Creating an internet marketing strategy involves more than just staying on top of the ongoing industry trends. Most of the people venture online to find information about the leading brands so placing your business as a viable option is all the more crucial for you. Not only do you have to make sure you maintain pace with your competitors but also keep an eye on what they are doing. The importance of online competitor analysis has increased and you need to start thinking seriously about it.
Analyzing your competitors involves observing the way they are promoting and marketing their products and services. Moreover, you need to figure out their strength and weaknesses so you can use them to your advantage. Only then would you be able to gain an edge on your competitors. A market analysis enables you to find out what you can change about your product offering to attract more customers and how you should market your business.
Thus a competitor analysis is the need of the hour for you. Without this, you wouldn’t be able to spot the opportunities and threats in the marketplace. Plus, you need to discover the gaps in the marketplace which you can fill and carve a niche for yourself. The information regarding your competitors’ strengths and weaknesses would come in very handy for you to improve your own products and services. This is the reason why you should make competitive analysis a part of your internet marketing strategy.
How to Conduct Online Competitor Analysis
There are several steps you have to take for conducting online competitor analysis.
The first step is to go over the content your competitor has posted on his/her own website and on other platforms across the internet. What you need to check is the relevance of the content to the topic of the competitor’s website and the industry he/she operates in. Moreover, you also need to see whether the competitor has missed out on any crucial bits of information the readers would be looking for. Think of yourself as an analyst and try to point out the strong and weak points of your competitors’ content.
Perhaps the most important part of the process is competitor keyword analysis. Given the fierce battle for keyword supremacy in the world of online marketing, you need to make sure you are well aware of the best keywords you can use. Any high-value keyword your direct competitors are using can be used for your campaign as well. On the other hand, you can also discover whether your competitor has not included a relevant keyword to his/her campaign, providing you an opportunity to capitalize.
User Experience Analysis
Next up is the user experience (UX) that your competitor’s website provides. Google gives a lot of importance to the user experience. User experience involves a number of factors, including the ease of navigation, loading time, quality of the content available, etc. The better the UX of a website, the higher its search engine ranking would be. Analyze your competitor’s website to check if there are any points you can pick and add to your website.
Pricing is as important a criterion in the online marketing world as it is offline. This is why you shouldn’t ignore the prices offered by your competitors. Who knows, your competitor might be charging too much for a product you can provide for much less and at a better quality. This is what makes online market analysis so important for you. You will discover more opportunities and threats when analyzing the price than any other aspect of your competitor’s online marketing strategy.
Social Media Analysis
Social media analysis involves checking out the social media pages your competitor has created and the strategies their business is using to gain more followers. If you see that your competitor has more Facebook fans or Twitter followers than you, it is certain that you can learn something from his/her social media strategy. Social media is growing in importance with regards to online marketing so it is worth the effort.
Last, but not the least, is analyzing the search engine optimizing (SEO) techniques used by your competitor. As you know, SEO is the key to success in online marketing therefore SEO competitor analysis becomes that much more important for you to carry out. The keyword analysis you carried out previously would come in very handy when you are analyzing your competitor’s SEO strategy. Once again, SEO is the cornerstone of online marketing so you need to pay extra attention when analyzing it.
These are six areas of your competitor’s online business you can target for a comprehensive competitor analysis. As you can see, they enable you to dissect your competitors’ business and marketing strategy thoroughly. Surely, there will be a lot for you to learn from doing so. This is how online competitor analysis can help your internet marketing strategy. From content marketing to social media marketing to SEO, you will gain valuable insight into how things are done to achieve the results you are looking for.
To make it easier for you to carry out competitor analysis, particularly competitor keyword analysis, use SEMrush. SEMrush will enable you to discover the real value of the keywords your competitor is using. This way, you can note the most important keywords being used and then optimize your website for them.