Digital Marketing
Competitor Analysis: How and Why to Do It Best
Competitor analysis is that indispensable step in every activity related to online and offline marketing. There is no difference, it is always important to have an external point of reference to understand what is happening beyond your borders. Moving in the dark, without knowing whether competitors have already taken some virtuous steps or not, means losing sight of the objective. That is, optimizing every useful step.
You want to reach the customer, and the conversion. Every online and offline marketing process is based on some pillars such as the analysis of the target, the definition of the core business and the company mission.
There are other aspects of a well-structured and Peru Phone Numbers effective planning that have a decisive strategic profile, among these we remember the competitor analysis. Here is what you need to know on this topic.
Table of Contents
What is Competitor Analysis?
Why is this step important?
How to do competitor analysis
What aspects of competitors should we analyze?
SEO
ADV
Reviews
E-commerce
Analytics Tools for Instagram and Facebook
Want a competitor analysis?
What is Competitor Analysis?
Competitive analysis is a strategic step to understand how companies , organizations or freelancers operating in your same sector move. In this way it is possible to have indications regarding objectives to be achieved and reference parameters to be exceeded.
It is no coincidence that competitor analysis often merges with benchmarking work , i.e. the comparison with the main competitors by setting metrics to compare the evolution of the work carried out.
Why is this step important?
Competitive analysis is essential to study your competitors. This allows you to optimize your business strategy from all points of view, including your online presence but not only.
Studying your competitors in depth brings several advantages. First of all, you can avoid mistakes made by other companies and discover the weaknesses of your competitors to exploit. But also market segments or niches that other brands are starting to successfully occupy. Monetizing your efforts.
Unfortunately, there are also some issues to avoid: in many cases, competitor analysis is seen only as a way to discover what competitors are doing and spy on competitors in order to copy interesting ideas and solutions. But making up for a lack of inventiveness and initiative in this way is to be avoided.
How to do competitor analysis
You need to identify competitors to include in your analysis lists, selecting those that share your same sector. Then you need to collect information on these names in order to obtain as much data as possible to make a selection, understand what is worth considering and analyzing.
Having a lot of data available is important but analysis can only be done if there is selection. The comparison and reflection on the information available, obtained during data collection, can be done with Excel templates: an example is the one you find on the Hubspot website .
competitor analysis example
One of the fundamental principles is to bring the result into a SWOT analysis , that is, a matrix to relate strengths and weaknesses, opportunities and threats. These last points are linked to factors external to the company and are reflected in the strategic analysis of the competition.
Thanks to this operation, in fact, I can discover any points that can threaten my dominance in a sector but I can also identify weak points of the competition to find space in a profitable niche. All this is essential to emerge and monetize.
What aspects of competitors should we analyze?
There are different ways to manage a competitor analysis. And you can put different elements under the magnifying glass , both generic and specific. Generally speaking, and based on the needs of a path with a good propensity towards digital and web performance , we can carry out a competitor analysis by basing the research, data collection and reflection on some points.
SEO
One of the first parameters to highlight when you want to do a good analysis of the competition: SEO. That is, positioning on search engines. The work is carried out thanks to advanced tools such as SEOzoom , Semrush, Majestic and Ahrefs (just to name a few). The goal is to understand how competitors work, where they have earned results in the SERP and in which places you can fight them .
Or you can work strategically and use SEO analysis in a Blue Ocean key (taking up the well-known book on sales tactics and strategy): discover where competitors are strong and where they are slowing down. Then avoid the clash in the first area and conquer position right where they are lacking.
imed at improving performance?
