For all those people who are stepping into the business world, competitive analysis is more crucial than anything else. The reason is that it lets you identify the trends of your industry.
When you take the very first step into the business world, you dream to beat and compete with your competitors. To out-compete your competitors completely, understanding and adapting to their strategies or campaigns is absolutely key.
To make sure you succeed in the business world, you’ll have to dive deep into your current competitive landscape. The most important thing to understand is that performing a competitive analysis is not rocket science –no matter if you’re looking for content ideas or anything else.
Before starting your competitor analysis
Before starting your competitor analysis, it is very important to know your competitors. You can begin by writing down a list of your competitors –just listing your top 7 to 8 top competitors would be enough.
A competitor can be any website that offers the same products or services like yours or has the same target audience as yours.
Monitoring your competitor’s content strategy to craft your own
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Emails are still considered important and effective for generating revenues –which is why it’s important to monitor closely the emails your competitors are sending to their targeted audience. You can do it by subscribing to their website with your personal mailing address.
Make sure the email address you use for this purpose does not have your company name in it. Once you are done, you can get to know your competitor’s culture, content type, frequency of content being published, and –last but not the least– the way your competitors are dealing with their audience.
Analyze their video content
Video content has gained much popularity during the past few years and this popularity is expected to increase even more in the near future. This is the reason video content is considered the most important component of a content marketing strategy. All businesses & brands rely on videos to grab the attention of their audience.
Checking and analyzing the video content of your competitors is key to success — and you can start by looking for the top ones that have lots of views, comments or shares. Do not forget to document all the targeted keywords in the title and description of the videos. You can also choose to subscribe to the YouTube channel of your top competitors to see what they’re posting and how often.
Track their social media presence
An impressive 89% of companies and brands these days are active on social media. It is an amazing opportunity for you to track and monitor your competitor’s content on social media and other activities.
Always pay attention to the effectiveness of a brand and its overall content marketing strategy on social media. Make sure to examine the tone of their posts as well as the images they use for their top-performing content on social media.
Get to know the best-targeted keywords
The importance of using the right keywords can never be ignored at any cost. Selecting and using the right keywords for your content can do wonders as it maximizes your chances of appearing on the top search results. So instead of trying different keywords on your own, you can observe what keywords your competitors are focusing on.
Know the keywords that drive the most traffic) to add them to your content to be on the top search results. For example, if you are selling products on Amazon, try to see which keywords your competitors have used in the product descriptions and other parts. You can use the same keywords to rank your own products.
Webinars are a key component of the content marketing strategy of any brand and business. Webinars are all about delving deeper into the specific topics for your targeted audience. If you choose to attend the webinars of your top competitors, you can get to know what interests their audience the most and how they are delivering those topics to grab the attention of the audience.
When you attend webinars run by your competitors, make sure to stick around until the end. The reason is that most webinars have a Q/A session at the end, and you can “see” the audience questioning and your competitor’s answering to their questions.
Monitor changes to competitor’s website
Last but not the least, never ignore changes made to your competitor’s site, whether these changes are in design or in messaging. For instance, if one of your competitors is launching a new product, you can track their approach to message or communicate this to their audience.
In short, observing the overall content experience of your competitors is very significant — anything from the font style and the colors they use on their site to what content they publish. Get to know every minor detail of what they’re doing to offer the best experience to their audience via content. As a company or brand, you must be readily available to make changes to your content strategy, not only to adapt to the current market but to compete with other companies and be on top.
No matter how hard you work, your content strategy isn’t going to give you the desired results unless and until it is backed up by a comprehensive competitor analysis. It is always important to know the companies that are currently performing better than you because this can give you a lot of new ideas and inspirations.
The best you can do for your company is to dig deeper and deeper to unravel why they are at the top, performing better than you. By understanding their marketing plans, you can imitate their success level and hopefully out-compete them along the way.