27 Aug Top tips for effective competitor analysis
In a world full of competition, it can sometimes feel near impossible to stand out. New brands enter the market every day, all of which are fighting relentlessly for the top spot. This is why keeping tabs on your competitors is so useful, to find out not only how you can improve your business, but to uncover that all important gap in the market.
Competitor analysis is a key part to developing a winning digital marketing strategy, and when it’s done well, you’ll stand a better chance of dominating the web – which means more lovely customers. Let’s take the bull by the horns and discover how best to really start standing out from the crowd.
Who are your competitors?
Duh. Sounds straightforward, but discovering who your competitors are will end up shaping your final analysis and the overall perception of your business – so it’s pretty crucial to get this bit out of the way first. There’s bound to be plenty of brands out there who are targeting the same demographic as you, so head over to social media and note down who your five biggest threats are before getting started on the next steps.
How are your competitors doing?
Keep your eyes on the prize, and your eyes on the market. There are plenty of competitor analysis tools out there to choose from, allowing you to uncover what your competition is ranking for, how much organic traffic their keywords are receiving, and which pieces of their content are performing particularly well.
If they do look to be blowing their audience’s socks off, why is that? And what is it they’re doing differently? By identifying your competitors’ strengths and weaknesses, it’s much easier to both come up with new ideas for your own business, whilst knowing what to steer clear from.
Rather than stealing ideas, instead use your competitors’ content as a way to spark ideas of your own. Perhaps they launched a number of interactive quizzes that made them go viral, maybe they have a competitive price offering, or they could be a graphic whiz. Whatever the case, use their strengths to build on your own.
Find your unique selling point
We’ve mentioned it before, but finding that gap in the market is a surefire way to really grab your audience’s attention. Monitor the trends as much as you can to jump on anything before your competitors do, and always be sure to emphasise why your brand is the best. There’s plenty of other products and services out there, so why should people invest in yours? Once you’ve found a way to differentiate yourself from a sea of other businesses out there, you’ll be one step closer to winning people over.
If you’d like a helping hand with discovering new ways to set your brand apart from your competition, our friendly team of digital marketing professionals would love to have a chat with you. From SEO and PPC to content marketing, be equipped with the resources to make your brand a total knockout.