How to Conduct a Competitive Analysis

Author: b555f4a2

Competitive analysis is a must-do for any marketing staff, whether you’re a business looking to improve your SEO strategy or a well-established brand seeking to determine the most effective way to get new customers. By studying your competition, you’ll find new opportunities to market your products and services to drive digital traffic, leads and customer acquisition.

An in-depth analysis of the web presence of your competitors should include a thorough evaluation of every aspect. This may seem like an overwhelming task, but if done correctly the results can assist you in establishing a distinctive and affluent position in your target markets and surpass the competition.

Begin by creating an inventory of your competitors. Then, research their online presence by visiting their websites and social media profiles. Review their pricing, content marketing strategies, lead generation tactics and other metrics to figure out how they’re attracting customers.

Then, assess your competitors strengths and weaknesses by conducting a SWOT analysis. This will help you to understand the market leaders, and how you can compete.

A thorough analysis of your competitors determines areas of industry whitespace that your brand can fill. For example, if your competitors are able to successfully market on TikTok but you’re still not there, this might be an opportunity for you to establish yourself in the field and capitalize on the growing demand for video-based content.