How To Keep Up With Your Competition

As a business owner, it is important to keep an eye on your competition to continuously analyze what they are doing and learn from their successes and failures.

This process, known as competitive market analysis, is an integral part of market research that allows businesses to identify potential gaps and opportunities in the industry so that they can offer a unique product or service. Studying the competition and their marketing efforts can also help uncover the methods and strategies that work well in order to improve engagement and sell more effectively.

To help your business keep up with the competition, we highlight some of the best methods that you can adopt for a thorough analysis of your competitors.

Monitor Social Media

With 4.62 billion social media users worldwide, marketers are flocking to using various social media platforms to build brand awareness and increase conversion rates. This is why every business looking to analyze its competitors should take advantage of this freely available data to track the everyday activities of the competition.

For instance, you can use an Instagram profile analyzer to see how your competitors curate their feed and interact with followers. Such professional tools leverage the power of AI to give you reliable and valuable insights regarding your competition, including, but not limited to, their most liked posts, top keywords and hashtags, and posting frequency. This information can help you come up with a strategy for your own social media marketing plan and allow you to make well-informed and data-driven decisions.

Whether you are exploring Instagram, Facebook, Twitter, or TikTok, keep an eye out for the following key metrics, where applicable:

  • Likes and reactions
  • Comments
  • Shares or retweets
  • Hashtags
  • Engagement or impressions

Track Ads

While it is integral to monitor your ads, it is also immensely helpful to track your competitors’ advertising efforts. This can give you insight into the creative strategies they are employing and can help your marketing team come up with some new and fresh ideas to promote your business.

For example, you may want to start by noting down all the avenues that your competitors use to advertise so that you may also expand your efforts to capture those markets. Also, consider setting up Google Alerts for PPC research to track your competitors’ brand mentions or keywords relevant to your business.

Ideally, you should also be looking for the frequency of ads as well as the information included in them. This can give you a holistic picture of the strategy being used by the competition to push their product or service and allow you to make the necessary changes in your marketing efforts.

Focus On SEO

In addition to paid ads, your competition is likely to focus on SEO to generate organic search results and attract customers. This means that you should focus on both the quality and quantity of content generated by the competition, including the keywords and backlinks used in blogs or guest posts.

By focusing on SEO, you can allow your business to rank more favorably on search engine results pages such as Google. Analyzing the competition can also enable you to make the necessary tweaks to your content marketing strategy.

To analyze the competition’s SEO, you may want to focus on conducting page analysis, keyword gap analysis, and backlinks analysis. The goal is to identify strengths and weaknesses in your competitors’ SEO strategies so that you avoid making the same mistakes and adopt a more structured approach for your business.

Ask Your Customers

Since the ultimate goal of every business is to acquire and retain customers, it is crucial that you also include customers’ feedback in your competitor analysis. Customers can provide a wealth of knowledge since they are likely to be acquainted with your business and the competition, which means they may be able to provide an authentic perspective.

Your business should regularly engage with customers to ascertain the pros and cons of your product or service and also ask them about their experience with your business. You can seek feedback regarding what they think your business lacks, what you could improve, and what new product or service you can potentially offer.

Final Thoughts

Carrying out a comprehensive competitive market analysis is a time-consuming task that requires both primary and secondary research. It is important to remember that this is not a one-off job but rather requires an ongoing commitment to identify, study, and analyze the methods and strategies of the competition.

Lastly, always refrain from blatantly copying or duplicating what your competitors are doing.  Instead, try to seek inspiration from your competitors to do something unique and impactful.

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