Competitive analysis is basically a strategy where you will have to analyze the strengths and weaknesses of your competitor and research their products, sales, and marketing strategies. By doing this you have a upper hand over your competition and have a solid business strategies that improve upon your competitor’s.
You could examine the competition’s pricing strategy or social media campaigns, but monitoring their websites will give you a more robust, overall look and a clear idea of a strategy that’s working in the live market at what they’re doing and how well they’re doing it. You’ll discover the keywords they’re targeting, their ranking, their most popular content, the links they’re getting and their activity on social.
When you will crack the competitor’s strategy that winning you will get a understanding of what your strengths and weaknesses are in comparison to other brands who are selling the same thing you are and will also tell you ” Is it even worth putting your time and effort in the particular tasks “
You could be a really fast Swimmer, but if you have no idea how fast anyone else swims, it’ll be a lot harder to improve your own skill. Once you realize that the fastest swimmer in the world (Caeleb Dressel) swam 50-meter freestyle at ISL Grand Finale in a time of 20.24 you’ll know exactly how much you need to improve to beat that record.
A competitive analysis can help you learn the high’s and low’s of how your competition works, and identify potential opportunities where you can out-perform them ad where you should not put the time and effort!
It also enables you to stay atop of industry trends and ensure your product is consistently meeting — and exceeding — industry standards and not outdated.
Now we’ll dive deep into the various factors of the competitive analysis step-by-step:
Competitive Analysis Websites
Here are some competitive analysis websites that you can use for analysis of your competitor. Some of them are free and some of them need to be paid to be used for. Each in the detailed descriptions below.
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The following websites are great tools for Competitive Analysis. These can be used to analyze your competitors and then create a better strategy that would make you stand out from the others in the competition of the similar products. And marketing strategy that works for the benefit of your Product. you can decide which one will work best for you. So, read on to find the right competitor analysis tool to meet the needs of your business.
Analysis of the competition
The Analysis of competition is process in which the assessment of your competitor’s strengths and weaknesses is done, which helps in implementing effective strategies to improve your own product. A competitive analysis can help you learn the ins and outs of your competition, and identify potential opportunities where you lead over them.
Entrepreneurs are overwhelmed by daily tasks and do not devote enough time to strategic thinking. The lack of hindsight prevents the right strategic decisions from being taken and leaves the field open to competition to detect and take advantage of market opportunities more quickly.
Competitive analysis example
competitive analysis example is: a surfboard and paddleboard retailer. For the sake of not overcomplicating this example, we are going to focus solely on their paddleboard competitors.
Step 1: Finding Isle Surf and SUP’s Competitors
First, let’s see what Google brings up for us and we can evaluate from there (for best results, search for your competitor’s product or service in Incognito mode).
Listed below are the search results (psa: for the sake of example, I removed a few ads that were in the way).
^Looking at the above list, the competitors that Isle Surf and SUP should focus on are YOLO Boards, Tower, Boardworks, Walmart, REI, and DICKs.
Before we move on, you might be wondering…
“Why Walmart, REI, and DICK’s? Those are HUGE retailers!”
Even though Isle Surf and SUP is a much smaller retailer, they are selling the same product – paddleboards – as Walmart, REI, and DICKs. So Isle Surf and SUP should also include them in their competitor analysis.
And now that we have Isle Surf and SUP’s list of competitors*…
*There are probably MANY more competitors for Isle Surf and SUP – but for the sake of getting you through this example faster…I kept it to seven.
Step 2: Research Isle Surf and SUP’s Competitors
Pick one of the listed competitors to research
For the sake of the example, we are going to research just one of the listed competitors (Boardworks), and then you would just repeat the same process for each competitor.
First, let’s jump into researching the business side of Boardworks and find answers to these three questions:
- How does Boardworks pricing model compare to Isle Surf and SUP?
- What type of retailer is Boardworks compared to Isle Surf and SUP?
- What is included in Boardworks product line compared to Isle Surf and SUP?
In this stage, it was easy to find all the information by visiting Boardworks and Isle Surf and SUP’s product pages on their website, and here’s a breakdown of the business side of Boardworks vs Isle Surf and SUP via infographic:
Next, we need to figure out why a customer would go with Isle Surf and SUP versus Boardworks (and vice versa).
