Analyzing Your Competition
Internet based industries have scope for only 2-3 companies serving the entire market as they operate on thin margins and high cost of customer acquisition It is thus important to be number 1-2 player in internet-based business which intensifies competition.
So, are you equipped to ace the competition? Are you leveraging the competitive analysis tools in the market? I’m here to tell you how you can do competition analysis using tools in digital marketing to trump the competition and emerge the king.
Business has never been more competitive than now. The cost of doing business has significantly come down and entry barriers are low.
This means that anybody can start a business.
It is easy to understand the business models of competitors in internet age as information is easily available. There are many competitor analysis frameworks that one can use to analyze the competition in the market. Competitive intelligence in the industry should not be underestimated at any point. As a marketer, there is a need to keep a tab on competitors to benchmark as well to stay ahead of the curve through continuous differentiation.
Through digital tools, you can understand the product strategy, pricing, promotions strategy, competitive advantage and communications strategy of competitors.
1. Meta Tags Tool
By analyzing the meta tags in website one can understand the focus areas of competitor and its positioning. By seeing keywords they are targeting you can understand their content strategy. Hashtags reveal the content strategy of the competitor. If you use tool such as Similar web you can know how much traffic is coming from which source. If more traffic is coming from direct that means competitor is having a good brand pull, but if more traffic is coming from search then competitor is doing well in search engine optimization and paid search ads. On the other hand, if traffic is coming from referrals then online PR, affiliate marketing, backlinks, forums, communities are good; and if traffic is coming from social then competitor is doing well in social media marketing and is engaging users. You can know how many visits competitor has per month, how much time people spend on site, bounce rate etc. From this data you can infer the revenues of competitors and relative sizes.
2. Ads Library
Did you know Facebook has added a new feature ‘Facebook Ads Library’. Marketer can see ads of competitors that are currently running. If you haven’t used this resource, check it out now. These are live ads and you can see what image or video creative is used, what are the key messages and benefits highlighted in the ad, what is the call to action and what is the landing page.
3. Domain authority checker
You can find out what is the domain authority of competitor’s website and how reputed it is. If competitor’s domain authority is significantly higher than you know that you have catching up to do in terms of building authority of the website.
4. Backlink checker
With the help of backlink checker tool, you can analyze which sites are giving backlinks to competitor. You can analyze their domain authority and target them for getting backlinks.
5. Search terms Tool
Tools like SEMrush, Seositecheckup can tell which search terms are driving how much traffic to competitors’ site. Search terms will help you understand the brand associations, the focal keywords. You can model your keywords based on competitors.
6. Engagement Tools
You can use tools such as Fanpagekarma, Quintly to see what your engagement rate on social media is. It should be at least more than 2%. If it’s less then it indicates more one sided and inward looking content, lack of resonance with users.
7. Content Tools
You can use tools like BuzzSumo to analyze the content posted by competition. You can see their content buckets, tonality of the brand, the personality of the brand, synthesis across channels. For example, you can analyze whether the tonality is formal or informal, is there humor or serious tone. Is the brand masculine or feminine etc.
8. Key influencers
You can see the influence score of these influencers. Tools such as Followerwonk and Buzzsumo can give social authority score of influencers.
9. Search Trends
Google Trends is very powerful in identifying how much is the search interest of users in competitor, which regions have more interest, which queries are used more often and what is the trend over time. It can indicate if the search interest in your industry is growing or declining.
And that’s all for now! If you have any great tool, do write to me.
In case you’re looking for some more information about Digital Marketing, you should definitely read my articles about Biggest Trends in Digital Marketing, Top things to focus on in Digital Marketing to grow your business 10x and Powerful tips to crack targeting in Digital Marketing.
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