Importance Of Competitor's Analysis For Business Growth

1
Importance of Competitor Analysis for your
Business Growth
Mankind has always lived through the competition
since the days of evolution. The competition
gives a healthy boost for self-improvement and
motivates us to be our better selves. A similar
concept applies to your business. Survival
of the fittest is a well- known saying and
it is intertwined with the fact that each one
must compete to maintain their position and
survive. In the corporate world, it is
more difficult to survive, as there is
cutthroat competition at each step you take.
Therefore, it becomes vital that you plan well in
advance and keep a watch on competitors moves. So
how will you find out what your competitors are
up to? Here is where competitor analysis comes in
as a handy tool. What is Competitor
Analysis? Competitive analysis should be a
critical part of a business marketing strategy.
The results from such analysis establish facts
that make your product/service unique.
https//abkdigital.com/
2

• Competitor analysis answers some important
  questions like
• Who are your competitors and which
  products/services they sell?
• What is their market share?
• Competitors strengths and weaknesses and
  the threat they pose for you.
• What are their current and past strategies?
• Mediums they use for marketing.
• Type of SEO strategies they focus on.
• How much airtime are they purchasing for
  advertising?
• What steps can you take ahead of them to leverage
  your product?
• Why is Competitors Analysis Important?
• You gain an understanding of competitive
  advantages and disadvantages related to your
  niche.
• Competitor research helps to figure out
  competitors plans so you may develop strategies
  to create a future advantage over them.
• Only a fool learns from his own mistakes.
  The wise man learns from the mistakes of
  others. Otto Van Bismark
• By placing competitors in strategic groups and
  listing their service, profitability, marketing
  objectives, growth patterns, income
  fluctuations you can know which path to take
  and which to avoid.

https//abkdigital.com/
3
The top reasons for competitor research are It
gives better knowledge of customers
expectations. It gives insight into your
weaknesses. Helps improve USPs. Learn quickly
from others experiences. What are the Popular
Competitor Analysis Methods?
https//abkdigital.com/
4

• Identifying Competitors
• A competitive analysis works only when you know
  your competitors. So initiate industry research
  and identify leading brands and top players.
• Compare Marketing Positioning
• With a list of competitors on hand, you can
  analyze them and conduct a SWOT analysis to
  compare details related to brands and their
  customers. You may use a competitive matrix to
  do this. It is a chart which plots a brands
  qualities including its weaknesses, strengths,
  feature, etc.
• Compare Website Traffic
• Analyze competitors web presence and compare it
  to your brand by collecting data showing users
  engagement with their websites.
• You can get to know it through
• Unique visitors every month
• Pageview Number
• Bounce rates
• Time spent on site
• Pageviews per-users
• Engagement rate metrics

5
Assess keywords Use a competitor keyword Matrix
to check out organic traffic score and paid
impressions. Compare share of voice It helps
compare keyword performance and search
authority between competitors. Use keyword
analysis to see which competitors get the maximum
traffic for top-ranking keywords in your
niche. Evaluate Backlinks Get an idea of
competitors online authority by looking at
their backlinks. Check both the quantity and
quality of backlinks. Check the common linking
sites. If they have links from the same site, you
may get them too. Analyze the SEO
Effectiveness Analyze website metrics to show SEO
effectiveness by including them in your
competitive analysis. By doing so, you can better
understand whether your on- page, off-page, and
technical SEO are doing good for your
business. How will competitor analysis assist
your business? Competitor analysis is the best
way to put yourself in customers place and
have a broader view of your market and business.
So it helps understand what your competitors are
doing better and clears the clients perspective
of you. There are some advantages you cannot miss
out on when you regularly run a competitive
analysis.   
6

• Understand customer journey and know the typical
  customer persona and customer journey. Factors
  like where this journey starts and steps involved
  in research and buying the product/service sold.
• It keeps you in touch with the market.
• Help understand your market from customer's
  perspectives.
• Help identify pain points and opportunities.
• Detects threats in advance so you can mitigate
  them.
• Which are the popular competitor analysis
  tools in the market?
• When you keep wondering how your competitors are
  always a step ahead in gaining leads and clients,
  then please keep reading. The competitor
  analysis tools that I will mention here may open
  a world of new opportunities for you.
• They may help improve your SEO rankings to a
  great extent and improve your organic reach to
  clients.
• Ubersuggest
• Ubersuggest helps in searching top
  competitor keywords, and backlinks and where
  they come from, plus the top pages for you. You
  can strategize using this information.
• Spyfu
• When your site is in the growing stage, you need
  to use Pay-per-click. It can be easily used by
  beginners to ge4nerate leads and increase
  revenue. For this, you need to focus on the right
  keywords as they decide the success and failure
  of a PPC ad campaign.

7
If you invest an amount into AdWords PPC, like
your competitors, but they are making more money,
then your keywords are not competitive. SpyFu
helps to research and download the keywords which
are most profitable to your competitors. It will
list out the paid keywords used by competitors to
improve your overall SEO performance. SEMrush SE
Mrush is a multipurpose tool that helps in
competitive research. It works on any domain name
and uses that data to optimize marketing
campaigns. You are done with Keyword
Research, Competitor Research, Site Audit,
and Backlink Analysis through SEMrush. It
also shows the keywords which are
updated in real-time.
https//abkdigital.com
8
Alexa Alexa provides deep analytical insights
to assess and improve businesses on the
internet. It is mainly useful for online
entrepreneurs namely Digital marketers, Site
owners and publishers, and Content
strategists. Use Alexas SEO recommendations
to create content that is engaging for
your target audience. To discover your
audience demographics, input your URL
and click the Find button at Alexa.com. Google
Search Operators It is an advanced audit tool
that helps search for what you want effectively.
Google Search Operators are symbols or query
words that are used to trigger specific actions
to give you relevant search results. You may use
these queries to set up filters.  Keyword
Competitor This is an all-inclusive competitive
analysis tool that will point out the keyword
opportunities missed by your competitors. On-page
SEO works best when the right keywords are used.
You may create multimedia content like videos,
animated Infographics, a podcast from the
insights you gain. The Keyword Competitor gives
access to both organic and paid search keywords
of your competitors.
 
https//abkdigital.com
9
Buzzsumo Now Buzzsumo is a popular social
network tracking tool. It helps find the most
shared content for any given topic. Just type the
keyword into the search bar and click
Go. Summary To sum it all up, I would like to
reconfirm that Competitor Analysis is a tool for
discovering new opportunities. All businesses,
irrespective of the fact whether they are new or
established, small or large scale, should run
regular research on their competitors. This will
help them know where they stand and what they are
missing out on, which their competitors are doing
right to generate business. Keeping this in mind,
use these tools to craft a content writing and
marketing strategy. Diversify the type of content
you share without sticking to the
basic blog/article writing. Do not forget that
growing any business takes time and endless
efforts so keep the long-term goals in
mind. There are various reasons for competitive
analysis, but if you wish to build a profitable
organic traffic pipeline that generates regular
traffic, brand visibility, and revenue, then you
must use the above-mentioned analysis tools.
https//abkdigital.com