COMPETITOR RESEARCH - HOW TO BEAT YOUR COMPETITION

Researching your business’ competition is one of the most powerful actions you can take for your organisation. This valuable research will give you insights into what the best companies in your field are doing, so you can tailor your next moves.

You can learn from them and then make informed decisions about your next strategies and improve your position in your industry. The more you understand who your competitors are and how they are operating, the greater your chance of beating them. Learn what their strengths and weaknesses are and how well they are performing.

Focusing on their online presence is key, so include several factors in your competitor analysis such as:

• Their Website: Check out their website design and analyse the user experience. What are their primary products or services, and their prices?
• Audience: Find out who your competitors are targeting and what their customer base is, and then look at how it differs from yours. What can you change to better serve your customers?
• Organic Rankings: How do they rank in searches using the same target keywords your business is focusing on?
• Social Channels: Which social media channels are they using and what does their presence look like in this space?
• Advertising Activities: Determine which platforms others in your industry are using, what their advertising looks like and what is working for them.

It may become apparent that you are offering something your competition isn’t and that can become one of the things you highlight moving forward. Use it to set yourself apart from the rest of the crowd.
 

How to Undertake Competitor Analysis

Delving into your competition is simple and free and while there are many ways to conduct this research, there are some basic process steps to start with.

1. Build a List of Competitor Websites

Begin by creating a list of companies you will conduct your research on and note their websites. Use market research, customer feedback and research online communities to do this aiming for 10-20 websites to include:

• Direct Competitors: Companies you directly compete with fall into this category. Include those you compete with in sales as well as via digital channels - those who show in Google searches.
• Similar Companies: These are those that are like your business but are an indirect competitor because they are in different locations or markets.
• Non-competitors Targeting Similar Audiences: These companies offer different products or services but are marketing people with the same properties as your target audience. While you may not compete directly with them, you may be able to learn from them.

Speak with your sales team or other members within your business to find out which competitors are most often mentioned by your customers and where your lost sales are going to.

Also find who comes up in searches when you use your key search terms? List those that appear in paid search and organically and explore their websites. Undertake online searches for your brand name to see if any companies are bidding on it and are identifying as a competitor.

The more you visit other websites, the more likely you are to come across remarketing and display ads from related companies.

Manually exploring the websites of your competitors will help you weed out those who are not performing well digitally. The websites that remain will become the important ones to focus on.
 

2. Obtain More Detail About the Websites

Now you have your final list, more thoroughly explore the websites to see the quality of the content and how it compares to yours. Look at the language they use, how they address the user engagement, the headlines, calls to action, blog topics.

Consider the similarities and differences between them and you and use these insights to your advantage.
 

3. Research Ads and Marketing

With regard to the best quality companies you have on your list, dig deeper and determine what they are doing with their ad campaigns, how they rank on various keywords and where their traffic comes from.

What are they saying on their key landing pages, what is their social presence and how much are they spending on their paid traffic?
 

4. Record Everything and Update Often

The SWOT tactic is a popular way to analyse your competitors. Look at these 4 types of data:

• Strengths: What is done well and makes them stand out in a positive light?
• Weaknesses: What are their customers not happy with? What products or services do they lack?
• Opportunities: Are there any changes they have made that you may be able to use also?
• Threats: Are there any changes that may impact negatively on you?

You can use this information to analyse your own company also, to enhance your good points and tweak any areas that need it.

It is critical you follow these steps regularly to find out what has changed on your competitors’ websites and to keep your strategies up to date, so you are always striving towards a competitive advantage.

Competitor audits are best run at least quarterly, but monthly is ideal, to keep up with the constant changes in digital marketing and not fall behind.
 

Research Tools for Competitor Audits

Research tools can help speed up your competitor research. Some of the most effective tools include Semrush, BuzzSumo and Ahrefs. Web Force 5 are digital experts and can assist with your competitor analysis and website design.

Performing a UX website audit is a health check for your site to gather insights into how it is performing. This data will enable you to update your website design to improve the experience of your visitors and in turn grow loyalty and improve your company’s success.

Speak with a specialist consultant at Web Force 5 for a free no obligation chat about conducting your competitor research and for assistance on marketing strategies to boost your business.