The best way to execute this portion of the competitor analysis (and would provide them with information on all their competitors) would be for Isle Surf and SUP to create a survey they could email to new/current customers – or in this case, someone who has just bought a paddleboard.
They could easily include a link to the survey in an email thanking the customer for their purchase (separate from the order confirmation).
Here’s an example of the email:
how a survey should look?
- It must have an attractive design
- Must contain the important and targeted keywords and key phrases
- Should have eye-catching words
- Should be appealing
What is a key to a great survey?
Use a mix of open-ended and multiple-choice questions. This ensures you get the answers you need, plus long-form answers written by customers (which are great for Isle Surf and SUPs marketing team to use when they are writing marketing copy).
Finally, let’s get all the marketing deets we can on Boardworks.
As a refresher, here are the major things that Isle Surf and SUP should consider:
- What is Boardworks doing with their marketing content?
- What are there overall strategies when it comes to demand generation, PR / social media, and product marketing for Boardworks?
- Who is Boardwork’s target audience?
- How many followers do they have on all the social networks?
- How are they positioning themselves in the market?
Based on my research throughout Boardworks (and Isle Surf and SUP) website, here is a breakdown (via infographic) of the differences between their marketing strategies:
Let’s move onto the final step!
Step 3: Compare Isle Surf and SUP With Boardworks
AKA…time to perform the SWOT analysis!
Here’s a nice visual of how this would look:
The most important part of the SWOT analysis is how you use the information you learn from it…
So in this case, it looks like Isle Surf and SUP should capitalize on their main strengths, their website and overall marketing strategy, since both are far superior from Boardworks’…but it also looks like (based on their threats) that they should consider making adjustments on pricing and potentially their target demographic (depending on their overall market strategy) – or Boardworks might be able to close the gap on market share.
And once Isle Surf and SUP is finished researching and comparing their business against all their competitors…
They would have a clear picture of how they stack up against their competitors and have all the information they need to decide what changes need to be made to optimize their business.
And just like that….
Their entire competitor analysis would be complete! Now after you have completed entire competitor analysis then here is a template for Competitive analysis.
Steps For Competitive Analysis
- Determine who your competitors are.
- Determine what products your competitors offer.
- Research your competitors sales tactics and results.
- Take a look at your competitors’ pricing, as well as any perks they offer.
- Ensure you’re meeting competitive shipping costs.
- Analyze how your competitors market their products.
- Take note of your competition’s content strategy.
- Learn what technology stack your competitors’ use.
- Analyze the level of engagement on your competitor’s content.
- Observe how they promote marketing content.
- Look at their social media presence, strategies, and go-to platforms.
- Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats.
Now we’ll elaborate every step for you below.
1. Determine who your competitors are.
First, you’ll need to figure out who you’re really competing with so you can compare the data accurately. What works in a business similar to yours may not work for your brand.
So how can you do this?
Divide your “competitors” into two categories: direct and indirect.
Direct competitors are businesses that offer a product or service that could pass as a similar substitute for yours, and that operate in your same geographic area.
On the flip side, an indirect competitor is one that provides products that are not the same but could satisfy the same customer need or solve the same problem.
Keep these brands on your radar since they could shift positions at any time and cross over into the direct competitor zone. Using our example, Stitch Fix could start a workout line, which would certainly change things for Fabletics.
This is also one of the reasons why you’ll want to routinely run a competitor analysis. The market can and will shift at anytime, and if you’re not constantly scoping it out, you won’t be aware of these changes until it’s too late.
2. Determine what products your competitors offer.
At the heart of any business is its product or service, which is what makes this a good place to start.
You’ll want to analyze your competitor’s complete product line and the quality of the products or services they’re offering.
Discounts that you competitors are offering are also a great place to look out fot.
Questions to consider include to determine what products your competitors offer :
- 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 using different pricing strategies for online purchases versus brick and mortar?
- How does the company differentiate itself from its competitors?
- How do they distribute their products/services?
3. Research your competitors sales tactics and results.
You’ll want to track down the answers to questions such as:
- What does the sales process look 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 customers reasons for not buying? For ending their relationship with the company?
