Competitive Analysis for Marketing is a strategic tool used to identify the strengths and weaknesses of competitors from an SEO point of view. It helps you understand why your business should be different from others.
Competition analysis in marketing is a crucial part of any business plan. It will help you determine how well your product or service matches your customers’ needs.
Identify Competitors
You need to know who your competition is before you start planning your strategy. This means identifying your competitors and understanding what makes them unique. Once you do this, you can use that knowledge to differentiate yourself from other businesses.
Determine Their Strengths and Weaknesses
To determine your competitors’ strengths and weaknesses, you first need to find out who they are. Start by looking at their website and social media profiles. Then, conduct an online search using Google Trends to see how often people search for their names. If you find that there are lots of searches for your competitor, then you know that they are popular. However, if you find that there aren’t any searches for them, then you know that no one else is talking about them.
Understand Why They Are Different From You
Once you know what your competitors do well, you can use that knowledge to differentiate yourself. For example, if your competitor has a strong social media following, you might consider creating a Facebook group or Twitter account to attract new customers. Or, if they have a good reputation with local businesses, you might offer discounts to local clients.
Create a Plan to Beat Them
If you want to beat them at their own game, you need to know how they operate. You need to find out who their key players are, where they spend money, and what they think will work. This information will help you decide whether your strategy needs to focus on one area or multiple areas.
Compare Them Against You
Once you have identified your competition, compare yourself against them. What do they offer that you don’t? How does your product or service differ from theirs? Are there any advantages to being first? Do they have more customers than you? Is your pricing higher than theirs?
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