They say to keep your friends close and your enemies closer. And whether you are a marketing professional or a business owner, chances are you already know this.
No surprise that according to Forbes, 57% of companies state that gaining a competitive advantage is one of the top 3 priorities in their industry.
That is because analysing your own performance only tells half the story. To fully grasp the market you are competing in, look closely at your competitors and their marketing strategies.
But what should you focus on, and what should you do with all that information?
This is where a competitor analysis will help. It gives you a clear understanding of where you stand in the market. It provides insights on the necessary steps to achieve powerful outcomes and secure long-term success in search.
What is a competitor analysis?
Competitor analysis is the process of researching competitors to learn more about their strengths, weaknesses, products, and marketing strategies.
Your goal is to discover how similar businesses in your industry are doing — and more importantly, what they’re doing.
This is no easy task. It requires some planning, research and honest introspection. Take it step-by-step, and you may be surprised by what you discover about the business environment in your industry.
Why conducting a competitor analysis is business critical
Even if a competitive analysis can be a time-consuming, complicated process (though Luminr makes it faster and easier), the rewards are definitely worth the effort. These are some of the most important outcomes:
Discovering all your competitors: simply understanding who is operating in the same space as you and targeting the same audience brings insight into your strategy. You can see where the top players are spending their budget or if newcomers are on the scene. You can see where they may be outperforming and how you might emulate their successes.
Identifying opportunities: you can stumble on some real gems whilst diving into your competitors. From their content and websites, you may identify potential partners, resellers, advocates, and PR opportunities. Explore previously untapped clients or users and pinpoint the types of content that are driving conversions.
Spotting industry trends: keeping an eye on your competitors can give you a sense of the overall direction of the industry. Whether there are new services entering your b2b market, a new brand of handbags gaining traction or a common issue experienced by a user segment. Observing competitors can also highlight areas where not to focus your energy and instead choose a different approach from what others in the industry are doing.
Setting benchmarks for future growth: analysing well-established companies within your industry provides valuable benchmarks for success and points of comparison. These insights can guide your strategic planning, help set realistic goals, and inform decision-making as you prepare for future growth and expansion.
How to conduct a competitor analysis?
Now that you know the true value of a competitor analysis it is time to give your business the competitive edge it deserves! Dive into our step-by-step guide to reveal your competitors’ hidden secrets or fast-track your success with a free demo of Luminr – the game-changing tool that eliminates the hassle of manual analysis.
Identify your competition: Compile a list of competitors, including both direct rivals and lesser-known players. It’s important to know your enemies, so don’t be shy to dig deep. How? Research industry forums, social media, and trade publications for a comprehensive understanding of the landscape.
Gather keyword data: Use industry tools like SEMrush or Ahrefs to uncover the high-performing keywords your competitors are targeting. Consider incorporating them into your own strategy.
Analyse their search visibility: Take a closer look at your competitors’ search engine rankings, backlinks, and website traffic using platforms like Moz or Majestic. Think of it as a digital version of “peeking under the hood” to see what makes them tick.
Identify gaps in the market: Look for opportunities where your competitors are falling short, such as poor website user experience or lack of engaging content. Use this information to your advantage. by seeing them as opportunities to differentiate your brand. Remember, in business, the early bird catches the worm.
Monitor your competition: Keep a close eye on your competitors’ search engine visibility and updates using Luminr’s competitor tracking or other monitoring tools. Respond to this industry intel by adjusting your strategy accordingly. Let’s be real, you can’t win if you’re not in the game.
Optimise your own website: Use the information you’ve gathered in your research or on tools like Luminr to give your own website a search engine makeover. Refine content, meta tags, and site structure to create an online presence that outshines your competition. Make it look so good, your competition will be green with envy.
Conducting a competitor analysis is like a game of chess. Knowledge of your opponents’ moves and strategies is key to outsmarting them and emerging victorious.
You can gain a competitive edge and dominate the search engine ranks. Remember, the search engine game is ever-changing, so stay informed, be bold, and make your move!
Get in touch to discover how we can help you get ahead of your competitors and own page one.