When was the last time you operated a competitive analysis for your brand?
If you’re not sure, or if the last “analysis” you operated was a quick perusing of a competitor’s website and social media presence, you’re likely missing out on important intelligence that could help your brand grow.
To help you get started with competitive analysis the right way, we’re breaking down everything you’ll want to look for below.
Every brand can benefit from regular competitor analysis. By performing a challenger analysis, you’ll be allowed to:
Identify gaps in the market Develop new products and services Uncover market trends Market and sell more effectively Are they a low-cost or high-cost provider? Are they working mainly volume sales or one-o purchases? What is their market share? What are characteristics and needs of their ideal customers? Are they utilizing different pricing strategies for online purchases versus brick and mortar? How does the company di erentiate itself from its challengers? How do they distribute their products/ services? What does the sales process definitely sounds like? What channels are they selling through? Do they have multiple locations and how does this give them an advantage? Are they expanding? Scaling down? Do they have partner reselling programs? What are their clients reasons for not buying? For objective their relationship with the company? What are their revenues each year? What about total sales volume? Do they regularly discount their products or services? How involved is a salesperson in the process? Do they have a blog? Are they generating whitepapers or ebooks? Do they post videos or webinars? Do they have a podcast? Are they using static visual content such as infographics and cartoons? What about slide decks? Do they have a FAQs section? Are there featured articles? Do you ensure press releases? Do they have a media kit? What about suit examines? Do they publish buying guides and data sheets? What online and offine advertising campaigns are they operating? How accurate is their content? Are spelling or grammar faults present? How in-depth does their content run?( Is it introductory level that only scratches the surface or more advanced topics with high-level notions ?) What tone do they use? Is the content structured for readability?( Are they utilizing bullet points, bold headings, and numbered lists ?) Is their contents free and available to anyone or do their readers need to opt-in? Who is writing their content?( In-house team? One person? Multiple contributors ?) Is there a visible byline or bio attached to their articles? Certain topics resonate better than others The commentaries are negative, positive, or a mix People are tweeting about given topic more than others Readers respond better to Facebook updates about certain content Don’t forget to note if your challenger categorizes their content using tags, and if they have social media follow and share buttons attached to each piece of content. Both of these will a ect engagement activity. Keyword density in the transcript itself Image ALT text tag Use of internal associate Which keywords are your competitors focusing on that you still haven’t tapped into? What content of theirs is highly shared and linked to? How does your content comparison? Which social media platforms is your target audience utilizing and the most active on? What other sites are connecting back to your competitor’s site, but not yours? Who else is sharing what your competitors are publishing? Who is referring traffic to your competitor’s site? For the keywords you want to focus on, what is the diffculty level? There are several free( and paid) tools that will give you a comprehensive evaluation of your competitor’s search engine optimization. Facebook Twitter Instagram Snapchat LinkedIn YouTube Pinterest Number of fans/ followers Posting frequency and consistency Content engagement( Are users leaving remarks or sharing their posts ?) Content virality( How many shares, repins, and retweets do their posts get ?)