn about your industry
as much as you can. To know more about the other
brands, a SWOT analysis can really come in handy to
you.
5. The key areas that you have to look for when studying
your competitor are:
•Website user experience
•Brand Identity
•Content postings
•Social media
•Products and services
•Advertising
6. Identify your top ten competitors:
This seems obvious, but it’s an essential first step. Do
you know who your top competitors are? If you sell a
product or service online, you are likely competing
with dozens, even hundreds of companies going after
the same group of qualified leads.
7. Analyze and compare competitor
content:
Once you've identified your competitors, you can kick-
start your competitive analysis and dig a little deeper
to gain a better understanding of what type of content
they're publishing.
Analyzing their content can help you determine what
opportunities you have to help outperform your
competitors.
8. Analyze their SEO:
Say your competitors have the same type of content,
update it just as frequently, and produce high-quality
work. You might have to look more closely to find
what they are doing differently.
If your company has a blog, you know how important
your SEO is. While conducting a competitive analysis
on the type of content your competitors are
generating, it is also beneficial to consider that
content's SEO.
9. Look at their social media
engagement:
A company's presence on social media is becoming
increasingly important, and each company is utilizing
each platform differently. Social media networks are a
great way for companies to interact with users and
fans.
10. Identify areas for improvement:
After performing a competitive analysis, you now have
a better idea and understanding of what your
competitors are doing.
Take all the information you gathered about each
competitor and identify particular areas of your own
work that can be improved. If you’re looking closely
enough, you’re bound to find something.