These helpful pieces of information will give you an idea of how competitive the sales process is, and what information you need to prepare your sales reps with to compete during the final buy stage.
For publicly held companies, you can find annual reports online, but you’ll have to do some sleuthing to find this info from privately owned businesses.
You could find some of this information by searching through your CRM and reaching out to those customers who mentioned they were considering your competitor. Find out what made them choose your product or service over others out there.
To do this, run a report that shows all prospective deals where there was an identified competitor.
If this data is not something you currently record, talk to marketing and sales to implement a system where prospects are questioned about the other companies they are considering.
Essentially, they’ll need to ask their leads (either through a form field or during a one- on-one sales conversation) to identify who their current service providers are, who they’ve used in the past, and who else they are considering during the buying process.
When a competitor is identified, have your sales team dive deeper by asking why they are considering switching to your product. If you’ve already lost the deal, be sure to follow up the with prospect to determine why you lost to your competitor. What services or features attracted the prospect? Was it about price? What’s the prospect’s impression of your sales process? If they’ve already made the switch, find out why they made this decision.
By asking open-ended questions, you’ll have honest feedback about what customers find appealing about your brand and what might be turning customers away.
Once you’ve answered these questions, you can start scoping out your competitor’s marketing efforts.
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4. Take a look at your competitors’ pricing, as well as any perks they offer.
There are a few major factors that go into correctly pricing your product — and one major one is understanding how much your competitors’ are charging for a similar product or service.
If you feel your product offers superior features to that of a competitors’, you might consider making your product or service more expensive than industry standards. However, if you do that, you’ll want to ensure your sales reps are ready to explain why your product is worth the additional cost.
Alternatively, perhaps you feel there’s a gap in your industry for affordable products. If that’s the case, you might aim to charge less than competitors’ and appeal to prospects who aren’t looking to break the bank for a high-quality product.
Of course, there are other factors that go into correctly pricing a product, but it’s critical you stay on-top of industry pricing to ensure you’re pricing your product in a way that feels reasonable to prospects.
Additionally, take a look at any perks your competitors’ offer and how you might match those perks to compete. For instance, perhaps competitors’ offer a major referral discount, or a month-long free trial version. These perks could be the reason you’re losing customers, so if it feels reasonable for your brand, consider where you might match those perks — or provide some unique perks of your own, if competitors’ don’t offer any.
5. Ensure you’re meeting competitive shipping costs.
Did you know expensive shipping is the number one reason for cart abandonment?
Nowadays, free shipping is a major perk that can attract consumers to choose one brand over another. If you work in an industry where shipping is a major factor — like ecommerce — you’ll want to take a look at competitors’ shipping costs and ensure you’re meeting (if not exceeding) those prices.
If most of your competitors’ offer free shipping, you’ll want to look into the option for your own company. If free shipping isn’t a practical option for your business, consider how you might differentiate in other ways — including loyalty programs, holiday discounts, or giveaways on social media.
6. Analyze how your competitors market their products.
Analyzing your competitor’s website is the fastest way to gauge their marketing efforts. Take note of any of the following items and copy down the specific URL for future reference:
- Do they have a blog?
- Are they creating 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 see press releases?
- Do they have a media kit?
- What about case studies?
- Do they publish buying guides and data sheets?
- What online and offine advertising campaigns are they running?
7. Take note of your competition’s content strategy.
Then, take a look at the quantity of these items. Do they have several hundred blog posts or a small handful? Are there five white papers and just one ebook?
Next, determine the frequency of these content assets. Are they publishing something new each week or once a month? How often does a new ebook or case study come out?
Chances are, if you come across a robust archive of content, your competitor has been publishing regularly. Depending on the topics they’re discussing, this content may help you hone in on their lead generating strategies.
From there, you should move on to evaluating the quality of their content. After all, if the quality is lacking, it won’t matter how often they post since their target audience won’t find much value there
When analyzing your competitor’s content, consider the following questions:
- How accurate is their content?
- Are spelling or grammar errors present?
- How in-depth does their content go? (Is it introductory level that just scratches the surface or more advanced topics with high-level ideas?)
