Business is all about being a step ahead of all your competition. To gain that position, it becomes imperative to keep a close eye on your competitors.
A competitive analysis will help you understand the strategies your competitors use to keep their position. You will be able to comprehend their strengths and weaknesses.
An excellent competitive analysis can take your business a long way. It will give you a clear idea of how you are going to keep up with the competition and will provide you with an upper hand in the game since you will be aware of everybody’s strength and weaknesses. Based on your analysis, International Media House, SEO Agency in Adelaide can make your future strategies and plans on how you are going to base your business.
Why is Competitor Analysis so important?
Conducting a market analysis service will help you with understanding the topic and tactics trending in the market and know how it is affecting your competitors.
Knowing your competitors well will help you in creating a different identity for your brand. You can have an analysis of the campaigns and ways that bring your competitors leads and implement it in a way that will help you to create a unique recognition for your audience.
You will be aware of the trends in the market and the strengths and weaknesses of your competitors. This will give you an upper hand and will help you outperform your competitors.
You do not only know who your competition is but also learn what makes and breaks them, and that is always beneficial if you want to stay in the game.
It gives you a fair idea of the things your potential customers like that will help you develop your product and services better.
How to start Competitive Analysis?
Categorise your competitors based on their strengths and weaknesses. This type of analysis will help you understand you to understand the USP of all your competitors. SWOT stands for Strength, Weakness, Opportunity and Threats.
The Strength analysis will help you learn about all about the different features of your company, like the knowledge, advanced technologies, and your intellectual and capital properties.
The Weakness analysis will help understand where your business is lacking; your resources limitation helps you form a clear business proposition.
The Opportunity analysis will give you a fair idea of how many competitors are there in the market, the underserved market areas, emerging needs of your product in the market, Press/ media coverage of the company.
The Threat analysis will analyse who is your emerging competitors, changing rules and regulations, changing public behaviour for your company, negative press.
This is a holistic way to analyse all aspects of your business and understand the market and SWOT.
Step 2: Audience Growth
Analyse how they are using their social media at their best and the strategies they use. Tracking audience growth on your social media will help you understand the kind of content appreciated by your audience and will help you keep that record of accomplishment. By a healthy way of comparison, you can appreciate the strength of their audience and what is it they prefer. This will put you in a better position in improving your social media.
· Content Distribution
You can improve your brands reach and audience by posting frequently and engaging content in all your social media forums. You can also optimise your company’s distribution understanding your competitor’s social media and maximising the impact in your content calendar.
By adding more social media post, does not mean adding up to a loud conversation but to tactically post when you know your reach will be available and times when the conversion is prone. This is a trial and error method, and it will take some time to understand the market and audience behaviour.
· Content Engagement
This will help you understand what your audience wants. Putting a regular check on your content engagements is proportionate to your audience interacting to it, which will help you know the type of content your audience enjoys. Paired with content distribution and meeting lets you compare the effectiveness of your content from your competitors.
Making more interactive posts, asking your audience to comment or like helps increase the engagements and takes the game a notch up.
Step 3: Right Marketing Channels
Keeping a close eye on all emerging and existing channels of promoting your business can be tedious. However, this will help in keeping an eye out on a sneaky new or existing competitor. Keeping a tab will help in being more reached and engagements across all core and emerging platforms. Marketing can be done in various platforms through email blasts, social media channels, searches, website traffic and earned media.
You can always come to us for the right marketing ideas. We are a search engine and digital marketing agency in Adelaide who works day and night to bring the best views on the table.
Step 4: Choose the Right Competitors
Competitors can be divided into three major categories
- Leading competitorsIndustry Influencers
- Aspiring Competitors
Analysing your competitor’s content will provide you with the right information about which competitors fits which group. This will help you understand which your real competitors are and which are the ones you are competing against (direct competition). Studying their annual sales report that presents information related to total sales volume, revenue increases, and the overall market share will help you determine your competitors.
SEMrush is a great online tool to discover who your top competitors are. It is excellent software to get a peek into what other companies are ranking for your keyword and how you pile upon them.
Various types of SEO Tools will help you do a competitive analysis of your market and competitors. You can always connect with us and get more help with any of your digital marketing queries. These analyses prove your brand’s value and indicate your performance tracks. It will help in improving your company’s growth in areas like share interactions, engagements, website traffic, audience size and overtake your competitors. It will always help you stay ahead of the pact.