Learn how to conquer your competitor analysis with 6 essential steps. Understand the importance of competitor analysis in marketing, utilize digital analysis tools, and upgrade your marketing strategies with the data gathered. Explore related articles and resources for further learning.
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You may be thinking, “There’s gotta be an easier way to find out what kinds of marketing tactics
the competition is using.” Well, actually, there is.
You can just do online competitor research.
And that’s exactly what you’re gonna to learn more about in this video.
Before we move on, I’m just gonna drop a gentle reminder here to subscribe to our channel,
and hit the bell, for more content that helps you beat your competitors. Now, let’s go!
Why you need competitor analysis Before we talk about the “how” of
competitor analysis, let’s talk about the “why.” Why should you spend time looking at
what your competitors are doing? When you research competitors,
you can see what they’re doing that you’re not, and which of those things are working for them.
Then, whatever they’re doing right, you can do better. And whatever they’re doing wrong, you
can make sure to avoid doing. As a result, you’ll create more impactful marketing campaigns than
they could ever dream of and drive more sales. How to perform competitor research in 6 steps
Now let’s talk about what it looks like to research competitors.
The details are different for every company, but there are six basic steps you’ll want to follow to
get the best results from your research. 1. Figure out who your competitors are
The first step is to figure out who exactly your competitors are. Obviously,
you can’t really research your competitors if you don’t know whom you’re researching.
Just take some time to sit down and draw up a list of competitors. There’s a good chance you
already know who your biggest competitors are, but if you’re unsure, you can do some online research.
One method is to see which companies’ websites are ranking alongside yours
in Google search results when you search for things in your industry,
or specific products and services you offer. Another option is to just look
up lists of companies in your area that perform the same services as you. So like,
if you do metal fabrication in Cincinnati, you can look up “best Cincinnati metal fabricators.”
2. Figure out what marketing strategies you want to analyze
Once you’ve figured out whom to research, your next move should be figuring out what to research.
What I mean by that is, you should think about which of your competitors’ marketing strategies
you want to analyze. Are you looking at their search rankings? Their paid ads? Their web design?
Whatever it is, establish that before you start. Obviously, you can look at all of their marketing
strategies if you want, but don’t take on too much all at once or you’ll get overwhelmed. Tackle one
strategy at a time, and focus fully on analyzing that specific part of your competitors’ marketing.
3. Use digital analysis tools Now it’s finally time to start
analyzing your competitors. But what does that look like, exactly? Do you just browse
their website and see what jumps out at you? No. I mean, you can, but that’s not the most
efficient method. Instead, you should use digital tools to help you gather and analyze info about
your competitors. Some tools, like Semrush and SpyFu, are built specifically to help you track
competitor marketing. You can also use our very own MarketingCloudFX tool to track competitors and
upgrade your own marketing in the process. Whatever tool you choose, though,
find something that can automatically track all the right data points so you
don’t have to spend hours manually scrolling through your competitors’ ads or blog posts.
4. Perform a SWOT analysis When you’re looking at your
competitors’ marketing, you should consider doing a SWOT analysis. SWOT stands for Strengths,
Weaknesses, Opportunities, and Threats — and that’s exactly what you should track.
For strengths, you’re looking at what your competitors succeed at doing. That’ll help
you figure out what you can do to drive more results with your own marketing.
For weaknesses, it’s the opposite — look at what’s not working well
for your competitors. For example, maybe one competitor has terrible customer service. That
tells you that you may want to highlight your superior service in your marketing campaigns.
Then you have opportunities and threats. Opportunities are places
where your competitors are missing out on a particular market or strategy,
meaning you can swoop in and take advantage of that by doing what they haven’t.
And threats are where a competitor is at risk of stealing your leads or clients.
So, what do you do with the info from a SWOT analysis? Well, that info basically
tells you which spots to focus on in your marketing. You want to spend extra time on
the areas where your competitors are strongest and weakest. You can emulate the stuff they’re
doing well and avoid the stuff they’re doing poorly, plus you can take advantage
of their weak spots to really outperform them. 5. Compare yourself and different competitors
After you’ve looked at some different competitors, take the time to compare
them to each other and to your own company. Figure out which companies are doing best,
which ones are doing worst, and where you stand in comparison to them all. The information
from your SWOT analysis is helpful here. For example, maybe you’re looking at five
different competitors. Your research reveals that three of those competitors are doing far
worse than you overall, while the other two are outperforming you. That tells you that your main
focus should be on surpassing the two competitors who are beating you. There may also be something
to learn from those struggling competitors, so don’t completely count them out of your research.
Find ways to improve upon what those outperforming competitors are doing,
and research how you can avoid a downward trend like those underperforming competitors.
6. Use your data to upgrade your marketing Finally, be sure to put the info you learn
about your competitors to good use. Don’t just see what your competitors are doing,
say, “Okay, cool,” and then keep doing the same thing as before. Instead, adapt your
marketing campaigns to your new knowledge. If one of your competitors is failing to use
social media, get out there and build a killer social media strategy. If another competitor
is running amazing paid ads, go build even better ones while also strengthening your
organic marketing tactics. Do what you can to improve on your competitors’ strengths and
take advantage of their weaknesses. That’s how you’ll drive more sales and earn more revenue.
Well, that about does it for competitor research in this video. If you want to learn more about
how to spy on your competitors, or just how to create strong marketing campaigns,
don’t worry — you can always subscribe to our YouTube channel
or to our email newsletter, Revenue Weekly. Thanks for watching, and we’ll see you next time!
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