- What tone do they use?
- Is the content structured for readability? (Are they using bullet points, bold headings, and numbered lists?)
- Is their content 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?
As you continue to scan the content, pay attention to the photos and imagery your competitors are using.
Do you quickly scroll past generic stock photos or are you impressed by custom illustrations and images?If they’re using stock photos, do they at least have overlays of text quotes or calls-to- action that are specific to their business?
If their photos are custom, are they sourced from outside graphic professionals or do they appear to be done in-house?
When you have a solid understanding of your competitor’s content marketing strategy, it’s time to find out if it’s truly working for them.
8. Learn what technology stack your competitors’ use.
Understanding what types of technology your competitors’ use can be critical for helping your own company reduce friction and increase momentum within your organization.
For instance, perhaps you’ve seen positive reviews about a competitor’s customer service — as you’re conducting research, you learn the customer uses powerful customer service software you haven’t been taking advantage of. This information should arm you with the opportunity to outperform your competitors’ processes.
To figure out which software your competitors’ use, type the company’s URL into Built With, an effective tool for unveiling what technology your competitors’ site runs on, along with third-party plugins ranging from analytics system to CRMs.
9. Analyze the level of engagement on your competitor’s content.
To gauge how engaging your competitor’s content is to their readers, you’ll need to see how their target audience responds to what they’re posting.
Check the average number of comments, shares, and likes on your competitor’s content and find out if:
- Certain topics resonate better than others
- The comments are negative, positive, or a mix
- People are tweeting about specific topics more than others
- Readers respond better to Facebook updates about certain content
- Don’t forget to note if your competitor 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.
10. Observe how they promote their marketing content.
From engagement, you’ll move right along to your competitor’s content promotion strategy.
- Keyword density in the copy itself
- Image ALT text tags
- Use of internal linking
The following questions can also help you prioritize and focus on what to pay attention to:
- 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 compare?
- Which social media platforms is your target audience using and the most active on?
- What other sites are linking 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.
11. Look at their social media presence, strategies, and go-to platforms
The last area you’ll want to evaluate when it comes to marketing is your competitor’s social media presence and engagement rates.
How does your competition drive engagement with their brand through social media? Do you see social sharing buttons with each article? Does your competitor have links to their social media channels in the header, footer, or somewhere else? Are these clearly visible? Do they use calls-to-action with these buttons?
If your competitors are using a social network that you may not be on, it’s worth learning more about how that platform may be able to help your business, too. To determine if a new social media platform is worth your time, check your competitor’s engagement rates on those sites. First, visit the following sites to see if your competition has an account on these platforms:
Then, take note of the following quantitative items from each platform:
- Number of fans/followers
- Posting frequency and consistency
- Content engagement (Are users leaving comments or sharing their posts?)
- Content virality (How many shares, re-pins, and retweets do their posts get?)
How does your competition interact with their followers? How frequently do their followers interact with their content?
After you collect this data, generate an overall grade for the quality of your competitor’s content. This will help you compare the rest of your competitors using a similar grading scale.
Why Focusing on Analyzing Competitor Websites is important?
Competition, driven largely by globalization, is increasing rapidly in almost every industry. And it’s proving to be a double-edged sword for entrepreneurs.
Today’s business owners have access to a larger base of prospective customers than ever before, yet they aren’t just competing with similar businesses in their area – they’re exposed to increased competition from producers all over the world.
That wide exposure is causing businesses to struggle not only with remaining profitable, but also identifying which companies they’re competing against.
That’s why we recommend starting with competitor website analysis. There are tools make it easy to scrape the web for competitor information and there are a lot of tactics you can take once you get a sense of their online landscape.
Although there are many other competitive analysis strategies, in this article we’re going to focus on these ten ways to perform competitive website analysis.
strengths weaknesses opportunities and threats-volume
As you evaluate each component in your competitor analysis (business, sales, and marketing), get into the habit of performing a simplified SWOT analysis at the same time.
This means you’ll take note of your competitor’s strengths, weaknesses, opportunities, and threats any time you assess an overall grade.
Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats
Some questions to get you started include:
- What is your competitor doing really well with? (Products, content marketing, social
- Where does your competitor have the advantage over your brand?
