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Our global market is saturated with products and services. Hence, it is only natural for every modern brand to have a few serious competitors—some who have the same customer base and target audience as yours. More often than not, brands are, therefore, more likely to focus on creating highly specialized products that distinctly differentiate them from their competitors. Whether it be a more personalized and relevant content marketing or unique social media strategy, brands will always battle it out in the race to produce the most desirable product or content suitable to their customers.
Leading businesses across the globe invest time and resources into tracking their competitors and monitoring their competitive landscape regularly. But any brand, big or small, can quickly develop a competitor research analysis framework that can help gather vital information about rival businesses and assess their brand’s relative position in comparison to their major competitors. Keeping a close watch on your competitors also gives you an added advantage of mirroring their successful strategies as well as avoiding and exploiting any mistakes they may have made. Also, competitor research strategies lead to a better understanding of one’s market, which in turn results in developing a more accurate targeting strategy to reach potential customers. Tracking general trends in their activity could also help your brand make more accurate predictions about future scenarios. And this enables one to prepare themselves to respond adequately to meet the potential demand.
Strategies can always give you an edge over your competitors. Knowing your competitor’s strategy can give you an even bigger edge. That said, here are a few strategies that Nickmetrics’ recommends to conduct a sound competitor research strategy:
It’s important to understand where your competitor’s organic traffic is generating from. By analyzing the ratios of their SEO to Pay per click ads, marketers can quickly identify the gaps in their own search engine strategy. Users can track their SEO performance and their customer response to paid ads. This enables marketers to quickly determine various potential growth areas across specific keywords. It also helps to routinely monitor competitor’s keywords to see who has higher rankings on specific words.
Various free tools available online can also go a long way in assessing your competitors marketing strategies. For example, Alexa data can give you an accurate estimate of how much traffic your competitor’s websites are receiving. By using the Compete software, you can even compare your own page view performance statistics to that of competing brands in the market. Global businesses that want to expand their reach can use SimilarWeb services to find other potential competitors in specific regions. Quantcast provides an in-depth analysis of a brand’s key audience demographics and their popular interests.
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Sometimes the simplest way to learn more about your competitors is to keep track of their regular activity. This practice should be consistent across various platforms. An old but effective way to do this is to visit your competitor’s websites routinely. It’s important to stay up to date. This could be any new pricing offers, new product launches or new locations that might impact the sales of your own brand. By monitoring your competitor’s keywords and their audience’s responses, you can develop a competing strategy. That. would make your brand a more favorable choice.
Stay up to date on any new technology or features being used by your competitors to assess where your own brand’s marketing strategies falls short. Paying attention to key details can make a big difference when clients become increasingly selective with their purchases expecting a higher standard of service from businesses. Any changes in the use of innovative technology integration, titling, meta descriptions, and the language/tone used by competing brands can help inform future strategies that work.
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