Do you want to see what your position is in the marketplace? Do you want to compare your business against your competitors? Conducting a competitive analysis can achieve this for your business. Understanding your business position allows you to create a marketing strategy which yields better results. Here are some simple steps in order for you to conduct a successful competitor analysis.
Prior to conducting an analysis of your competition, you must identify who your competition is. The first step in a competitor analysis involves listing all of those businesses who offer a similar product or service. Narrow the list to those who are targeting the same market and may also be close in location. These are your biggest competitors.
It is important to analyse your competition. This prepares your business to meet the challenges that the competition poses. This includes scanning and understanding information about the values, services, products and leadership that your competitors have. Downloading annual reports, press releases, and social media posts allow you to understand what sort of information is shared with their followers. If your business lacks in communication, this is especially important.
In addition, you can use tools such as SEMrush. This allows for you to understand which keywords they rank for and the type of content created.
Through comparing your competitors with each other and with your business, you can understand what threat your competitors pose to your business. A simple side to side comparison will achieve this. This includes comparing features such as:
- Target markets
- Business categories
- Distribution channels
Conducting a SWOT analysis may be the most important tip. This includes the Strengths, Weaknesses, Opportunities and Threats which are internal and external to your business. Therefore, a successful SWOT analysis will allow your business to identify areas which need to be improved and which areas are strong. Strengths can be used as leverage when it comes to marketing campaigns.
For all successful businesses, there is a unique position in the market for them. Analysing where you stand with your competitors and making an honest assessment on where your business stands is important. Additionally, This allows you to identify what needs improvement and what can be leveraged.
At HESK Digital, We’re experts in SEO, paid advertisements and analytics, with over three decades of marketing experience and a senior team who has experience with major Sydney marketing agencies. Also, we find it essential to keep up to date with and discuss developments in our field.
If you’d like to grow your business and leverage our wealth of knowledge on analytics and SEO, don’t hesitate to contact us for a free discussion on how we can help.