Do Competition Analysis  Step by Step Guide ▷ 2020

All companies seek to remain in their niche as good competitors for as long as possible. They do this to obtain the greatest amount of benefits by reducing costs thanks to their know-how.

But this is not an easy task, since the other companies also seek the same objective, so they create strategic techniques to differentiate themselves from others. One of these techniques is competitive analysis.

Yes do you want to know what this tool is about, you can find all the information in detail in the following paragraphs of this article.

What is a competitive analysis and what is it for in the world of marketing?

Competitive analysis in the world of marketing is considered to be the procedure carried out by the company to know its environment. In this way you can study the threats that come from the market, or from the supplementary products you sell, and detect development opportunities. With this you can make the most of your capabilities and strengthen weak points.

In other words, this technique is used to find out what are the activities carried out by competitors and that benefit their positioning in the market. If we take into account digital marketing, A competitive analysis studies all the strategies that the competition takes to retain customers through social networks and its website.

Why is it important to carry out a good analysis of your competitors?

Why is it important to carry out a good analysis of your competitors?

The competitor analysis It is very important in any marketing strategy, as it allows you to check what services they are offering to the public, how they do it and how their customers perceive it. This is very useful information that allows you to perform a complete and efficient benchmarking. Not only will you be able to understand your competition’s strategy but you will also be able to analyze where you need to improve.

In this way, you can understand the following aspects:

  • Know more precisely what is the size of the market.
  • Competitor positioning and participation of your business in it.
  • Know if your strategy is being effective.

Learn step by step how to effectively analyze your competition on Social Networks

We will show you below the steps you will have to perform to make an effective analysis of your competition in the RRSS.

Pay attention and try to do them without any rush:

Identify competitors

Identify competitors

This is an important factor that many do not perform adequately, for believe that the market leader and 1 or 2 other competitors are all market participants. This is not the case, since there are many companies that have a non-aggressive strategy and They are interested in keeping the middle positions and are very strong competitively. For this reason you will have to analyze in more detail and constantly.

It is convenient that you set as your goal:

  • Search every day: If every day you spend some time analyzing your competition and seeing what is up on the networks, you will give yourself an idea of ​​what thing or topic people like.
  • Find communities: As you may have already noticed, the Internet world is full of communities reflected in forums, awards lists, rankings, etc. This is a good way to find what people are interested in. Try to analyze if your competition acts in any of them.
  • Research on the internet: This is the easiest method because it is with which you will find out who has chosen your niche.

SEO and SEM analysis

Performing an SEO or SEM analysis is essential to know the strategy that your competitors are having. From this it will result that you can know what type of measures they are carrying out to have the positions they occupy. While it is true that it is not a simple task, but the importance of it justifies the task.

You have to try to detect what your positioning plan is and You can do this based on keywords research, objectives, links and also ads they do on the networks. To improve this aspect you can choose a good blog design that is optimized for the user, have 100% original and quality content, have a good structure of Url and many other factors. But these are the main ones.

Analyze their prices

Analyze their prices

The law of supply and demand determines the equilibrium point of the market between individuals. Because of this the correct price is known from this analysis. It may happen that you are outside that point and your competition is not.

This can directly influence the trust the user has in you. So it is useless to have a price that is too low with an excellent service, if your customers do not perceive the same. The same will happen when you have a price above the breakeven point. For this reason, you will have to periodically verify what is the price they are placing on their products, as well as if they launch discounts on the market that surprise customers.

Analyze its content

The content analysis can be elementary when making a strategy for social media, since you can see in your competition about what public content on a regular basis.

It is always necessary to study how many people were able to see your publication, for this you must follow the following parameters:

  • Number of followers: This will indicate the popularity of the profile on the social network you are working on.
  • Impressions: It is the impact that competition has on social networks due to the number of users who reached with a certain publication.
  • Traffic: At this point, several factors influence, so you can analyze if there are campaigns on social networks, landing page, strategies to increase conversions, among other things.
  • Engagement: is the number of times a person interacts with the post. It can be a like, a comment or click on the share button. This is a factor that can determine the success of the publication, so you should be very careful.

To analyze the content strategy that your competition has, you must do it with appropriate tools, which are usually expensive. If you cannot do it by this means, you will also have the option to do it manually, so you will not have different results.

Study your sales process

Study your sales process

At this point you will have to study what your cost structure, its production process or product purchase and how are the logistics channels to distribute them. In addition, you will have to relate it to their virtual strategy on social networks and their website.

This is why you should analyze, among other things, the landing pages. This will help you to know how they transform their followers of social networks in active clients. You will need to know in detail this part of your competition’s strategy in order to understand their culture more precisely. A good idea is to buy a product from your competition that you also sell. With this you can find many details, to the packaging they use.

Study their conversion strategies

To have a good social media marketing strategy It is necessary that you know how the competition does so that its followers like the content that is uploaded to the RRSS and that will later become leads. If you want to be successful in this stage, you will have to think how a buyer thinks, what their tastes are, their desires and what amuses them the most. Then you will have to compare your results with the efforts and actions of your competitors.

You will find a great degree of success from them, due to the multiple strategies that they constantly use on the target market. You will also realize that you are not acting correctly and that perhaps the market you wanted to reach does not have the same interests to acquire your product.

List of the best tools to perform a competition analysis on the Internet and social networks

We present below the best tools to be able to analyze your audience to the fullest:

Boardfy.com

It is a platform that will help you to carry out complete analyzes about your competition. You will be able to know their campaigns on the different social networks and you will also be able to analyze the number of clicks, likes, followers, cost per action and much more. To all these data you can in graphics that are prepared by the same tool and that help you understand more easily and quickly what the real situation is.

Minderest.com

One of the best platforms that exist today to control your market competitors. The results offered can be configured to adapt to the complete market or by company. In addition, you can compare it with your own brand due to all the functions it presents. In this way you will be able to know your audience, what their behavior is and you can link the reports with Google Analytics, which is one of the best data tools.

Moz.com

If you are looking for experts to be in charge of monitoring the competition, this platform is ideal for you. You will be able to obtain a complete analysis of your competitors and see why they position themselves in a successful way, for this You will be able to know their links and the authority that their websites have. It has a paid version in which you will get more functions so that you can adapt it more easily to your needs. It is ideal for the first stages of executing your own social media plan.

Screamingfrog.co.uk

You can choose a free or paid version to analyze not only your competition, but also your own data that you have on your website and on social media. It is a tool that will allow you to quickly know what are the competitive advantages that companies that are in the same market niche as your brand. Its graphical reports will allow you to analyze, through a template, different important aspects for the success of your business.

Ahrefs.com

ahrefs

Considered by many to be one of the best platforms that will help you research your competitors and monitor the target market that you have set as a goal. It is a payment tool with which you will have 7-day free trial.

If you want to know exactly a link research, content or rank tracking, this tool is the ideal one. Their features will allow you to find organic search reports, as well as an analysis of the source of traffic from competitor websites.

If you have any questions, leave them in the comments, we will answer you as soon as possible, and it will surely be of great help to more members of the community. Thank you! 😉

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