why competitor research and analysis is your secret weapon for success
Competitor research is essential if you wish to compete with similar businesses and established companies. You cannot expect to automatically succeed, without researching and analysing your competitors.
In this article, we’ll take a look at what competitor research is, the importance of competitor analysis, and what both involve. Then, we’ll look at 5 reasons why they should be your secret weapon to success!
what is competitor research and analysis?
Quite simply, competitor research is the process of finding and gathering as much information as you can about your competitors. Then, competitor analysis is about sorting through that information and working out how you can use it to your advantage.
You’ll need both parts to get ahead of your competition!
It’s all about finding out ways to get ahead of your competitors by utilising quick-wins in the short-term, as well as longer-term strategies for success.
What does competitor research and analysis involve?
Competitor analysis can include anything you’d like to find out about your competition. In general, though, you could choose to find out:
- Your competitors’ SEO strategies, including how well their content ranks in search engines
- What sort of content they produce and which types are the most successful
- Their paid advertising strategies – how many ads they run, on which platforms, and how their ads are written?
- How they’re using social media. Which platforms do they use, how often do they post, what sort of content gets the most engagement?
- Their website user experience – how much information do they include, what pathways are available for site visitors? Is there any downloadable content, how are they gathering information about their site visitors?
- The technology they’re using for their website and marketing
- Their sales process, including pricing, how they turn visitors into customers, speaking to a sales rep, encouraging repeat custom
- Their brand identity, tone of voice, colour palette, values, unique selling points, etc.
Our handy guide on the importance of competitor analysis!
For more in-depth information about how to conduct competitor research and analysis, download our handy guide!
(download behind email address wall)
Now you know what competitor research and analysis are, as well as what they involve. So, now let’s take a look at the importance of competitor analysis and 5 reasons why it is your secret weapon for success!
1. find quick wins to get ahead
If you have a competitor you need to get ahead of, particularly a local one, researching and analysing their business and marketing approach can help you find some initial quick wins:
- Research great keywords link the ‘what are keywords’ blog competitors are not ranking for and snap them up!
- Find types, formats, and topics of content that performs well (and ones that don’t)
- Look for potential customer groups they aren’t targeting and make them a focus
- Read reviews to find out where your competitors fall short
- Find some great hashtags they’re not taking advantage of on social media and work them into your strategy. Read more about the importance of hashtags here.
2. stay on trend with the latest ideas
Keeping an eye on your competitors helps make sure you’re not slipping behind.
Running a business is more than a full-time job! There’s so much going on day-to-day that us small business owners don’t always get the time to research new ideas and trends.
However, keeping up with new developments in your industry is essential if you want to stay relevant! So, keeping an eye on your competitors can help you keep up with a competitive market.
3. gain valuable insights into your customers’ thoughts
Doing competitor research puts you in the position of your buyers.
By going through your competitors’ sales processes, you’ll be able to see your industry from your customers’ perspective. You should complete the whole process. Including reading website content, signing up to any marketing communications, and even speaking to a sales advisor.
Use the best bits and find out where the pain points are for your customers.
4. eliminate what doesn’t work
Despite the upfront cost of completing some competitor research, this process can actually save you time and money in the long run.
Competitor research and analysis can help you to work out where your competitors have failed. For example, you can find content pieces and social media posts that have flopped and avoid them yourself.
In addition, by using an analytics tool such as Spyfu, you can take a peek at your competitors’ Google ads. Once again, you can find ads that haven’t performed well and tailor your approach accordingly!
5. understand where and why you’re falling behind
Equally as important as understanding how to get ahead is understanding where and why you might be falling behind your competitors.
Are they using a superior marketing strategy, tool, or process? How many keywords are they ranking for? Do they simply appear to have a higher marketing budget than you do?
Finding out the answers to all of these questions helps answer the question ‘why is this particular competitor outranking me in Google / getting more customers than me?’ Once you have the answer to this you can work on improving your own business. Whether that’s the sales journey or that you need to write more content to rank higher on Google.
the importance of competitor analysis
At Engaging Content, we understand the importance of competitor analysis. Marketing is a very competitive market. Without insight into our competitors, we wouldn’t be in the position we are today.
It takes hard work and determination. This is why we’ve put together a ‘how to’ guide, to help you understand the importance of competitor analysis and how to complete competitor research.
Of course, it can often be difficult to carry out your own competitor analysis and research. If you’re running your own business, you might not have the time to complete the task. Or, you could simply be too close to your own business to think objectively.
At Engaging Content, we carry out competitor research and analysis for business owners all over the UK. We’ll research as many competitors as you’d like to help you understand how to get ahead! Then, we’ll present all findings to you at a meeting with a tailored marketing plan.
So, if after reading the ‘how to’ guide, you’d like some help or further information, contact us and we’ll be more than happy to help.