What Is a Competitive Analysis? How to Do it?
In any business, competitive analysis plays a significant role and companies are paying a lot of attention to it. But here we are going to talk only about competitive analysis of an SEO company or for other digital businesses and this post is about competitive analysis in the SEO industry.
How a company’s website is ranking higher than the competitors. Isn’t it an important thing to be figured out? That is why we are here to provide you useful information in this post.
So in this post, we will tell you the basics of competition analysis and how you can implement it for your website. If you are willing to hire an SEO company to do SEO competitive analysis for you then it’s fine. But still, you need to know a lot of things about SEO competitive analysis, so let’s start with the basic things.
Definition Of Competitive Analysis
Competitive analysis is a very simple term used in the business sector. When we find insights about our competitor in business and then analyze it, it is known as competitive analysis.
There are different types of competitive analysis based on the sectors. Like engineering and, technology-based companies use technical competitive analysis, while an SEO company will prefer SEO competitive analysis.
Competitive Analysis In SEO
Search engine optimization is the most demanding digital marketing technique. Most of the websites are using various SEO tactics to rank higher. That is why there is huge competition in every niche. Let it be the Media/News industry, news websites are spending too much on SEO to rank higher on search engines.
Due to this high competition, the need for competitive analysis is also going high in the SEO industry. That is why an SEO company offers specialized and customized competitive analysis for websites.
Outcomes Of Competitive Analysis
There are various outcomes you will get through competitive analysis. Most people think that competitive analysis is similar to looking into your neighbor’s house. But the competitive analysis doesn’t work this way and this technique is very important to use.
No matter if you are an SEO company that needs to rank higher than competitors or you are an eCommerce website that wants to get more sales than its competitor. All these websites are conducting analyses for various purposes. In SEO and marketing, the following are some common outcomes of competitive analysis.
When you research and analyze your competitors, many ideas pop up in your mind. You can turn these ideas into new products or services.
You will get market data in-depth when you conduct a competitive analysis. This market data will be used by your SEO company or service provider to improve your website SEO.
You will find more opportunities in the market and maybe there are so many content ideas you can utilize. Sometimes competitor analysis gives you an idea of what problems your competitor’s customers are facing. You can provide solutions to such problems and grab sales.
The whole purpose of a competitive analysis is an improvement. More quality competitive analysis will bring more improvement in your website ranking.
You can easily find out what marketing funnels can be used to get more leads. All websites have leads as the main reason behind hiring an SEO company. So your competitor analysis will tell you which marketing techniques are good for your business.
How To Do Competitive Analysis?
Now, most people will ask how to conduct competitive analysis and how much it costs? Well, you can do a competitive analysis on your own also. But it depends upon how much time you have and what skills you have.
If we talk about the SEO based competitive analysis, then you must hire an SEO company to do this for you. However, the following are the basic steps you can follow to conduct on your own.
Follow These Steps:
Following is a step by step guideline to conduct an SEO based competitive analysis.
#1. Hire Someone For It
Step one is to hire someone and if you want high results from your competitive analysis in a faster turnaround, then must hire an SEO company.
#2. Find Competitors
The next step is to find the right competitors for your business. There are some non-competition competitors also so always try to make the right list of your competitors.
#3. Research Rankings
Now you have to research more on the ranking and organic traffic your competitors are getting through SEO. Try to find which SEO company your competitor is using.
#4. Research Products
You have to research the products and services your competitors are providing to their customers.
#5. Research Sales And Funnels
What marketing tactics your competitors are using for sales? Are you aware of it? Try to track their sales funnels and channels.
#6. Generate Reports
Now the SEO company that is analyzing you will generate one sided reports. One-sided reports mean reports of your competitors and their insights.
#7. Compare With Your Reports
Here we assume that your business analysis reports are already generated. Now it’s time to compare both of these reports. Comparison is very important, because here you will find what your competitors are doing better than you. Also, you will find their USP or unique selling proposition.
Doing a side by side comparison will reveal a lot of insights about your and competitor’s working patterns. Right from backlinks to business listings, clients and social media activities, you will uncover a lot of things.
#8. Now Analyze & Start Working Upon It
Analyze and start working according to the finalized results of your competitive analysis. Ask your SEO company to develop SEO strategies for you. Develop strategies in a way so that they can make your website higher in ranking as compared to your competitor.
In this post, we have learned how important it is to conduct a competitor analysis for a better SEO ranking. SEO ranking can be improved easily and effectively with competitor analysis. You can conduct a competitor analysis on your own or you can hire an SEO company to do it for you.
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