What is Competitor Analysis?
It's a procedure of analyzing, understanding, and researching the activities of other companies in the same niche or market.
It is basically a process to learn about the strengths and weaknesses of the other players in the market and fill in the void space or the strategies they are missing out on so that you can always be one step ahead of them.
Who are the competitors?
The competitors are different for different firms. Competitors are those offering similar solutions and services and targeting the same audience as you are, working with the same problem, and providing a similar solution.
The competitors online are increasing day by day with the expanding market, and so is the competition. So the competition graph is always increasing, it never reduces, so we have to get ready to stand still and shine in such a crowded market.
Why do you need a competitor analysis?
Stay updated with the market trends:
We are all aware of the changing algorithms and how important they are to staying in the market. Competitor analysis is a very crucial way to understand what's going on in an ongoing situation, and if you are missing out on some of the latest trends, then this is the correct solution to fix the mistake.
Update your strategies:
Working with the same strategy and not gaining any benefits is the most frustrating part. Competitor analysis gives you a check on your current strategies and provides a hint to change some of the old ways and come up with the new ones accordingly.
Learn new practices:
With competitor analysis, you can find some extremely out-of-the-box strategies that will boost your business presence and performance. Learning from other competitors and creating something great is a very good way to stay ahead of the competition.
How to do the analysis?
Stay updated with the market positions of your competitors. You can conduct research on their current followers, sales, graphs, and market potential, as well as categorize them. Based on traffic to their sites, their content and service quality, and other aspects, will give an estimate of their current market position.
Get insights into your competitors' campaigns and platforms they are using for advertising and promoting them:
Now the next step is to take a sneak peek into your competitors' moves. Like where they are posting their ideas and posts, the most active platform, what type of campaigns are gaining more public attention, what content is the audience eyeing, etc. are all very important points to search for.
The SEO plans are:
There may be many important SEO practises you are missing out on. Just analyze the market's SEO efforts and you will come to know the difference. SEO is a broad practice. It includes many practises and strategies, and if not done in the right manner, it will never give you the right results.
Now the final step is to filter all the above steps and highlight those points that can work for you, then try to fit them into a plan accordingly.
Competitor analysis should be done frequently to polish your performance and to remain updated with business trends. Remember, you are always free to carve your own paths and ideas. If the analysis somehow doesn't work for you much, at least it can make you more creative and intelligent in understanding the difference between what is working for you and what is not.