Competitor analysis refers to identifying the competitors and evaluating their strengths relative to those of one's own product or service. One should evaluate their competitors by categorizing them between different groups, based on their competitive strategy and list their product or service, its profits, growth pattern, past strategies, structure, strengths, and weakness, etc. Different competitor analysis tools can be used to analyze your competitor.
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How to do Competitor Analysis?
Check who is the business rival you are dealing with and what is their position
Gather all the data about your competitor for identifying and assessing their methodologies to determine their strength and weaknesses, and then compare your website with your competitors’ website to identify how they are doing on the internet and marketing areas.
To make things more detailed, following things in the action can be taken into consideration, in analyzing the rival company,
- The services/products that the company offers.
- The Social media page i.e Instagram Facebook, Twitter, etc.
- Business page.
- The ON-PAGE TECHNIQUE ( Title, Meta description, keywords, content, images, site structure, page speed, etc.)
- The Off-page technique(Social Bookmark, Blog, Business Listing, Classified, Guest Blog, etc., Forum Marketing, Link Baiting, Photo Sharing, Business Reviews, Local Listings, Answer Questions and Social Shopping Network, etc.)
- The site design and how it is different from yours.
- The areas from where the competitors are getting quality backlinks.
- CTA services of the website.
Review the data from the competitor
To do so, data can be found from a variety of sources such as Crunchbase, Owler, LinkedIn, and more, which pulls from thousands of public data sources at once. Then, dig a little deeper. After looking at the basic company information, try to take a look at the company DNA.
Checking which aspects of their workforce a company is investing in can give you a lot of insights. LinkedIn is particularly very useful, to quickly get a breakdown of the data around a workforce.
At this level of analysis, the main things that need to filter out and understand are the percentages of the workforce in regards to the following categories,
- Research and Development
- Sales and Marketing
- CXO and VP’s
- Percentage of staff in different geographic locations.
Consider Business & Marketing Signals
Take a quick look at a few signals that can give you insights into how each one is faring against the other in terms of marketing strategy and the success of this strategy. The following can be checked for the process,
- Social Media: The use of social media can be checked and understood in the correct context.
- A B2C company will typically strive for many followers and high engagement, while a B2B will have a more niche and targeted crowd and smaller numbers will be considered a success.
- Web Traffic: A similar logic applies to check the web traffic using a free tool which is mentioned above. A B2B company may have low quantities of the month to month guests, however, what is significant is the trend(upwards or downwards) over time and, for the competitive consideration, how would they stack up side by side in this analysis.
- Awards: Consider grants the organization has gotten, particularly if those Awards are item related. Additionally, recognition of HR practices such as a ‘Best Place to Work’ may be an indicator the company infrastructure is solid. After all the researches, get the conclusion piled up and collect the insights from the research. This way one can compare its competitors and use the insights for the benefit of their websites. Comment below more ways of competitor analysis, down below the comment section.
Best Competitor Analysis Tools
If you want to be ahead of your competitor you should understand the importance of business analysts for your organisational growth. Now, here are the ways to do the competitive analysis for a website.
iSpionage is a competitive intelligence tool that provides valuable SEO data to users with regards to business competitors. The tool spies on companies’ business rivals and discovers what search keywords, advertisement content, and landing pages allow them to attract customers. This strategy allows business entities to keep themselves afoot or even ahead of their competition.
Features of iSpionage
- With the help of the tool, one can analyze the following: An overview of the competitor’s PPC keywords, Average Ad position, PPC budget, monthly clicks.
- One can analyze Ad copies of your competitor. Their destination URL for each ad, groups that trigger the ad, monthly traffic, and average rank, and the monthly advertising budget of all your competitors.
- By showing how other advertisers group their keywords and landing pages for example, the tool enables businesses to create or recreate their groupings to gain as much traffic or more as their rival.
- Online marketing and SEO optimization can take up a big chunk out of a company’s budget. With iSpionage, they can minimize their spending in this area, as the tool discerns how much the competition spends every month on AdWords.
Similar Web Reviews
SimilarWeb is a website that provides web analytics services for businesses. The company offers its customers information on their clients' and competitors' website traffic volumes, referral sources which include keyword analysis and demographics, and website "stickiness" (e.g., time on site, page views, bounce rate), as well as other features.
Features of Similar Web
- This tool is beneficial in understanding the competitor’s traffic sources. It gives an idea of how the competitor is generating traffic and their audience demographics.
- Gain insight into any website's statistics & strategy with the click of a button, all in one tab, as you're browsing with the SimilarWeb browser add-on.
