How to Conduct a Business Competitive Analysis
Competition is a given whenever you enter a business. You can never say that you are the only one in that line of business. While it is possible you are the first in that field when other entrepreneurs see you are doing well; competition will come. It is an unavoidable part of the business world. The best things you can do is to spike up and stay in the game. Therefore, competitive analysis is perfectly legal and okay since it is considered strategic research. Obtaining a competitor anlaysis report is a good step to make when you want to stand out and be the best in the industry. If you are new on this type of strategy, here are the significant things you need to do to make sure you can perform appropriate and effective competitor analysis.
Identify Your Major Competitors
The first thing you need to understand is you need to compete with companies within your range. You cannot go about observing a company that is a lot less popular than yours or go and tries to fight with a giant company if you are starting. You need to build your credibility, name, and reputation first before you can step up the ladder and tackle on more prominent competitors. What you can do is to shortlist on your ten closest competitors. From there, you can narrow it down to the five toughest competitors you have before moving forward.
You may also check this article: Competitive Analysis. How will your business compete? Explain it well in your business plan’s competitive analysis.
Analyze Your Competitor’s SEO and Contents
The next thing you need to do is observe the structure of these competitor’s SEO. You also need to check on their contents and their routine and strategies when it comes to materials and other things you can find on their website. It is a simple task, but it can take much time since there are many things you need to observe and analyze. You cannot just get one content and explain it; you need to check on everything so you can deduce a proper conclusion afterward.
Observe their Social Media Presence
Since Social Media is one of the primary platforms not just for advertisement but in gaining popularity, you need to observe how they advertise on those platforms. You also need to know how they attract users to like their pages and to visit their website. One thing you need to check on is their visitors. Who are those visitors, how do they get to learn about the site, what are their ages and what are their interests? You can get all these information from the competitor analysis report from SEO experts.
Compare Yours and Identify Areas of Improvement
The last but most important thing you need to do is to compare their SEO strategies, their web contents and their Social Media marketing with yours. You need to identify and see the difference. You also need to accept the fact that theirs is possibly much better than yours. Once you understand their strengths, you need to strategize to make yours better. Find ways to improve your contents and Social Media based on what you see on theirs. You might also need to consider your SEO strategies so you can make it more effective. You need to know which ones are good and which ones are not so you can make it better.
Are you in need of assistance in obtaining a competitor analysis report? Do not hesitate to ask for our professional support. Feel free to visit our office.