Competitor analysis is the perfect way to define the standing of your company against competitors and figure out key market players’ weaknesses and strengths. Competitor analysis is the procedure of analyzing and researching the marketing tactics of the businesses operating in a given industry.
The competitor analysis can cast light on what other businesses in your industry are doing to achieve and retain customers. Some top digital marketing agencies can help conduct a competitor analysis to help your businesses upsurge in the market. But, how to do a competitor analysis? We have put together some tools and procedures for a complete competitor analysis here.
First of all, decide which competitors you need to analyze. A competitor analysis may include your indirect and direct competitors, brands that offer a similar solution to the similar target customers. Don’t forget such competitors that offer a fully different service, still target the same problem that your perfect buyer persona has been facing, you need to keep an eye on them as well.
Identify Competitors’ Social Media Ads Strategy
Before building your social media campaign, it is worth investing in things others are doing. Make sure to check their Facebook pages and LinkedIn profiles. Also, see their YouTube channels and TikTok to know what they are up to. Facebook offers a free tool to look inside your competition’s kitchen. Facebook Ads enable you to search by brand name or keyword to find active ads.
Get Insights On Competitors’ Marketing Campaigns
There is another factor that does not remain consistent within the competitor analysis i-e your competitors’ top offerings (products and services) and their marketing strategies. A Traffic Analysis Tool’s report on Top Pages determines the most visited pages on the sites of your rivals. Out of such an overview, you can pinpoint the most popular campaigns and offers of your rivals.
Profile Your Competitors’ Target Customers
Identifying the audience of your rivals would determine a lot regarding a business. It would help you understand who you should target and the digital channels to use effectively to achieve that. The finest way to identify your customers is to figure out who the business is appealing to. You may need to look at the following:
- Their About Us section and mission statement
- Social media interaction and messaging
- Podcasts and seminars
- Free downloadable assets and blogs
- User-generated content and customer reviews
By reviewing the content, goals and interactions of your rivals, you can learn more about your audience. It can guide you to establish tactics that differentiate you from the competitors.
Identify Opportunities and Challenges With a SWOT Analysis
No competitor analysis is complete without a SWOT analysis. A SWOT analysis does not have to cover everything in detail. Mark all the strengths, opportunities, weaknesses and threats in a framework that can guide you to the right path. You would be able to identify where you need to work. So, this is how you can do an effective competitor analysis!