- See any website’s organic and paid keywords, including ‘Google not-provided’ keywords. Find trending keywords, see how much traffic they generate and discover the search ads associated with them.
- Discover the sources that generate traffic to any website - referrals, search, social and display. Unveil their acquisition strategy to find new and proven ways to grow your business.
- Reveal any website’s most popular and trending inner pages. Track competitors’ campaigns, analyze their funnel and discover what content generates the most interest.
Similar Web Pricing
Free plan gives you 5 Results Per Metric, 1 Month of Mobile App Data, and 3 Months of Web Traffic Data.
SpyFu exposes the search marketing secret formula of your most successful competitors. Search for any domain and see every place they've shown up on Google: every keyword they've bought on Adwords, every organic rank, and every ad variation in the last 14 years. Find online and traditional leads methods - social media, email, phone, and address - you can't find anywhere else.
Features of Spyfu
- The app helps get a detailed analysis of the competitor’s Adwords AD.
- One can analyze the competitor’s Adwords History keywords that they are bidding ads on.
- Increase your website traffic: Spyfu's smart recommendations drive clicks to your SEO or Adwords campaigns.
- Track your keyword rankings: Monitor your paid and SEO rankings on Google, Bing and Yahoo.
- Make Better Connections: Reliable contact info helps you build partnerships or generate sales leads.
- PPC Competitor Research: Search for a competitor. See every keyword they've ever bought on Google and every ad test they've run. Make their successes your own and avoid their mistakes.
- SEO Competitor Research: Search for a competitor. See every keyword they rank on. Uncover the exact content and backlinks that lets them outrank you.
|$39/1st month ($78/month thereafter)
Ahrefs' Site Explorer combines three powerful SEO tools in one interface:
- Organic traffic research - See what keywords your competitors are ranking for and which pages bring the most search engine traffic.
- Backlink checker - See which websites link to your competitors' sites and gauge the quality of their backlink profiles.
- Paid traffic research - Learn whether your competitors are doing paid search advertising and where they funnel their paid traffic.
Features of Ahrefs
- Research Organic Traffic: See what keywords your competitors rank for in search and how much traffic each keyword brings them.
- Research Backlinks: Ahrefs has the fastest backlink crawler in the industry and boasts the world's biggest index of live backlinks (over 14 trillion links), which makes Site Explorer the best tool for backlink research.
- Research paid keywords: Do you want to know if your competitors are buying PPC ads and what keywords they’re bidding on? Navigate to the “Paid Search” section of the reports to get all the juicy details.
- Research pages: The "Pages" section lets you quickly find out which pages on a target website have the most backlinks and social shares.
- Research outgoing links: The "Outgoing Links" section gives you an idea of a target website's linking patterns.
SEMrush allows you to get insights into your competitors’ strategies in display advertising, organic and paid search, and link building. You can easily analyze which are the best performing keywords of your competitors. It also enables you to analyze competitors display ads and get the right keywords for both your SEO and PPC campaigns.
Features of SEMRush Competitor Analysis
- We can examine the web traffic, by and large insights of contenders. we can also compare the differences in the statistics between two websites and their performances, tools they're using, new projects & employees and SEO strategy.
- Conduct in-depth analysis of your competitors' backlinks.
- Find and evaluate the websites linking to your competitors but not to you.
- Find the keywords that make their products appear in Google Shopping results.
- Keep an eye on your competitors’ online reputation using smart mentions tracking.
- Specify your competitors’ domains to see the subjects that are already covered.
- Track the performance of your/your competitors’ articles across the main social networks.
Competitive Intelligence add-on is worth $200/month in all the three plans.
Keep These Questions In Mind While Doing Competitor Analysis
- Who are the competitors?
- What products or services do they sell?
- What is each competitor's market share?
- What are their past strategies?
- What are their current strategies?
- What sort of media is utilized to market their products or services?
- How long every week do they buy to advertise through the media used in this market?
- What are each competitor's strengths and weaknesses?
- What potential threats do your competitors pose?
- What potential opportunities do they make accessible for you?
These are the times when checking out the competition is especially useful:
- When starting a web-based business
- When starting a website redesign project
- Twice a year or so, just because (put it on your calendar!)
Different forms of competitor analysis can be used like:
- Website technical analysis, With the help of PageSpeed.
- Insights Search keyword analysis, with SEMrush and Google Keyword Planner.
- Link analysis, you can use Ahrefs to monitor your competitors' backlinks etc.
Do you have a favorite competitive analysis tool you’d like to share? Please let us know in the comments.