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competitor Analysis

Competitor Analysis | best 3 tools

Introduction:

When a business is started, it is very obvious that there are going to be other businesses that provide the same service as your own business. But what makes your business stand against them, what makes your business unique, what is the value you provide are different from that of your competitors. These are some of the questions you have to find the answers to, to surpass your competitors. This is the purpose of competitor analysis. They help you in finding a lot about your competitors. In this article, we will discuss competitor analysis and the tools and techniques that could be used.

What is competitor analysis?

Competitor Analysis
Competitor Analysis

It is a strategy to understand more about your major competitors by identifying them, researching their sales, products, business and marketing strategies, values, branding and much more. By doing so, you will be able to find out ways to improve your business plans that will make your business stand unique against them. It will help you in understanding the workings of your competitors business so that you can find out loopholes that you can improvise to surpass them. This way you will be unique, provide great value to your customers, and stay ahead in your industry. Thus, competitor analysis is very important in any business. It helps you a lot in the long run.

Benefits of competitor analysis:

  • Competitor analysis helps you in identifying your competitor’s strengths and weaknesses. By doing so, you will be able to create a strong business and marketing strategy.
  • Another benefit is finding your unique selling proposition(USP). Your competitors may have their USP, and you will have to find a way to make your business’s USP unique from them. Explain why customers should choose you over others. This could be achieved through competitor analysis.
  • Through competitor analysis, you will be able to anticipate your customer’s needs and requirements. You will be able to find a gap in marketing and try to fulfil your customer’s needs. You can improve your services and products in such a way that you will easily stand out in the market.
  • Competitor analysis can help you find out a lot about your competitors’ employees and their workplace culture. This will help you anticipate any future trends. And also help you in closing any gap in R&D.
  • My potential threats in the market could be easily avoided due to competitors’ analysis. By keeping a close look at your competitors you will be able to anticipate any future threats and find solutions to eliminate them.

How to do competitors analysis:

  • The first and foremost step is to identify who your competitors are, make sure to make a top ten list. There are two types of competitors: direct and indirect competitors. Direct competitors offer the same service as your business. Indirect competitors may be used as a replacement, which is not the same but could be easily adjustable. It is important to keep a list of your competitors.
  • After you have identified your competitors, the next step is to find out about their services, products, business and market strategy. Dig a little and find out more about their content. Find out about what service they offer, their marketing plans, business models and much more. And also about their pricing and shipping costs. This way you will be able to get a grasp on the working of your competitor’s businesses.
  • The next step is to analyse their content strategy along with their engagement rates. Get a grasp on what content is doing well and what could be better. Find some loopholes and find out solutions that could make your business stand out.
  • Social media presence is one of the most important marketing strategies. It is a very important part of competitors analysis to get to know your competitor’s social media strategies. There are so many platforms, so figure out which platform works the best and why it works. Their engagement rates should also be looked at. Through this, you will be able to come up with a better social media strategy.
  • The last step is to perform a SWOT Analysis. It means you will have to find out about your competitor’s strengths, weaknesses, opportunities and threats. It is used to anticipate industry trends and threats. That way you will be able to find solutions and stand out in the industry.

Tools for competitor analysis:

Kompyte:

Kompyte software can be used to track and compare your competitor’s keywords, traffic, ads, referrals and visitors behaviours. This is a paid software that comes with a free trial for 14 days.

SimilarWeb:

SimilarWeb software could be used to track your competitor’s keywords, website traffic, social media presence, audience, ads, and much more. Their pricing depends on the various services, it could depend on your preferences.

Spyfu:

Spyfu is a great software that allows you to track your competitor’s keywords and which rank they are in. They also offer features to see how their keywords overlap yours. They offer three plans such as basic, professional and team. In each plan, they offer monthly or annual payments, where the annual plan has lots of offers. Their starting price is $33.

Ahrefs:

ahrefs software helps you in SEO and keyword research. It helps you by identifying your competitor’s keywords rank and comparing it with your keywords. They also offer features to see which content of your competitors is doing well and their keywords. They have four plans: Lite, standard, advanced and agency. Each plan could be paid monthly or annually. The starting price is $82.

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Conclusion:

Competitors analysis helps you by staying ahead in the market. It also helps your business to grow at a much higher rate. There are so many strategies and tools to perform competitor analysis. They all help you in one or another way. It is advisable to choose a plan that suits your needs and requirements. It is important to spend a considerable amount of time at a time interval to understand your competitor’s behavioural patterns. Hopefully, this article helped you understand competitors’ analysis and the tools to be used.

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