It is important for a business to have a strategy to keep themselves ahead of their competitor. Competitive analysis is a term given to the evaluation of your competitor’s strategies to understand their strengths and weakness on those of your products or services. By far it is also one of the most important processes for your website to gain search engine success. It is all about knowing the market, knowing your competitor’s strategies and what they are up to. With this evaluation, it is possible to make your product or service unique from that of yours competitors. So, it is important to consider the strategies of the business’s competitors.
Competitive Analysis is a fundamental part of your business marketing plan. You have to identify and understand who your potential competitors are, and you should be able to drive their business through the rough marketing environment, and do it better than your competitors. Through competitive analysis, you can predict the future of your business and understand what’s around the corner for your industry or sector. However, it is important that a business must have its winning strategies and plans to beat their competitors successfully and get ahead of them.
Like stated before, the first step for winning strategies is to identify who your potential competitors are are. You have to understand the fact that your competitor is no longer located near you or across the street, it is any website or business that is ranking for the keywords that you have targeted. Remember that your competitors online will compete with you organically or will even compete you through pay-per-click advertising.
After determining who your potential competitors, you have to research and understand what is making them successful. When it comes to competitive analysis, there is few factors you should be considering, for example, the page rank of your competitors compared to the page rank of your own. Then how many inbound links are pointing to your competitor’s website compared to your own and the number of unique visitors your competitor is receiving on a monthly or daily basis compared to your own. Not only that but you also have to keep track of the number of pages your competitor indexed. Moreover, it is also recommended to determine how much they are spending on PPC advertising and the number of clicks they are getting from it. Last but not least, it is crucial to determine what keywords your competitors are optimizing for and how is their Metadata written based on it.
It is possible for you to gain some valuable information about you competitor’s website based on the things that are outlined above and hope it will get you some insights of what you have to do for planning a winning strategy. By now you have understood that competitive analysis and having winning strategies is one of the most important ways how you can get ahead of your competitors. It is one of the most fundamental parts of your business which should be taken into serious consideration. To be more profitable and successful in the long run, make sure to identify and keep an eye on the biggest brands and businesses.