Competition is a good thing all the time. This forces us to do our very best. A monopoly makes individuals complacent and happy with mediocrity. You will build a more knowledgeable and efficient marketing strategy if you know how to carry out a competitor analysis. Researching the industry’s rivals lets you see the business environment clearly, where your brand fits in, and what you need to do to stand out and thrive.
What is competitor analysis?
It is simple to understand from the term itself but practically it includes a lot of research and evaluation of your rival’s business strategies.
A competitive analysis is a research method that shows who your rivals are and how your brand is relative to their goods, positioning, strengths, and weaknesses. It’s an analysis that explains you following things from the competitive study, such as:
- Identifying your opponents and judging them
- Evaluating their strategies
- Their strengths and vulnerabilities
- Take business decisions that help to beat them
- How to compare them to your business?
- What amount of brand recognition in your market do your rivals have?
Find their rates, earnings results, share prices, best practices for customer service, cutting business, distribution, and a whole lot more.
Why do competitor analysis?
With competitor analysis, you will be able to improve your own marketing plan. In the industry, you can also find opportunities that rivals have missed. You’ll discover new areas of opportunity that your competitors are proving popular, that you’ve missed. For example, you should target countries that are working for them.
Our products have helped shape a lot of companies with eCommerce platform plugins like the marketplace, social networking, SEO wizard, etc. We helped many dreamers to start their own business apart from that. We know how to start a company with eCommerce and how to be a top performer. And one of the most important of these was doing competitor analysis.
Today, eCommerce means rivalry cutthroat. For a single moment, you can’t afford to lose concentration. If you don’t constantly keep track of your rivals, you’ll unexpectedly start losing clients one day and you won’t even know why.
Doing regular competitor analysis does not only give one an advantage over rivals for an eCommerce company, it is a must-do to remain in the race and make a constant profit from your business.
How to do a competitor analysis?
We put together this guide to help you learn how to do a competitive analysis that explains what to do during each phase, what competitor analysis tools you can use to discover the details, and how to use the data to guide your marketing strategy.
- Identify your competitors
- Compare positioning in marketing
- Compare the traffic and efficiency of sites
- Make a comparison of keywords
- Compare Voice Share
- Backlinks comparison
- Compare the efficacy of SEO
There is no foolproof advice to make the right one for your competitor analysis. Instead, it focuses on the sector in which your company is.
Popular competitor analysis tools
After knowing the importance of competitor analysis, the question that arises is how to do this? Are there any software or tools that can help? It is easy. There are various famous competitor analysis tools for different niches.
To compete with the competitors you must use the most efficient tools for business analysis. Some tools can assist you with competitor analysis for SEO, content, keywords, and social media. Let’s dive deep into the popular competitor analysis tools.
1. QuickSprout
To learn about sites similar to yours and to find out how to outrank them, use the QuickSprout competitor research app.
When using this method, the one thing to bear in mind is that the reports can take time to load. Usually, the competitive analysis tab loads within 60 seconds, and it typically takes 90 seconds for the social media report.
2. SEMRush
Analyze the top organic and paid keywords, backlinks, and more with SEMrush from your rival. SEMrush is a flexible tool that allows you to perform competitive research on any domain name and to use the knowledge to optimize your campaigns. This instrument allows you to do four significant things:
- Keyword Analysis
- Study of Competitor
- Audit of Web
- Study Backlink
3. Google Advanced Search Operators
Google Search Operators is a competitive audit tool that lets you find just what you’re searching for if you want your search terms to be changed easily and efficiently.
Google Search Operators are also query terms or symbols that you use to trigger specific actions and send you the most important search results. When making blog posts or searching for the most accurate data, I use these search operators every day.
4. Ubersuggest
Ubersuggest makes it simple to easily dig up and analyze
- Top keywords
- Backlinks and where they come from
- Top ranking pages
And if you do so, with the idea of outranking your competitors, you can change your strategy.
5. SpyFu
Learn the PPC keywords and SEO tactics of your opponent, scan and download their keywords. An awesome analysis tool for Pay-Per-Click. To enhance your SEO results, it shows you the paid keywords that rivals are targeting, as well as the organic search keywords.
6. SimilarWeb
See from where the rival gets its traffic, what the sources of the traffic, and its audience’s demographic are. You can reliably guess how many unique visitors your competitors produce every month with SimilarWeb. It is used by top brands because it is flexible and offers one of the most precise sets of insights on any given site.
7. BuzzSumo
Buzzsumo is a fairly common monitoring tool for social networks that helps you find the most shared content by entering the domain for a given subject or competitor. In Buzzsumo, just use your industry keywords to see what kind of articles get the highest social interaction score. It is a realistic tool for producing viral content and making viral headlines.
8. Alexa
Alexa is a corporation owned by Amazon. It was founded in 1996 and has a long history of offering in-depth analytical insights to compare and optimize companies on the internet. Get detailed statistics and analytics on web traffic using Alexa.
9. Google trends
Using Google Trends, find when and where your competitor is being listed on the web in real-time. Google is, without a doubt, the world’s most used and useful search engine. Google Trends is a website by Google that analyzes the popularity across different regions and languages of top search queries in Google Search. The website uses graphs to compare, over time, the search volume of various queries.
10. Siteliner
You need ties when it comes to improving your search rankings. Between external links and Google rankings, there is still a connection. To search for broken links from any site, use Siteliner and then assist the site to repair it by pitching your link as a substitute for it.
Wrap-up: It’s not going to happen immediately. It’s a continuous phase. Doing a periodic analysis of rivals will give your business the edge it needs to outsmart the competition. Learn and watch. Installing monitoring to monitor your progress – Google Analytics, SEMrush, Moz, Webmaster Tools. With QuickSearch and Talkwalker Warnings, observe your competitors and industry. See what works and what doesn’t.
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