Competition is a crucial element of any business. To keep up and stay ahead, you must closely monitor your competition and their strategies.
Researching your competitors can give you helpful information and help you make decisions about marketing, product development, etc. Here are five tips for researching your competitors to help your business stay ahead of the game.
Understand Your Competitors’ Online Footprint
The first step in conducting effective competitor research is understanding what they do online. Figure out where they are active on social media, which blogs or websites they operate or contribute to, who their customers are, and how their website is laid out.
If you know what your competitors are doing online, you’ll be able to come up with a strategy that’s right for the people you both want to reach.
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Analyze Their Strategy
By looking at your competitors’ online and offline plans, you can find out how successful their efforts have been. What tactics do they use? How has that impacted the customer response? Do specific tactics lead to higher engagement?
These questions will provide insight into which aspects of their strategy may work best for them, allowing you to copy the elements that make sense for them and customize them further for your business needs.
Follow Customer Reviews & Feedback
Monitoring customer reviews can be precious when conducting competitive research—it provides raw feedback about the digital customer experience with a specific company. Sites like Yelp, TrustPilot, etc.,
Can be great resource for understanding customer sentiment towards particular companies and the products and services they offer. Take note of what people say about you and other competing businesses.
You could use reviews and feedback to help come up with new ideas for products or marketing plans that reach similar audiences better than before.
Track Keywords & SEO Tactics
It’s essential to keep an eye on your competitors’ keywords and SEO strategies and see where they stand regarding rankings and visibility on Google and other search engines. Use tools like SEMRush or Ahrefs to analyze organic traffic levels and identify keyword opportunities that could benefit your site.
With this information, you can make changes to your SEO so that your website is more likely to show up higher on the search engine results page (SERP) than your competition.
Use Internal Metrics & Industry Benchmarks
Finally, use internal metrics (like sales performance) along with industry benchmarks to get a broader overview of where competing companies stand against each other relative to market demand and trends within the industry.
Knowing where competitors stand should make it easier to see if a competitor’s strategy has affected overall growth or market share over time compared to what would have happened without the strategy.
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Conclusion
In conclusion, conducting research on your competitors is essential for understanding their strategies, the customer experience, and how to beat them in terms of SEO and SERP rankings.
By looking at customer reviews, industry benchmarks, SEO strategies, and your competitors’ online presence, you can devise a smart plan to keep your business ahead of the competition.
