Competitive Analysis: How to Uncover Strengths and Weaknesses
Edita Ayvazyan
Digital Marketing Specialist | Helping Businesses Streamline Monthly Content & Access Full-Service Marketing Solutions
Conducting competition research is a crucial part of any marketing strategy because it helps identify the brand's strengths and weaknesses while also stimulating new ideas for improvement. In this essay, I will present methods for evaluating competitors' marketing and how to apply the findings.
Why Do a Competitive Analysis?
A competition study is one of the initial phases in creating a new brand's marketing strategy.
Why is this analysis crucial? It will help to:
1. Identify the brand's strengths and weaknesses
2. Compare the effectiveness of competitors' tools to your own
3. Find new promotional and advertising ideas with adaptability potential
4. Create a unique marketing strategy to stand out among competitors.
Where Can You Find Your Competitors
This is the simplest and most obvious method for finding competitors. Simply enter, for instance, keywords like "women's clothing" to identify relevant accounts.
Nowadays, various online ratings categorize brands based on their quality and popularity. This allows you to rapidly navigate and generate a list of competitors.
There are specific services that automatically locate competitors' websites. A great example is SimilarWeb.com.
It's best to organize the collected data in a table, grouping competitors into segments and features. When examining competitors, consider their marketing strategy, products, categories of goods, special offers, bestsellers, brand positioning, and benefits.
What should be analyzed?
Investigate how competitors position themselves, what values drive their brand, and how they attract audiences and customers.
A critical element of the analysis is examining competitors' pricing policies, promotions, and discounts. Important aspects to analyze:
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The website is critical to garnering orders, thus it must be user-friendly and comfortable to increase consumer loyalty. The website must be continuously improved and optimized. It is also critical to analyze competitors' website structures in order to identify strengths and drawbacks.
Examine the website's structure and components, including navigation clarity and the amount of steps required for a customer to complete a purchase. The user journey should be straightforward and efficient. Compare your website to competitors to identify areas for improvement or additions to enhance the user experience.
The design and style of a website are without a doubt important. Examine the color palette, fonts, and design components used by competitors. Determine the brand style and make sure the website is responsive to different devices. Customers will be able to recognize and remember the brand because to its unusual appearance.
This is critical for clients and the successful completion of their orders. Consider the number of steps required before payment (whether to simplify or expedite the procedure), as well as the order and delivery convenience. Payment and delivery terms should be available on the website in a user-friendly and intelligible section for clients.
Search engine optimization (SEO) is essential for advertising a website. Conducting an SEO analysis of competitors allows you to identify the keywords and queries that other brands use to rank high in search results and garner a lot of traffic. This type of analysis also helps to discover how consumers locate the brand, how much time they spend on the website, and which items they are interested in.
A semantic core enables you to collect information on your competitors' key inquiries and effectively use it for your own goals. However, before incorporating this information, further filtering is required. A well-chosen semantic core can assist drive significant traffic to your website. Specialized services such as SimilarWeb can be used to analyze important inquiries as well as competitor queries. After gathering data, it is recommended that you do a comparative examination of competitors' semantics results and your own, updating information and adding the most relevant queries to improve results.
It is essential to examine this stage in order to determine where their traffic comes from. This tool displays a percentage breakdown of where the majority of clients originate from, such as email newsletters, social media, and search searches.
To optimize your advertising results, analyze your competitors' contextual advertising, including key searches, settings, design, ad materials, headlines, texts, offers, and so on. Investigate which products your direct competitors market and what call-to-action they utilize. However, in order to determine the strategy's effectiveness, you must try your own creatives rather than simply replicating others' ideas. Analyzing contextual advertising allows you to keep on top of current trends while also increasing the visibility of your business.
Studying competitor's keywords and queries is an important step in market analysis. Special platforms, such as SimilarWeb, provide statistics on query frequency, links, keywords, and display competitor adverts.
Analyzing ad creatives is also important.
Analyzing competitors' data allows you to develop tests and hypotheses for your own ad campaigns, test them, analyze results, optimize, and expand successful strategies.
Additional useful tools:
Use these tools to gain important data, stay ahead of the competition, and fine-tune your marketing tactics. Happy analysis! ??