Your business will always have competitions and if you are not aware of your competitors, you will be missing out on the big opportunities to grow in your business. There are many FAQs like why are your competitors outranking you? What are their strengths? Their weakness? What are their marketing strategies? For all this one question the right answer is competitor analysis.

Best competitor analysis will help you make exact decisions about your brand’s marketing strategies. For sustained growth, you have to take good competitor analysis regularly which will help you to stay one step ahead of your competitor. If you’re just spying on them on social media, It will not be enough by just subscribing to their email lists. You need to bend yourself behind your effort to ensure that you’re effectively monitoring your competitors day by day and updating your view as it changes. 

But we aid our client with the best Competitor analysis test to gain growth. Which will also allow them to stay at the top in their on-demand business industry. Here are the few steps we used to follow while taking the test for our clients on a regular basis. Before knowing the procedure let me first tell you what is competitor analysis.

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What is competitor analysis?

Competitor analysis is nothing but a marketing and strategic management which helps to assess the strength and weaknesses of the current and potential of the competitors. which will also provide you both an offensive and defensive strategy to identify opportunities and the threads.

Why Competitor analysis?

Because with knowing what they are doing, how can you stand out from your competitors? By knowing this will help you to take advantage of their weakness, building better market strategies, etc.

The things one should cover in the competitor analysis

The competitor analysis is fully based on what you have trying to learn from your competitor. There are many ways to do a competitor analysis to cover everything that is really a tough job. So here is the list of questions we used to cover mainly in our competitor analysis.

• Who are your targeted customers?
• What is the market share of their currently own?
• What is their main differentiator or unique value of their business products and service?
• Key features and benefits have been highlighted in their sales materials?
• Price points of their products and across different marketplaces?
• How do they approach their shipping?
• Are they receiving any funding or venture capital?

These are few things one should cover mainly in your analysis. If you want to dig a deep of your competitor you can also add these things as listed below.

• Features of your competitor’s websites like search tools, product images, design, and layout, etc.
• Customer experience elements cart like strategy, customer support, mobile UX, etc.
• Their social media approach like channels used, frequency of posting, engagement, etc.
• Content marketing of their tactics blog topics, content types, etc.
• Their marketing tactics types of promotions, frequency of discounts, etc.
• Their email marketing approaches like newsletters, promo codes, etc.
• Their customer reviews language used around products, recurring complaints, etc.

Competitor analysis has many types and models to deal with this will give you a rough understanding of what one should cover from his competitors.

Pinpoint your top 5 competitors

Our first step is to identify the top competitors of your on-demand startup because it is the key to success. If you identify your competitors then you are able to track them. But many sufferers find their competitors there is no better search engine than Google. By simply googling you can get your competitors easily. Let me help you with one more tool by using it. You are able to identify your competitors.

• SEMrush – it is a great tool that is used to look at what other companies are ranking for your keywords and how you stack up against them. It will help to find your competitor’s keywords, Backlinks, Ad text and much more from 140+ regional databases, 450,000,000+ domains, 370,000,000+ keywords, 2.000.000+ users. So by using this SEMrush you can save your time and budgets.

Check targeted audience

N number of details can be gained by auditing the users of that company. We will be picking a business model and a set of audiences as it is. The type of audience really matters a lot. Here we have listed a few types of audiences we mainly focused on.

• Business entrepreneurs
• Youngsters
• Middle-class customers
• Wealthy class customers
• Mid-aged people

The product or service that we offer has so much to do with the type of audience. The audience might vary from company to company and their target. So searching for the different types of audiences in a company is a waste of time.

Analyze & compare competitors content

Once we find the exact competitor using these above-mentioned tools then our team will be digging deeper to get a good understanding of the contents they are publishing. It may be anything blog posts or videos or ebooks, afterward it will be compared with our qualities. We will be trying to fill in the gaps and bring more traffic to our content. 

Analyze their SEO structure

Rather than the content, what are they doing differently than you? Then my answer will be their SEO structure.

Our team will be conducting a competitor analysis to check what type of content they are generating. It is also best to check their SEO structure too. Here let me give you a few examples of how your competitors use keywords.

1. The page title
2. URL architecture
3. H1 tags
4. Content
5. Internal links

We not only check the SEO structure of the content but also what type of keywords they are utilizing. Our team will be listing all the keywords that are being used and we will be going for the long-tail keywords rather than the high volume keywords.  

Look at their social media integration

Nowadays every company is utilizing all the platforms in different ways. This is one of the best ways we use to interact with our users and followers. Before checking their profiles we will be asking ourselves these questions. What type of info are they posting frequently? Do they ever post? Are people following them? Whether they retweet or comment or share? Who are they following?

Once you evaluate these you are able to shape your brands and your audience easily.

Identify areas for development

After performing all the above competitor analysis correctly you will be getting a better idea and understanding of what your competitors are doing. Take all the information that you have gathered, separate them accordingly and check the improvement that needs to be done. If you didn’t find anything that has to be improved then you might have made a mistake somewhere. Then repeat the analysis.

Summarize your strength and weakness with SWOT analysis

Whenever we start the competitor analysis it will become messy and tough because of all of the data that we have collected and it’s hard to understand. To evaluate your competitor’s position by listing your SWOT analysis. This is an easy and quick method.

Here are some questions we will be asking ourselves for SWOT analysis.

1. Strength – what is our strength while comparing to our competitor? It can be anything namely marketing, products, sales, branding. 
2. Weakness – What are you struggling with? What is still holding us back?
3. Opportunities – What is the weakness of the competitors? Try to fill that gaps accordingly.
4. Threats – What are they recently working on? What is the new product or new features they are working on? 

PEST analysis

Similarly one can also do PEST analysis also. PEST stands for Political Economical Social Technological. You can also add the following things under each.

• Political – Taxation, regulation and political stability.
• Economical – Economic cycle, unemployment rate, industry structure and resource availability.
• Social – Mobility, incomes and consumer behavior.
• Technological – R&D support and Product life cycle.

Once you have done SWOT analysis you can also do PEST analysis for external factors. This allows you to analyze the risk and crisis management that ensures that your company is prepared for the change in external factors. 

Where you fit in the competitor landscape

Once the SWOT analysis is done we will be evaluating our competitor’s landscape. This will help us to find where our most competitors fit in. By focusing on the market share value you can launch your business on the current landscape. Or you can take advantage of where your competitors didn’t fit in which will lead to a high level of success. 

Final words

By now you might have understood our competitor analysis. We not only provide an app according to our client’s needs. We are providing them 360-degree service to make them feel comfortable. Still, why are you waiting? Contact us today

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