Research is essential to all companies looking to grow their customer base in the competitive landscape of the digital age. And as proud as you may be of the website you have now, you need to have a good understanding of your market position.
Competitive research is a critical marketing strategy. The importance of competitive research lies in how it can help you gain valuable and actionable data. It helps you understand not just your main competitors but also your target audiences.
Competitive analysis and inventory of websites in your market aid you in identifying market gaps, new sources of traffic, a new list of keywords, a competitor’s backlink profile, and more. Learning all these can help strengthen your web presence and gain greater credibility.
Taking a look at how others’ business strategies and websites can help you fine-tune your own. However, it is essential that you correctly identify your competitors first. Implementing new marketing strategies based on incorrect competitors may result in loss of website traffic.
How Do I Find My Competition?
Finding your competitors is not overly complicated. A competitor is someone who provides the same products or services as you or uses the exact keywords.
If they offer the same products or services as you and within the same area, then they are your direct competitors. You share the same pool of target audience. These companies are who your potential customers would weigh your products or services against.
If they offer different products or services but use the same keywords, then they are indirect competitors. Indirect competitors may also sell similar products but target a different set of consumers.
For example, you use the keywords “home remodeling services in Lancaster, PA” and offer kitchen and bathroom renovations. Your indirect competitor might use the same target keywords but only offer exterior renovations. Otherwise, they might provide the same services but in another state or city.
Here are some other tips:
● Google is your best friend when conducting surface-level keyword research and competitive analysis.
● Get feedback from customers and leads. Who better to provide insight on alternative and trustworthy service providers than the people who need such services?
● Consult your sales team. Your sales team is in direct contact with leads and prospective customers, so they likely have a good idea of what your target audience wants or is looking at.
What Tools Are Necessary To Perform Competitive Research?
It’s possible to conduct competitive research without using tools, such as using only Google and visiting your competitor’s website. However, if you want more in-depth competitor research, there is a wide range of online tools to check a competitor site discreetly.
The ideal tool for your competitor’s website analysis depends on what type of data and information you are looking for.
Here are some goals and services that act as a competitor analysis tool that can help you achieve them:
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How To Identify Marketing Opportunities Through Competitive Research?
You can learn a lot by observing what works for your competitors. Don’t think of competitor website analysis as stealing your competitors’ ideas. Rather, it is an in-depth look into what makes their business work.
Why are customers flocking towards them instead of towards you?
Competitive research helps you identify their strengths, weaknesses, and effective strategies. Applying similar concepts and adjusting these strategies to fit your business tactics can help identify better marketing opportunities.
Your competitor’s website can show you how to differentiate yourself from them. It also gives you a good idea of what brands or companies your competitors work with, where they advertise, or how they integrate their social media strategy.
Keep track of all your findings. Create spreadsheets to monitor direct and indirect competitors. These can help you monitor what strategies they implement over time, how much they grow, and more.
Get a Helping Hand
Taking inspiration from your competitors and modifying their tactics to create your strategies can help drive website traffic for your company, and navigate the competitive landscape.
Competitor analysis is possible to do on your own, but it takes time to learn the tools and conduct a thorough analysis. It can also be easy to miss clear signals due to your familiarity and biases with the subject matter. As such, it may be helpful to seek professional guidance when conducting competitive research.
Contact Improve and Grow today to schedule a discovery call and see how we can help you improve your website through competitor research.