There are thousands of ways to analyze your competitors. Read “How to Gain Insight from Your Rivals” to know the best way to do it.
There are thousands of ways to analyze your competitors. But which one is the best? How can you gain insight from your rivals? Don’t worry if you don’t have any idea about competitor analysis because this post is all about competitor analysis. Here we will talk about gaining insights from your rivals.
Suppose you find it hard for you to compete with your rivals. Then you must have to analyze all of your competitors to get insights and then make changes in your business accordingly.
So here we are with competitor analysis for you that that is also a part of SEO packages. For any business, growth is important, and growth can be hacked using competitor analysis. This post will give you a few ideas about competitor analysis to make your analysis more productive and effective.
7 Insights That You Must Have
Following are the 7 insights that you must have when you are analyzing your business with competitors. Keep in mind that we are talking about online businesses.
However, you can use these insights for offline competitor analysis also. But we are writing these seven important insights based on online businesses. Let’s look at all of these seven insights and how important they are for your business.
#1. Find Right Competitors
The very first thing that you need to consider is to find the right competitors. Most of the businesses out there are making this common mistake while conducting competitor analysis. They actually don’t know who the actual competitor of them is. If you are also unsure about your competitor, you must find the right competitors before you start your competitor analysis.
#2. Target Audience
Do your competitors have the same target audience as you? If they are targeting a different audience than you. Then something is wrong there. Maybe you don’t have the right competitors, or you have the wrong target audience.
Always try to find out what kind of audience is targeted by your competitors. Audience insights are always helpful for you to figure out new business development strategies.
What is your competitor’s USP? If your competitor is performing better than you. Then it is sure that your competitor has a unique selling proposition. If you fail to figure out the USP of your competitors through your competitor analysis, it won’t be worth conducting such an analysis.
No matter if your competitors have more followers and customer base as compared to you. If they don’t have engagement, then it will be a good opportunity for you. Engagement is a significant factor to consider while conducting competitor analysis.
Try to find out which competitor has more engagement than you. When you get insights into engagement, you will get new ideas and strategies to increase your audience engagement. More engagement will lead you towards more growth and more sales.
Conversion rate is also important to consider when you are conducting competitor analysis. Comparing only traffic and engagement with your competitors is not going to work. If you don’t have insights into conversions, then you won’t get that much benefit out of your competitor analysis.
That is why we recommend you to see what conversion rate your competitors have and try to find out the ways to get more conversion rates. If your analysis is not supporting you to increase your conversion rate, it will be of no use.
#6. Way Of Communication
Please find out the way of communication your competitors are using to communicate with their audience. There can be many ways of communication, and you can use any of them as per your choice. But if your competitor has more healthy communication.
Then it means you need to develop a more advanced way of communication for your audience. More communication will establish a stronger connection. It will also make you engage more with your audience. Communication is important for any business because of the many options available these days of social media.
#7. Overall Overview
An overall overview of all the insights mentioned above will be a great thing. If you have done all the above-mentioned insights, you must get an overall overview of it.
From audience to revenue and from communication to engagement, all of these things can be compared in the overall overview. It will help you get an overall report of your competitor analysis. You will have a better understanding of your competitors, their strengths, and weaknesses.
Competitor analysis is important. But it can be more beneficial for you if you have a better understanding of all the important insights. We have mentioned about 6 insights that you must have while comparing your business with your competitors.
The seventh insight that you should have is an overall overview of the whole competitor analysis. So always keep in mind that these insights will take you towards success.
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