5 Advantages of Regular Competitor Analysis

What is Competitor Analysis?

A competitive analysis is an important aspect of the research. Even the strongest giants are scared of competition. The regular competitor analysis helps you stay ahead of others. It involves the evaluation of strength and weaknesses of your competitors and your business. Your SEO management strategies are certainly worthless without a proper competitive analysis.

A competitor analysis helps you understand the following:

• Get to know your online competitors
• How strong is your domain authority online against your competitors?
• Are they investing in any Paid Campaigns?
• What are the keywords they rank for?
• How strong is their backlinks strategy?

Here we have included 5 advantages of performing regular competitor analysis.

Identify the right keywords

Identifying the right keywords is the key to SEO success. Most of the business target keyword based on their guess, keyword trend, various keywords suggestions tools etc. However, if you analyse your competitors and the keywords they rank for, our task is 70% done.

By performing keyword research of your competitors using their content, website and social media, you can decide which keywords are helping them to gain ranking. You also use their keywords and create variations.

How to identify the right keywords?

There are various tools for keywords analysis like Google Keyword Planner, Ubersuggest etc. we will be using SEMRush to identify the keywords:

From the above screenshot, we can identify the keywords for which your competitors are ranking. When you click the ‘View Details’ button, you will get a huge list of keywords.

The most important factors while considering the keywords are:

• The keywords we select are related to your business
• Should have enough search volume with comparatively less competition
• CPC is a factor which is mostly avoided for SEO, I would however suggest considering CPC, higher the click value, higher is the keyword competition

Content Analysis

Now that the keywords are finalized, we need to identify the top performing pages on their website.

While doing Content analysis, the primary focus is not just the content, but

• Need to analyse the structure or the flow of the website pages
• Various formats of content used, images, videos, infographics etc.
• URL structure
• Usage of Font Family, layout of the Webpage etc.

The key factor here is, after you have done the content analysis, how would you improve on it!

How to identify the top performing pages of your competitors?

We would be using SEMRush again here to identify the top performing pages of the competitors:

Finding opportunities you missed

Competitor analysis will help you understand your competitors’ marketing strategies which might be beneficial for your business. Different marketing strategies have its different extent of benefits. Getting insights of competitors’ marketing strategy will allow you to prepare strategies to counter them. However, use legally allowed methods and avoid getting in unethical practices.

Understanding opening for acquisition/merger

Competitive analysis will let you find more opportunities for products or services which you can offer to your clients. If you are unable to offer such products or services, you might not have the proper resources. You can either get these resources or merge with competitors to provide those products and services.

Spotting Market gap

Competitor analysis can allow you to identify a gap in the market. It can let you recognize the products or services which are presently not offered by your business and your competitor is already offering it. With periodic competitor analysis, you will be able to handle the present stiff competition.

Learning from competitors’ mistakes

The periodic competitive analysis lets you find the errors, mistakes and the negative consumer feedback of your competitor.  Using this, you can optimise your marketing strategies and do necessary changes and improvements in your strategies.

These were the top five benefits you can get while performing a regular competitive analysis. Apart from these benefits, there are tremendous opportunities which you can discover when you perform the competitive analysis perfectly.

Marketing strategies are no good without knowing your competitors. Get to know your competitors with our Competitor Analysis Report.