Why are your competitors outranking your brand?
What is their strength?
Who is their potential audience?
Which keywords helps them to rank better?
These are a few questions that you probably ask yourself at some point in your business.
The answer to all the questions can be available from competitive analysis. A quick scan of their social media posts, their blogs, and promotions is a good start to analyze the competitor but not enough! Competitors analysis is an in-depth study of your niche market, your competitors, and exploring their strengths and weaknesses.
What is Competitive Analysis?
A competitive analysis is a method of identifying your competitors and exploring their strengths and weaknesses in your domain. The main purpose of a competitive analysis is to understand the best way to improve your strategies and find out new revenue resources which help in outracing your competitors. It is necessary to keep an eye on your competitors while seeking opportunities for growth.
It is the best way to find out what your customer is looking for and what makes them engaged to your competitors. Also it an opportunity to assess yourself from the perspective of a customer.
Things to Include in your Competitive Analysis
- Identifying your competitors
- Assembling data regarding your competitors Brand awareness, pricing, Marketing methods, customer feedback, opportunities, products, risks, and company culture.
- Measuring their strategies : Check their strategies, strength, and weaknesses according to your strategies. Also predicting their business behavior also helps to take necessary decisions for your brand in the future.
Why you Should Consider Competitive Analysis?
In a constantly changing world, there is always room for innovation, there are also chances for improvising your strategies which help you to remain on the top of the competition. So if there are opportunities for holding that power to yourself, then why would you say no to it?
Competitors analysis is such an opportunity that can make you a potential marketer if used wisely. Hence the significance of competitive analysis cannot be over-estimated. Tracking your business competitors is an effective way to ensure that you are keeping up with the growing needs of the industry. It helps in implementing better marketing tactics that will boost your online visibility and expand your online footprint.
Is it Necessary to Compare Yourself With the Competitors?
Comparing yourself with your competitors may sound ridiculous but in a business, it is the best step to identify your mistakes in strategies and their strengths. But before start comparing, knowing your competitors is important. Start asking questions like, what are the services they are offering, are both of you targeting the same audience. According to the studies your competitors can be classified into three groups namely, direct competitors, indirect competitors, and substitute competitors.
Direct competitors are the main competition to need to tackle, who having same products or services and targeting same audiences. Analyzing these types of competitors will give you a competitive edge in the industry.
Indirect competitors also offer the same product or services but the business goals will be different.
If your target customers are getting products or services from another company then it is a substitute competitor.
Once you choose which category of competitors you want to analyze then you can start comparing by tracking their activity, analyzing their target customers, and identify more opportunities from it.
What Are the Different Types of Competitors Analysis Method?
Competitors analysis is a vast method. There are so many methods from which you can choose.
Content Comparison and Analysis
Identifying the type of content your competitors are posting is an important factor. It helps you to know what is the particular factor to which the customers are engaging. The type of content they are publishing, it may be blogs, video posts, paid ads, press release and many more. Once you understand this, you can compare the quality, the tone, and the pattern to that with your content. Check their frequency of publication and most important where they are publishing.
SEO Structure Analysis
The competitive analysis became necessary when your paid promotion is lagging behind and you are not getting the success that you are looking for. In such situations, a proper answer and solution for these issues can be identified with competitive analysis.
Check how they are using the keywords. The position of keywords and how they use the keywords in page title, URL, heading tags, content, image alt tags, meta description, social media posts, and more. Apart from this checking your competitors’ domain authority, sitemap, backlink strategy, page templates are also given relevant information about what you are lacking in your SEO strategy.
Social Media Presence
Analyzing the social media presence in which how they engage with their followers, how active they are on social media, uniqueness they follow in their posts, all these are important information which helps in making your brand more professional. Here you can check the customer feedback, where you can find their weaknesses.
I don’t have any competitors!
Yes, in your dream!
If you think you don’t have any competition, maybe you don’t know what is happening around you and you are not realizing your brand is outdating.
Sometimes people don’t realize the competitors and if they do, probably don’t know how to tackle it. Here is where digital marketing agencies like NV Digital Marketing show their significance.
What We Offer?
At NV Digital Marketing, we analyze your competitors and provide personalized plans to kick-start brilliant business strategies. Let’s see some services that we offer in competitive analysis.
At NV Digital Marketing, we analyze the strength, weaknesses, opportunities, and threats your business is facing and we such insight we will customize effective strategies to outrace your competitors.
After analyzing your brand, we focused on discovering your competitors and incorporate their products, services, marketing strategies, paid promotions, backlinks, and more.
We assemble the marketing positioning of each competitor on various platforms. This will give a clear-cut understanding of how you differ from them. You can analyze their distribution networks, track records, their major clients, etc.
Tracking their best practices and strategies and embarking them on your marketing strategies will give you an extra layer of advantage. The type of content they are using, the domain they used to share their works, type of paid promotion they do, frequency all provide significant information about your competitors which helps us to plan and implement better strategies for your brand.
Our proficient team can assist you in discovering where you stand out and what are things that your brand is lacking when comparing with your direct, indirect, and substitute competitors.
Why Choose Us?
It is quintessential for all brands to have a perfect competitor analyzing team which helps in acquiring high revenue and growth. Choosing the best and trustworthy service is the stepping stone towards it. Let’s see what makes us special.
ISO Certified Service Provider
NV Digital Marketing is an ISO-certified service provider with a proven track record and quality and delivers top-notch solutions globally.
We are an assemblage of seasoned marketing professionals with vast experience working with piles of projects and international clients. We always focused to understand the client requirements well and provide solutions that are extremely scalable.
Despite the size of the business, we offer our services to all clients based on customized budgets. With affordable packages, we offer competitive analysis services without compromising on quality.
Being a renowned service provider, we know the significance of accuracy in each service we provide. By understanding our client’s business goals and their needs we always strive to provide highly precise and accurate solutions.
Accomplish all your business goals with us, contact us to know more about our high-quality services and make your business fruitful.