In a competitive analysis, both general competitiveness in the market and specific competitiveness from a particular section of competitors can be identified and evaluated. It is conducted by businesses to know the level of competition in a particular market and be aware of what SEO strategies competitors are adopting. In a highly competitive online world, competition analysis helps businesses to be more aware of their competitors and the online development tactics that they might be employing.
Developing a Marketing Plan
To build an effective marketing plan, businesses rely on factual information about their own performance, level of competence, and resources. Alongside, they also consider external influences such as market changes, customer demand and behavior & competency of competitors. Competition analysis helps to gather relevant information that can be trusted to create short and long term business goals and implemented targeted SEO practices.
Knowledge about the competitor’s SEO activities and their various hidden online presence can be instrumental in the development of a highly targeted marketing plan, a plan that has greater possibility of providing results. Researching both industry and direct competition is fast becoming a necessity to survive and grow in a dynamic and competitive online marketplace.
What Information Does a Competitive Analysis Provide?
When using competitive analysis Businesses can select the information that they want to retrieve from the analysis. It can include:
• Website ranking and an estimate of incoming traffic
• Search engine optimisation methods
• Identification of sister sites and related properties
• Social media presence
• Website performance and organisation
• User and search engine friendliness
Business at various times can adopt different types and levels of competitive analysis to allow them to gain an insight into the changes, activities and present conditions in the market. Many times, discovering the marketing techniques of competition such as the use of certain keywords to improve their search engine ranking can help a business to strategise accordingly.
Rather than operating in isolation and testing SEO methods that work, competitive analysis helps to save time, effort and resources in testing. It allows the building of targeted SEO strategies that can expect to bring better results and less time. Essentially, using competitive analysis, businesses channel their efforts to the right path. It helps to reduce risks, plan better, and get more ROI.
Developing Your Competition Analysis Plan
Before getting a competitive analysis done, it is essential to list and prioritise the areas that you want to gain information about. For instance, if gathering information on the inbound links of certain competitors is important for your website development plan, then you must list it as priority. Creating your own competitive analysis plan, which lists your expectations from the analysis is crucial for getting more out of it. You may want a broader or a more in-depth analysis based on your business goals and priorities.
In the business world where some have access to relevant information that provides them obvious advantages, staying in isolation and ignorance is no longer a choice that pays dividends.