6 practical free tools to perform powerful competitor analysis
Because you are not the only company in the market which provide the product, so you have to keep watching other competitors compare and innovate to convert more potential customer into real one.
Competitor analysis is very important for startup business entrepreneurs. In this era, digital marketing and the eCommerce industry are spreading to reach more customers. In this article, we will show you how to win the competition and be at the top of the competitors. In brief, you could use the competitor analysis to better understand the market and your target audiences, and think about how to engage more customers in your target market.
What Is Competitor Analysis?
It is the approach of analyzing your marketing strategy to determine your position within other competitors. It is an indicator of the effective processes you do to retain customers. It helps to evaluate the factors that affect the traffic of your website and make a spot on your competitors’ pages and how they prepare their ads. In addition, it closes the gaps between you and your competitors and searches for opportunities that support your business.
Why competitor analysis is necessary for your B2B industry?
Comparison with other competitors is a great advantage for your business, especially when you start your business and want to create your marketing plan. You will find new ways to boost your brand, search for success, and to extend or modify your target audience.
In this article, we list some tools that help to conduct a comprehensive competitor analysis. Let us know some competitor analysis tools that help business entrepreneurs to understand well their competitors:
1- Identify Competitors:
The B2B industry contains many competitors, so it is important to know who are the competitors related to your industry to start the analysis. this competitor analysis includes direct and indirect ones, besides the brands that provide similar products to the same target audiences. There are some websites that help you to know your real competitors such as Semrush, Ahrefs, SimilarWeb. In addition, it helps you to select the best marketing plan. Normally, start by focusing on 3-5 competitors and follow them on social media platforms and other marketing channels.
2- Check the strategy of social media Ads:
Following the way your competitors design their marketing strategy is so necessary, however, you have to innovate note only imitate to grab the attention of your potential customers. But where do you have to follow your competitors? Through LinkedIn and Facebook pages, YouTube, and Twitter. You can use the features provided by the Facebook Ad library.
3- Compare using competitors' Google Ads:
It’s a professional way to track the performance of your competitors. Moreover, Google’s Keyword Planner is a very tool, all that you need to start using it is to create an ads account. Why it is important? Because it tells you the CPC of the keywords used by your competitors. In addition, you could know new phrases that are related to your brand, and plan for your ad spent. The tools such as Semrush and Ahrefs could give you access to your competitors’ Ads campaigns.
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4- Use SEO to know the competitors' performance:
To know the growth of performance of your competitors, it is suggested to run Crawlers, which identify the top pages and keywords of your competitors, it will collect important data. Ahrefs could support you to get the high-traffic pages and keywords too, if you search the content of these websites, you will know the top problems of your customers that you need to find solutions for them. Another program called SimilarWeb helps you to know the competitors’ traffic sources.
5- Assess the content marketing of your competitors:
You could evaluate the content marketing of the competitors. Just keep watching the web pages of your competitors to check their content, how do they show the benefits of using their products? and how do they build the structures of their blogs? Check their competitive advantages.
6- Use SWOT Analysis:
SWOT analysis is a good way to know the details about your competitors. It helps to know the strengths, weaknesses, opportunities, and threats. This could tell you where are the strengths points of your competitors and how you could run faster than them. Through this method, you will know how to invest your current resources.
Conclusion:
Competitor analysis is the best way to tell your customers about your brand and on the other hand, you could stand against other competitive brands, and study well your strengths and weaknesses.
In this article, we defined the competitor analysis and mentioned the important tools required to win the competition. Moreover, it helps you quickly and efficiently estimate your rank among the top competitors.
In this article, we showed 6 important points that could support you in the long and short term such as, identifying your competitors, checking the strategy of social media Ads, comparing using competitors’ Google Ads, Use SEO to know the competitors’ performance, Assess the content marketing of your competitors, and Use SWOT Analysis.
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