Competitor analysis helps you to identify your competitors & dominate the market by mastering simple competitor analysis and research strategies. Gather crucial information to set your course of action in 2024.

From creating a potential growth barrier to strengthening your marketing and website development strategies, competitor analysis, and research is your proactive partner. Be a smart entrepreneur instead of operating on preconceived ideas about your competitors.

Challenge your market landscape assumptions with actual data. Despite staying reactive to market changes and waiting for your competitor to launch a new product, be a proactive marketer and stay one step ahead by analyzing what’s coming next.

To be in this pitching requires competitor analysis and research. Evaluate and analyze your competitor’s products, services, strengths, weaknesses, and sales tactics and then relate them to your own. Practice a full competitor analysis regularly to beat the checkmate. Here’s how you can follow and practice a competitor analysis.

1. Start by Identifying your competitors

Do market research for your product and evaluate how other companies are selling it. By discussing the scenario with your team you will assess which company comes too often in their sales process. These companies are your competitors. Create your strategy by taking a closer look at their product and marketing efforts.

Your customer’s solicited feedback is another key to unlocking your direct competitors. Your sales team should ask customers what other products they are considering. Customers reveal unexpected competitors that you are not even considering.

Social media sites, apps, and community forums are the places customers use to seek out advice and recommendations. Investigate these conversations to further identify your competitors.

2. Put Together the Information About Your Competitors

After identifying the potential competitor and comparing your features or products, highlight the products that make you stand out in the market. Consider the features that are falling behind as compared to your competitor. If you are analyzing your competitor online, consider their templates, automation, and integrations for a clear idea of your competitor’s strategy.

Once considering the target product, use your competitor’s pricing strategy and ensure you are not overcharging or undercharging for the same product. If you are running a course platform, compare the pricing factors like their pricing models for subscriptions, pricing tiers, discounts, options, and pricing values.

Conduct market research to reach out to your target audience. While doing a competitor analysis target the audience your competitors are working on. Analyze how their audience is different from yours, their behaviours, needs, and preferences and how you can serve them better.

Identify how your competitor’s marketing strategy is boosting their business. Analyze their process of promoting and selling products. Make strategies accordingly to increase your brand’s awareness, visibility, and conversions to compete and improve your audience response.

Compare your marketing channels with your competitors and check out their design, posts, engagements, newsletters, open rates, ads, PRs, reviews, and clicks.

3. Figure Out your competitors’ strengths and weaknesses

Competitor analysis tools and Google ads competitor analysis are advantageous for building an SEO strategy. However, to start this process you need to dig deeper into your competitor’s strengths and weaknesses and make your blueprint to improve content ranking and boost organic traffic.

You cannot beat your competitor without building an authoritative expertise in your product or niche. Check for the content authority and online presence of your competitor. A competitor with less online presence is a less threat than one with in-depth market research and robust online marketing strategies. 

However, if their marketing strategy comprises regular, relevant, and high-quality postings then it means they are carefully organizing and carrying out initiatives in the background. This means that to beat such a competitor you must conduct a vast, up-to-date content strategy with a higher content authority.

Also, don’t forget to examine their content format. Study the type of content gaining more engagement and how their audience is responding to these elements. This is your way of analyzing your strengths and weaknesses. Capitalize the sections that are not gaining a lot of engagement and attract some of their audience to your business. 

In addition, check how they are utilizing their promotional videos on different social media channels. How many clicks, likes, and shares on their specific videos, and what’s the number of their social media channels promoting their content?

Analyze their article content, length, tone, and keywords. Get an approximate idea of their top keywords and how much traffic they are generating using those keywords. Which search terms and queries are they using to address their content and their top-performing content format?

By discovering all these factors you can learn which content is generating lower engagement rates and why this content is performing poorly. This study will help you understand what your competitor is doing wrong. Avoid those mistakes to leverage your content better.

4. Publish a Higher Quality Content

Review your content quality and make sure it’s relevant and accurate. Your content should be well formatted, provide expert insights, be helpful for the audience, and follow content marketing best practices. Greater content has higher chances of matching the searcher’s intent, increasing the rank of your product, and surpassing your competitors.

Conclusion

Staying in business needs a consistent presence, trust, and building authority in the industry. Gaining the same following and customer reliance is not easy and requires continuous efforts and valuable promotional tactics. Do competitor analysis and research about the factors that are making your counterpart successful. As these are essential to updating and optimizing your marketing strategy.