Competitor Analysis

Know what your competitors are doing

Information regarding what your competitors are doing is vital to understand. We offer a quality service tailoring our competitor research to your exact business model. We use advanced techniques to measure what your competitors are doing that you’re not.

SEO competitors are the ones who rank at the top of the search page results for a targeted keyword. Competitor analysis involves recognizing who your competitors are and assessing their strategies to determine what their strengths and weaknesses are in comparison to your individual product or service. Once this has been calculated, you can determine what is different about your product or service and use this information to appeal to your market. When evaluating your competitors, it’s important to ask:

Who are your competitors?
What type of products/services do they offer?
What strategies are they using?
What strategies did they use in the past?
What are their strengths and weaknesses?

Completing a Competitor Analysis

The first step in analyzing your competitors is through categorisation. Organising your competitors into segments, for example, what product or service do they offer or what strategies are they using, will provide your business with a better understanding of each competitor’s strengths and weaknesses. This process is called competitive intelligence gathering. At the heart of this process is assessing your competitors’ keywords. Analysing competitor keywords will not only provide information on where they are ranking, but it will give you an idea of how many pages a site may need to beat the top competitors. Once the competition is segmented and keyword research is done, it’s essential to evaluate their website and customer experience. This is where the attention to detail comes in when looking at a competitors site answer these questions:

What is the layout of their website?
What imagery do they use and what quality is it?
How well are their descriptions written?
Where is their call to action button? If there is any?
Do they post blog updates?
Is the site mobile friendly?
Where are the social media icons located?

One of the more central aspects of a competitor analysis is recognising a competitors market positioning. By doing this, we will begin to see what our market demand and expectations are. Gathering as much information about how they speak to their customers and how they are positioning themselves will help us when positioning alongside them. It’s important not to forget to look at pricing, as mentioned before when competition increases, prices decrease and you always want to have a competitive price. Don’t drop the price too much though; maintaining profitable margins is a requirement when running a business.

Is Competition Good For Businesses?

Competition exists in every industry, and believe it or not it can actually be healthy for a business. We’ll explain why,

Innovation

Healthy competition is way one to push your business into new ideas. If your business is the only one offering your specific product or service, you won’t be exposed to how others are doing things differently, making it harder for your business to improve. On the other hand, if your business is in a competitive market, you have to be unique if you want to succeed. This is why competition is good; it inspires change leading to new and fresh ideas that will make you stand out from your competitors.

Complacency

Complacency is going to happen in every industry. However, most businesses that display complacency will lead to failure. Competition makes you work harder, if your business is threatened by another company who is doing things a little bit better, you’re going to start using better resources and start performing at your optimum level. If you want to be better than your competitors, you have to be efficient.

Increased Consumption

When competitors begin to increase within their market, there is going to be an increase in utilisation. When pricing your product or service it’s important to base this off your competitor’s price. When consumers are more accommodating and ready to purchase a certain product or service if it starts becoming a social norm.

Quality Improvement

Product prices were very high decades ago, but as times have changed so have the prices for a quality product. As competition increases, prices decrease, and when prices decrease consumers receive quality products at lower prices. That’s why businesses need healthy competition; it encourages employees to work harder to produce better services and products at lower prices.