Posted by: Lauren Klostermann, Project Manager
In today’s saturated market, a competitor analysis provides an insightful and actionable look into your organization. Here’s how an analytical approach to assessing the other players in your field can begin with some basic ideas and readily available online tools.
Define the Competition
Start by choosing similar organizations in your industry by looking at each one’s size and functions. Also consider those deemed the “thought leaders” in the marketplace; they might demonstrate best practices you can learn from or mistakes you can avoid. After defining your list of competitors, assess their strengths and weaknesses, and compare those to your own.
Research the Competition
Begin your research by investigating competitors’ websites. Which competitors show up in Google or Yahoo when your brand keywords or other important industry keywords are searched? Keep track of relevant terms that your competitors have cornered, and use this data to improve your Pay-Per-Click (PPC) or SEO program.
Leverage free tools such as Quantcast, which provides advertisers with websites’ audience profiles, and Google’s new blog search site, which reveals what bloggers are saying about your organization and others.
Make Your Company More Competitive
After reviewing competitors’ strengths and weaknesses, use the data to improve your own online program. Put a plan in place to update your website or landing pages based on your usability and SEO learnings. Think about leveraging your competitors’ innovations?
To start acquiring data, sign up for Google Alerts so that every time your competitors do something newsworthy, you’re in the loop. Then get a quick, straightforward snapshot of the competitive landscape through Google Trends. Enter the name of your organization, as well as up to four of your competitors’ names, to evaluate how many of the Internet’s vast pool of users are searching for each term.
Although a competitive analysis is often a time-intensive process, you capture your company’s position in the competitive landscape and have a launch point for optimizing your online marketing plans.
Stay tuned for more posts about staying competitive online through SEO and PPC.
