October 13, 2021
How well do you know your competitors? Analyzing your competition is a powerful way to enhance your digital marketing strategy. Competitive analysis is a process of systematically comparing your company, products, and services against your key competitors. Its main purpose is to understand your competitors’ strengths and weaknesses, as well as find gaps in the market.
There are four criteria to consider when analyzing your competition:
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- Strength and weaknesses of your competitors—Competitive analysis research allows companies to gather and analyze information about their competitors’ products, services, and marketing strategies. This helps them adapt their marketing strategy to their competitors’ strong points and take advantage of their weaker areas of performance.
- Improve products and services—You and your competition probably have the same target audience. Analyzing what they are saying about your competitors’ products and services and what they are lacking gives you an opportunity to accommodate their needs. Gathering Google reviews to begin this process. You can improve your products by capitalizing on what others in your industry are failing to do.
- Know industry trends—Analyzing business strategies will help your company stay informed about your industry trends. Digital marketing is a fast paced environment. There are countless emerging trends and tools. Once they are used by your competitors, it is easier to spot and implement them within your business.
- Improve your visibility in Google—The best way to outrank your competitors on Google is by analyzing their SEO data and using best practices. Semrush, Moz, and Ahrefs are tools that most marketers use for SEO competitive analysis. Using these tools, you can find which keywords promote their content’s visibility, the sources of their traffic, and what paid advertising campaigns are working on their behalf.
Axia Public Relations a PR agency that takes every aspect of digital marketing very seriously, including competitions analysis. Listen to our podcast to stay informed on the latest digital marketing trends and how you can apply them to your own business.
Clients love Yulia’s eagerness to take on new challenges and her experience in building relationships with target audiences. She has worked with Axia Public Relations since July 2015. Yulia earned a master’s degree in public relations management from University of Maryland University College. She is fluent in Russian and English. Learn more about Yulia.
Topics: PR tips