An effective website SEO strategy is made up of multiple essential factors to generate more traffic and enquiries, resulting in more turnover and profit. Today, competitor analysis is becoming an urgent step in the overall brand building process and finds application in every subsequent communication tool with the potential client.
Competitor analysis provides a clear picture of a business's positioning in the industry and serves as a starting point for developing future strategies and goals.
At Grow Easy, a Google Marketing Agency, we will provide all the information you need to know about you, your business development and positioning as a niche leader. Find out right now how to optimize your business, learn from your competitors' mistakes and capture a larger market share with a few easy steps!
1. How to utilize the downsides of the competitors? Competitor analysis
To make sure that your business grows brilliantly, you need a professionally prepared SEO strategy. It involves properly identifying the potential risks and opportunities behind your business' online performance. But what are the benefits for your business:
DON'T FALL BEHIND WITH POSITIONS just because you haven't analyzed the actions of other players
_According to statistics, through "competitive scouting" over 54% of businesses worldwide successfully implement their plans over the next 3 years. _
DON'T LOSE CONTROL over management
Almost all American companies that are part of the prestigious Fortune 500 list keep a close eye on their competitors in order to stay at the top.
DON'T LOSE YOUR EDGE over others because of wrong decisions
It has been proven that if you consider the practices of other companies in the same industry, making effective business decisions is up to 5 times faster
DON'T OVERLOOK KEY INDICATORS of proper financial management
A decline in revenue can have disastrous consequences for any organization. If you regularly check how competitors are behaving, you have a chance to generate up to 4 times more revenue.
Don't put off turning your business into the biggest competitor in the market! We're here to help you get the results you want quickly and easily through SEO and Google Ads!
2. How to find out WHO IS YOUR MAIN COMPETITOR?
Competition in business is a strictly defined factor divided into 2 main categories - business competitors and results competitors.
Business competition represents all players in the market that provide similar products and services - Industry leaders operate YOUR business. It does not matter what their score is and whether they are in the online or offline space.
The competitors in the results are all businesses that target similar or the same keywords and phrases as you. The information that is extracted from their activity is extremely valuable. It is indicative of how your search engine ranking can improve. It is important to know that competitors in the results may not be in the role of business competition, but they are just as important.
For example,
Imagine you're selling pizza in the city centre. In the beginning, you have a lot of customers and everyone is happy with the quality you offer. However, after a while you find that the sales decrease.
It turns out that 2 other similar places have opened around your pizzeria. Neither can match the taste of your pizza, but one restaurant gives a discount on every third order, and the other has chosen a busier location and is actively collecting customer reviews.
If you add somewhere that "the recipe behind the divine taste is from Naples" you will surely stand out among the other 2 pizzerias. In case you do nothing, you run the risk of failing your business simply because people choose your competitors.
The same way brand presentation works in a digital environment. That's why it's so important to keep up with the actions of other players in the market.
_According to a recent statistic, over the last 10 years, companies are spending significantly more on competitive analysis because it is currently the most common practice to increase revenue. _
3. How to beat competitors at their own game with competitive analysis?
SEO competitive analysis is done with specialized tools that look at basic parameters such as keyword rankings, search engine visibility, content and technical parameters.
Keyword ranking is your website's position in searches for a specific keyword. Performing well is extremely important because it guarantees more traffic, which can translate into taking interaction with your business.
Search engine visibility equals the likelihood of your potential customers finding you. This metric is essential because it allows you to identify where YOU are positioned among competitors. If you are in the top 3 results over 70% of users will prefer YOU!
Original well-structured content is the starting point for your business to stand out. Search engines prioritize useful information that contains the right amount of keywords.
Technical analysis is no less important than other parameters. This includes the structure of the URL, the quality of the internal links, and the layout of the individual parts of the site. The more optimized they are, the better your chances of being among the top positions in search engines.
4. Where do you start with 'scouting' when analysing the competition?
In order to accurately determine the stages in a competitive analysis, it is first necessary to establish the specific metrics of the business and the niche to which it belongs.
The key stages in analyzing the competition that can be part of a successful SEO strategy include:
#1 Identifying competitors, their number and segmenting them by category.
#2 Detailed analysis of their online presence and channels of contact with potential customers.
#3 Establishing a language to communicate with the individual brands and their visual presentation to partners, private and corporate clients.
#4 Structuring their website (the digital business card for each business) and the steps and/or stages of their customer journey.
#5 The positioning of their keywords and phrases in juxtaposition to those that are defining to the success of YOUR business.
#6 Their content publishing strategy, relevance and frequency of publishing.
#7 The CTAs used to generate inquiries and calls.
#8 And more business and niche specific factors that can scale your business to a new level.
Each stage requires a specialized attitude and professionalism to achieve the most accurate results about the competitors' status.
5. How do you know which tools to rely on for competitive analysis?
Choosing the right tools is as important as the people who use them.
In today's increasingly digital world, there are dozens of online platforms that review links, output necessary and foundational SEO information, traffic, search engine rankings, and other specific parameters of individual competing businesses.
Retrieving the information is an essential part, but interpreting it is the point on which the subsequent development of your business depends.
Don't know where to start but want to reap the benefits of competitive analysis? Contact us now!
6. How to use the information from the competitive analysis?
Accurately collected and processed competitor data provides direction and underpins the small steps in a strategy for guaranteed success. Every improvement from changing keyword selection to breaking into new platforms and channels can significantly change the bottom line of your business.
Each future step needs to be taken carefully and with the assistance of established specialists to get the most out of the analysis.
7. How to unravel the SEO strategy of YOUR competitors?
Based on the competitive analysis done, the SEO techniques that other businesses are using can be determined with the help of experienced professionals. Consequently, the results of each stage of the analysis should be examined.
In today's dynamic online environment, companies' SEO strategies are increasingly being privately based on competitive attributes. Because of their active application and use, we are witnessing such fierce competition for customers.
Don't miss out on the opportunity to be YOUR market leader in your niche and trust the right professionals!
8. Why is it important to analyze your competitors?
The digital environment is not a static channel for distributing products, services and information. It is constantly changing, and with it the requirements for good brand positioning in an industry or niche market are changing as well.
The approach of competitors, whether successful or not, is in all cases indicative of the future development of your business. Trends change, so does the algorithm, so it's important that you keep up with it too.
It has been proven that with accurate competitive analysis, your business can improve its market position and develop innovations that will support it in the future. If you don't try to adapt to changes in the digital environment now, you are putting your brand in serious danger!
9. How often do you need to do competitive analysis to boost results?
The frequency to perform a competitive analysis depends on the goals you set, the dynamics of the industry and of course, the competitors.
When there is a major change or innovation in market development, it is advisable to conduct a thorough competitive analysis.
For example, in the IT sector, every innovation leads to a complete change in established ways of working. Because of the ever-increasing digitalization, all major IT companies need to analyze the competition among the most profitable players.
10. How can YOU be #1 and not the competitors?
There is no definitive answer to this question, but there is certainly a solution. The first step to success starts with developing an excellent SEO strategy. It will increase organic traffic to your website and thus reach more potential customers.
For peace of mind that your business is in the right hands, trust professionals with years of experience. We'll make sure your brand becomes a market leader and help you learn the essentials about your competitors. Let's build and grow together!
