An Effective Competitive Analysis : Part 3 of 3
By Debbie Gregory.
In Part 1 of our Competitive Analysis Series, we reviewed the basics regarding the analysis; In Part 2, we covered the information you need to collect; and Part 3 will provide you the rest of the information you need to collect as well as tips for sorting and utilizing the information in order to grow your business.
Social Media:
Social media is a fantastic tool to see what your competitors put out there as well as find out what real people think about the products and services that your competitors offer.
On Your Competitors Social Media, Look For:
- What platforms do they use?
- What types of posts do they post?
- How frequently do they post?
- Who do they talk to, if anyone?
- What kind of language do they use?
- What is the tone of their posts?
- Are the conversations they have different on different platforms?
- Are they working with influencers and is that successful for them?
SEO (Search Engine Optimization) Analysis:
It is important to know where your competitors rank. When you Google your competitors’ business name, where do they rank in the search engine results? When you Google your relevant keywords, where do your competitors rank in the search engine results compared to where you rank? The results of your search should provide you a fair idea of the effort your competition is putting forth into their online content and SEO measures.
Check out the following:
- What keywords give your competitors search engine rank?
- What keywords do your competitors rank for that you don’t?
- What content ranks well and attracts links?
- How often are competitors releasing SEO-focused content?
- What sites link to your competitors’ site(s)?
- How have your competitors gained their links (paid for, trade, guest author, etc.)?
- What content on your site is in direct competition with theirs?
Using any search engine, even in Incognito mode, will not be entirely accurate when it comes to rankings. Search engines personalize your results based on your usage, profile, location, and quite a few other demographic items. Do not take these results at face value.
Putting It Together & Using to Grow:
When you look at all the information that you have gathered, you may feel a bit overwhelmed. Pause for a moment and then get to work sorting the information in a format to make it most valuable to you.
- Place each item in order based on importance to your current business goals
- Categorize and sort your findings to determine where they fit into your strategy.
- Work through the findings with your co-workers so that everyone is on the same page. You can put together quick cards or a single sheet with your competitor’s major strengths and weaknesses so your team can quickly reference them as needed.
- Utilize the data to leverage your own marketing.
It is imperative that you put all of your hard work to good use helping to grow your own business. Make sure the information is kept up-to-date and is easily accessible by everyone in the company.
A good competitive analysis does take a lot of work, but the rewards can be massive. It helps you removes blind spots, helps you improve your overall business, strategy going forward and offerings. A good competitive analysis is essential for excelling in your industry. Take the time and energy to do it right.
