How to Define Your Competitors in the Market
Every business faces competition. Even if you are the only cinemas in town you must compete with restaurant, bars and other businesses where your customers will spend their money instead of with you.
Tracking your competitors constantly is worthy than wasting time, money and energy on SEO, link building and other expensive activities.Today the market is very flexible so analyzing it periodically is very important. Competitive research helps you to discover an online market and pick the correct strategy.
Benefits of knowing your competitors in person
1) Deep research of your potential competitors gives you the insights of their weak points which helps you to build a strategy to differentiate your approach.
2) Researching on your competitor keywords enable you to create your semantic core.
3) Analyzing potential competitors enables you to find new ways of optimization.
4) Tracking your competitors reduces trial and error.
Five basic ways to track your competitors online
1) Search in Google using your top keywords
Track your potential competitors by entering your focus keyword in the search engine, you will get your top 10 competitors on the first page. Websites on the first page get a lot of traffic and thus customers. Outsmart them to get in the top by analyzing their website thoroughly.
2) Search on Directories
Find good business directories, choose your business category and analyze your competitors. Choosing your city and entering your focus keyword will give you a list of your direct competitors.
3) Track Competitor’s Customer Reviews and Feedback
Customers are the key to know your competitors. Check your competitor’s customer reviews and feedback this reveals where they are lacking which gives you an opportunity to try a different approach. Checking online communities on social media and community forums also gives you information about your competitors.
4) Analyze their paid data
Analyse their AdWords data, scan the keywords that are important for your business and check the competency level of those keywords. As you dive into this data you may find new competitors.
5) Use tools
Using tools is an automated way of finding your competitors online. Tools like SEMRush, Similarweb, Alexa, Moz help you analyze everything about your competitors from paid to organic traffic you can have greater insights.
Competitive analysis approach is very important when it comes to marketing. You have all the tools you need to analyze your competitors and build a strategy based on that analysis.Good luck knocking your competitor’s out or contact us for helping you out.