Every business owner wants to achieve both short-term and long-term success. In order to accomplish this goal, business owners should embrace risks and learn from both success and failure. A business’s success cannot be attained overnight. It takes time and energy to grow. And no matter how unique your product offering, no matter how great your customer service, no matter how much better you are than the others in your business, you have competitors.
One of the best marketing techniques to learn from is to know more about your competition. Getting a product competitive analysis is essential but now, it is also important to invest in an online competitor analysis to enable your business to identify opportunities and make improvements that guides your path of success.
Here are the five key areas a competitor analysis should focus on:
A competitor’s website is a goldmine of free information. It’s the equivalent of walking around a brick-and-mortar store to get an idea of what you’re up against (especially if they don’t actually have a physical store). It’s easy, it doesn’t cost you anything, and it doesn’t even take much time, so there’s no excuse for not knowing your closest competitors’ websites inside and out.
More specifically, it’s important to keep tabs on the content your competitors are creating. Is it fresh and relevant? Does it provide value to your potential customers? Are your competitors using social media to amplify their content and create engagement around it? The answers to these questions are on your competitors’ websites right now, and once you have them, you’ll know how to improve your own content marketing strategy.
Come up with a list of three phrases you think your customers would use to search for your products or services on Google. Once you have them, run each one through Google and take a look at the results. Does your website appear on the first page? Do any of your competitors? Building content around the keywords and phrases your target audience is using to find you is an integral part of a consistent and successful digital presence, but it involves beating your competitors to the SEO punch.
PPC and remarketing campaigns can be tough to efficiently manage, especially if you lack accurate data on what kind of money your competitors are spending to acquire customers with certain keywords and phrases. Luckily, if you look in the right places, you can find out how your competitors are spending their money, and in turn, a list of terms that are too expensive to target. From here, your goal is to discover terms and phrases that potential customers use almost as often, but aren’t being targeted by your competitors’ campaigns. Happy huntin’!
Keeping an eye on how your competitors are using social media to connect with their audience and, more importantly, which content is most engaging, is extremely valuable. If you’re just jumping into the social scene, it’ll give you great insight on what works and what doesn’t within your industry. Not making the same mistakes as your competitors have made is a great way to get ahead of them.
Analyzing the things your competitors are asking their customers to do – that is, their calls to action – is a quick way to get a peak at the purchase paths your target audience is following. You can even follow these paths yourself, which should give you some insight on where they fail and how they can be improved. Conversion is extremely important to any digital marketing strategy, so any information you can glean from your competitors’ conversion points is valuable.
If you are interested in getting a Competitive Analysis for your business, please email me or give me a call.