- What is the weakest area for your competitor?
- Where does your brand have the advantage over your competitor?
- What could they do better with?
- In what areas would you consider this competitor as a threat?
- Are there opportunities in the market that your competitor has identified?
You’ll be able to compare their weaknesses against your strengths and vice versa. By doing this, you can better position your company, and you’ll start to uncover areas for improvement within your own brand.
When to Use a SWOT Analysis
SWOT analysis is often used in strategic planning to help identify a potential competitive advantage. For example, your strong relationships with suppliers might give you the opportunity to offer prices that are lower than your competitors’. But you can also apply it in much narrower situations. You can use it to evaluate a decision by looking at your strengths, weaknesses, opportunities, and threats relative to the decision, for example.
Marketing agencies often perform a marketing SWOT analysis as part of their competitive landscape analysis (CLA) for clients. They may compare strengths and weaknesses across competitors for various marketing channels, such as website, blog, social media, digital ads, and organic search. This helps them determine recommendations for a client’s strategy.
Competitive Analysis Framework
A competitive analysis framework is a model you can use to help shape how you go about researching your competitors. It helps you home in on specific information by giving a structure to guide your market analysis. There are several frameworks you can use for competitive analysis in marketing.
What Is a Competitive Analysis Framework?
A competitive analysis framework is a model you can use to help shape how you go about researching your competitors. It helps you home in on specific information by giving a structure to guide your market analysis.
There are several frameworks you can use for competitive analysis in marketing. But how do you choose the right one for your needs? If you’re a digital marketing agency aiming to get a sense of a new client’s competitors, your needs may be different from an in-house marketing director.
Here we have successfully got a great idea on how to conduct competitor analysis?
SEO competitor analysis tool
Competitor analysis tools will help you track, analyze, and learn from your competitors’ strategies. Then, you can use that information to fire up your marketing campaigns and win big!
Okay, I realize there are hundreds of competitor analysis tools to choose from, and knowing which is going to work best for you and your brand, can be a pain.
I’ve got you covered. I’ve done all the research for you and listed some seo competitor analysis tools. At this point, let me save you some time while I reveal my personal favorite. Yes, I am absolutely and totally biased. Quick Search – it has the numerous features of the other tools, in one package.
There are great tools available that can be used in our advantage. Below is a total compilation of the above article in short summary for better understanding
What is competitor analysis?
Identifying and evaluating your competitors. Their strengths and weaknesses. How they compare to your business.
What level of brand awareness do your competitors have in your market? More or less than your brand? Find their prices, earnings reports, share prices, customer care best practices, company cuture, distribution, and a whole lot more.
Use these insights to fine-tune your brand’s marketing strategy. To outsmart your competitors.
If you’d like more info, I suggest you read How to conduct a competitor analysis. Recommended by experts, it’s a comprehensive guide explaining the what, why, and how of competitor analysis.
Why do competitor analysis?
I’ve already said that you’ll be able to boost your own marketing strategy. You’ll also find openings in the market that competitors have missed. You’ll find new areas of opportunity that are proving successful to your competitors, that you’ve missed. For instance, countries you should be targeting that are working for them.
If you’d like to learn more, take a look at How to conduct a competitor analysis. It’s a comprehensive guide explaining the what, why, and how of competitor analysis.
Best competitor analysis tools
Using competitor analysis tools – software or apps – will help you find information about your competition’s marketing strategies and the secrets to their success within your shared market. Competitor analysis tools like the 12 I’ve found below will save you time, while identifying data you may normally miss.
The cool thing? While these tools will help you understand your competitors, they’ll also monitor your own web performance and find the data on your company that you need to continuously improve.
1. Quick Search
Quick Search – gives you an instant overview of your brand online. Brining extensive coverage of social networks, news sites, blogs, and forums. You’ll be able to monitor the conversations surrounding your brand, the influencers talking about you, and the trends in your industry.
Working in real-time, you can enter multiple brands – your competitors – and compare sentiment, with 90% accuracy. Also, discover audience demographics, gender, location, mentions, and more. Using filters, you can dig deep into trends and topics and find the stories that are currently impacting.