Have you recently checked what your competitors are up to? Have they been able to outrank you and beat you in the game? Have they been able to generate more profit than you over the past few years? What are the marketing tactics they are using to stay ahead of the game? These should be some of the questions that constantly run through your mind as a business owner. Although you may have the urge to find answers to them, you may not know how to nor have the resources to do so.
This is where a competitive analysis helps you determine the marketing strategies and their strengths and weaknesses, of your competitors. A detailed and comprehensive analysis report on your competitors and what methods they use to effectively build brand authority will help you shape your own strategies to come on top of the game.
A competitive analysis report is crucial to creating a successful marketing plan; it is not a mere analysis of the marketing strategies of your competitors, but it is also an evaluation of your own products and services and the methods you use to promote them. The knowledge and insight you gather from it will allow you to come up with strategies that will help you attract your target market quite easily.
Reasons why you should get a competitor analysis report
A competitive analysis report allows you to identify your marketplace
Identifying which kind of a marketplace you are competing in is crucial to survive as a successful business in the industry. A thorough understanding of the trends within the market place, the behavioral patterns of the target clients, their demands, requirements and needs, and the marketing (both online as well as offline) strategies of your competitors is essential to your very own future business and marketing endeavors. A competitive analysis will provide you valuable insight when you are developing your future products and creating marketing campaigns to promote them. In-depth knowledge of your target marketplace will ensure that your strategies are flawless and guaranteed to produce the best results.
A competitive analysis report will make you an expert in your competitors knowing about what your competitors are doing to market their brand, build brand authority and to expand their clientele and whether they have invaded your marketplace and are stealing your own customers is essential to building an effective marketing strategy. Without a proper ideas as to what exactly your rivals in the field are doing to stay ahead of you, you will never be able to outrank them, and before you know it, all your competitors will have stolen your position in the industry. With an analysis report you can overcome this challenge; it will provide you in detail what methods your competitors are using and enable you to come up with an unbeatable strategy which would get you to the top.
Recognize your strengths and weaknesses
In order to make sure that you are taking the right business decisions that would benefit you in the future, you need to get a detailed analysis report of your company’s or business’s very own strengths and weaknesses. A comprehensive analysis of the strong points of your past and present marketing strategies as well as their weak points will make you aware of the actions you should take and the decisions you should not rush to make. Once you determine the strengths of your company, you can use them to your company’s advantage. And, once you learn about the weaknesses, you can avoid making the same mistakes that would harm your business and find ways to overcome them quickly and more successfully.
A Competitive analysis report will help you shape the ideal marketing strategy
Once you have valuable insight into the trends of your market place, marketing strategies of your competitors and the strengths and weaknesses of your very own business and marketing strategies, you will be able to create a plan that would overcome all challenges and guarantee your success. The knowledge you gather through a competitive analysis report can accompany you when you are creating the perfect marketing strategy to build brand authority among your target customers and convince them to buy your products. Such knowledge will also help you build a strategy to keep ahead of your competitors while making sure that you are gaining advantage over them in terms of generating more profit.
How to create a comprehensive competitive analysis report
Identify your competitors
In order to conduct a competitive analysis, you must first identify who exactly your competitors are. Your competitors online and offline may differ; your online competitors are those who rank over you, while your offline competitors could be those who are brick and mortar businesses in your industry. Once you find out who they are, you can start your research, starting from the keywords they have incorporated in their SEO strategies.
Assess your competitors
Once you determine who your immediate competitors are, you should find out how authoritative they are in the market place as well as online. Without a proper idea as to how successful they are with their own marketing agendas, you won’t be able to decide on the expectations for your very own marketing strategy. Once you know where your competitors stand, you can build your strategy to beat them in competition.
Compare your website with your competitors’
In online marketing one of the major tools your competitors would use to stay ahead of the game is a well-designed and well-developed website that would rank high in search engines. In order to get a higher position than that of your competitors, you need to know what they have done to outrank you. You would be able to build a site that would help you rank over your competitors only by comparing your and your competitor’s websites.
Identify your keywords
In order to attract the right kind of target audience and to stay ahead of the game with your competitors online, you need to gather and list the relevant keywords you should focus your online marketing strategy on. A through keyword research will also help you find your direct competitors online. You can use keyword research tools like SEMRush or Google’s Keyword Planner to find the most relevant keywords with high search volume.