17 Nov Competitor Analysis Crucial to Driving Profits
How much do you know about your competition, and about competitor analysis? If the answer is “not much,” then you are likely losing out big time in terms of standing out in your industry or niche. After all, unless you understand your competition – what they’re doing well, and what they’re not doing well – then how can you hope to stand out from the crowd?
What Do You Know About Your Competition?
Learning “effective competitor analysis skills” is absolutely crucial to increasing profits for your business and much, much more. To begin with, you should be able to name a few of them: not all of them, of course, but a few. A good way to do this, if you don’t know them already, is to visit a website like Yelp that lists you (hopefully) alongside similar locations. You can filter it down to your price range, area, and more in order to get the most accurate list of your competition. “Look for businesses with the most reviews and the highest ratings. Narrow that list down to 5 or 10 at most.”
Once you have that, then you want to determine who their target audiences are. Just as it’s important for you to know your own target audience, a big part of understanding your competition is knowing who they’re marketing at, too. Finding that out doesn’t mean that you have to change your own strategy or start marketing to another group entirely, but it should help in fleshing out who you are working against.
Everyone wants to rank highly in Google, to be at the top of the list. As you know by now, this is easier said than done, though it’s not impossible. You may be frustrated in seeing your competition ranked much more highly than you when it seems that you’re of comparable business, but this may be because they have just SEO-optimized their site in a more effective way. If you haven’t employed SEO tactics at all, then that’s the reason for the difference in ranking. Many people underestimate organic SEO efforts, but if your competition is using it, then you’re sure to fall behind.
Don’t Neglect Thorough Competitor Analysis
Competitor analysis means spending time looking through their site to identify some of the following factors: blogs, CTAs (calls to action), photos, FAQ pages, and more. Essentially, look to see what kind of features they’re using that you haven’t yet taken advantage of. It isn’t a matter of completing replicating their website so that yours is no longer your own, but rather, seeing what they have that you lack and giving it a try. A blog is a big example of this, and blogs are key to boost organic SEO efforts (mentioned above).
Again, too, the call to action (or calls to action) on their site play a big role. Do you have enough of them on your own website? Do you have too many? Make sure to establish a healthy balance so that your visitors know exactly what it is that you want them to do without feeling overwhelmed. “70% of businesses do not have call to action buttons,” so don’t let your own website be part of that number. Otherwise, how do you expect to drive consumers to conversions?
Finally, review your own social media strategy and presence compared with your competitors’. Some of their success might be due to regular posts and solid interactions with followers. In this case, you should go through and add some of the people who interact with them. It may seem strange, but think about it; those people are obviously interested in your area of business, and they may think that you have better offers for them. It may be that they just didn’t know about you before!
These are just a few examples of the benefits of competitor analysis, so do some more research to learn about how this can help you to boost your profits. If you want some help in reviewing your competition and accomplishing all this, then get in touch with Eyler Creative. We will work with you to develop and execute a marketing strategy tailored specifically to your business’s needs.
We are a digital creative agency in Baltimore, Maryland with an excellent team of marketing managers, creative designers, developers and programmers all working together with one common mission – to deliver the absolute best client experience and solutions to reach your goals. We’d love to work with you on your next project.