Online competitor analysis allows you to visualise your business as customers see it, identifying its strengths and weaknesses, as well as potential opportunities and threats to its existence.
This is precisely the information you need to complete the SWOT analysis. This analysis will identify areas that you may need to improve and areas that you can use in future marketing and branding plans.
Despite all the apparent similarities between you and your competitors, there should be enough differences between each company to ensure a unique market position for everyone. You need to understand what your competitors are doing to develop a plan that will help you stand out.
How to identify and analyse your competition
Here are a few steps you should follow to get all the information you need about your competitors. With these five steps, you will be able to implement your online competitive analysis strategy.
If you’re having trouble identifying competitors for your website’s competitive analysis, select the ones you come across most in your research and conversations with customers and sales. Use these related keywords to narrow down your definition of competitors to make sure you are analysing companies that really compete with yours. The keywords you use in your competitive analysis should be relevant to your business and relevant to the content you already create.
Similarly, highlighting the keywords targeted by your competitors will directly affect your content strategy. Similar to keyword research, competitor keyword research can help you focus more on content creation. You will know which keywords your audience is looking for, which competitors are creating keywords for that content, and how difficult it is to surpass your competitors when creating competitive content.
Benefits of competitor analysis
Identifying your competitor will form the backbone of your online competition analysis, serving as the benchmarks against which you will measure your company’s online presence. Since success is often determined by a company’s ability to respond to changing market conditions, it is necessary to understand the strengths and weaknesses of competitors to improve its competitive advantage. Conducting a competitive analysis is an integral part of any sound business strategy. Without knowing how you position yourself concerning your competitors, it is impossible to know which competitors are your most significant threat, how to beat them, or where you should focus your efforts. If you conduct competitive analysis and use it to formulate your strategy, you will outperform at least half of your competitors.
Competitor keyword analysis
Competitor keyword analysis is the process of identifying the top keywords of competitors to create content that surpasses them in search results. The answer usually comes down to the fact that your competitors have chosen better keywords than you, and you can use competitor analysis tools to find out which keywords are most likely to drive success. As mentioned above, using keyword analysis tools can make it easier to analyse your competitors’ keywords.
Using Kommon Poll, you are not only able to search for brand names of your competition in order to identify the public opinion on your competitors, but you can also search keywords to find out how widespread the individual keywords are. Using this tool enables you to identify your strengths and weaknesses, what your competitors are doing differently and help you better formulate a marketing strategy.
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Citations
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