Competitor research – Analyze how your competition is doing
There are a lot of reasons and benefits to doing competitor research. Some of the top reasons include:
- Learning what customers are talking about
- Understand where your product or service stands in the market
- Determine the customer’s pain point
- Know the strengths and weaknesses of your competition
- Have reliable evidence when making product changes
- Focus your efforts in a target market
- See what’s working and what’s not
- Discover whether they are doing anything that you aren’t?
It’s an essential tactic for finding out what your competitors are doing and what kind of threat they present to your business.
And it’s not difficult at all.
You just need some time and effort to figure out the most important data.
Here is the table of contents of this blog post:
Identify your top competitors
To conduct competitor research, first you need to know who your competitors are.
If you serve your customers worldwide, you are competing with hundreds or even thousands of companies targeting the same leads as you do.
Who are they? Do you know exactly?
The easiest way is a Google search. Type in your product or service, and see who shows up on the top of the results.
You can use Google suggestion and find other popular keyword terms that people search for related to your business or industry.
To figure out which websites rank at the top for your keyword and to learn more about their SEO, you can use online tools, such as SE Ranking.
Here’s a great way to organize your research:
Create a spreadsheet sheet with 5 columns. Label them “Name”, “Content”, “SEO”, “Social Activity”, and “Areas for Improvement”.
Write your competitor’s name and website in the first column. Then add a new row for each additional competitor.
Then fill the remaining columns with the following information:
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