A competitor analysis is an assessment all business owners should be doing, I feel. However, 90% of website owners are not doing them at all or are doing them halfheartedly. Whatever product or service you offer, it is almost certain that you have competitors that offer the same or similar to yours. It is an essential tactic to find out what your competitors are doing and what threat they pose on the success of your business.
With a competitive analysis, you will be looking at your overall market area from a distance. Thus, giving you a very informative and accurate measure of where you stand as a business compared to your competitors and what needs to take priority with regards to your website’s performance and rankings.
Why is it important to analyse your competitor?
A comprehensive competitor analysis will highlight the strengths and weaknesses of your competitor and your own. Utilizing such valuable information will help you capitalize on your competitors’ weaknesses. Additionally, it will help you to work on your own weaknesses from all aspects of your business. With the help of new technology, businesses are able to know more about their competitor then ever before.
Even if you are already ranking in the top keywords of your industry, there will always be another website trying to over rank you. For all you know, your businesses weaknesses have already been capitalized on by your competitors.
By analysing your competitors, you discover aspects of theirs that are superior to your own website and SEO ranking. Better featured snippets, podcasts, weekly new blogs and content, videos, the list goes on. There is no point in ranking number one for a specific keyword if you competitor is dominating the featured snippet section. Your website may as well not be there at all. It is important to note the keywords you want to be ranking for and the current websites in those positions. Why are they ranking better than you? Do they have more backlinks than you? Do they have better content? What are their popular pages?
If you see they are posting new content twice a week and you are only posting once a month, chat to your team and get more content out more often. Which brings me to my next point:
Since Google ruled out algorithm BERT, gone are the days where you could stuff a whole bunch of similar or same keywords into a blog and BOOM! Bob’s your uncle. No. Google and other search engines have gotten better at search intent. Meaning, they have found a way to answer the ‘WHY’ behind the searchers search option. For example, if a searcher inputs ‘hair masks’, Google has gotten so brilliant at their algorithyms that by analysiing the searchers location, search history, social engagement and thousands of other aspects, they can determine the searcher is looking for a hair mask to make at home rather than a hair mask to buy at their nearest store. How incredible is that!? So what is the moral of the story, make sure your content is accurate, informative and new.
During a competitors analysis, an important aspect to take into consideration is their social platforms. Business social pages are becoming more important as it is an easy way for businesses to interact with prospect clients and share content.
How often does your competitor post? What do they post? Is it videos? How many followers do they have?
Identify The Areas That Need Improvement
After performing your competitor analysis, you will have a better idea of what you are up against. Take all the information you have gathered about your competitors and use it to your advantage. Not only with SEO rankings, social engagement, and content but it will help establish your businesses digital authority with prospect clients, subscribers and social media users.
Remember, Google changes and adjusts their algorithm 500 – 600 times per annum (average 1.6 times a day). So an analysis is never complete. We suggest you do a competitor analysis once a month if you want to keep up with what your competitors are up to. As algorithms change and update, it is essential to revisit the sites and see what has changed. Keep a spreadsheet on your device and keep updating it to stay informed.
Do You Want More Info On Competitor Analysis?
At the SEO Institute, we offer competitor analysis reports. Our reports can contain up to 10 of your competitors. Not only can you share with us who you think your competitors are but we will conduct our own comprehensive research to help you identify who else is your competitor. We put together a detailed report of your top competitors and share it with you so you can improve and analysis as you please. Contact us for more information.