What is Competitor Analysis? A Handy Guide to Follow

SEO Company in India
SEO Company in India

Some companies start with competitor analysis but forget to do this practice after a while. It’s crucial to do competitor analysis because you never know when an update on your competitor’s website can become beneficial for you, and you can perform better during that period.

If you have hired the best SEO Company in Ahmedabad, ask the professionals to keep competitor analysis checked.

Today, we will discover how you can focus on the real competition and keep track of your rivals. It will help you build the best SEO strategy, which will boost your ranking and website traffic.

What do you mean by Competitor Analysis?

“Competitor analysis is a research and analyzing the process of marketing strategies and business characteristics of companies in a specific industry or area.”

The major motive of competitor analysis is to identify your competitors’ strengths and weaknesses, where your company stands in relation to them, highpoint gaps, and estimate your skills & potential to fill them.

Who are the competitors to analyze in digital marketing?

Now you must be thinking that whom should you analyze as competitors in digital marketing. The process of competitor analysis includes direct and indirect competitors. Direct competitors are the ones who provide the same services or products as you do. By indirect competitors, we mean the companies in the same industry as yours, providing the same solutions or products to the same audience.

Online competitor analysis helps you to find a competitor or group of competitors for the same users. These competitors might not be serving the same services or products as yours, but they definitely want the attention of your target audience.

The process might sound a bit tricky, but it is the smartest way to beat the competitors. So ask your social media marketing agency in Mumbai to find out your competitors and build the campaign accordingly.

What is the need for an Ongoing Competitor Analysis?

The general position and situation of your competitors change in the market from the moment you developed your strategy.

Following are the few reasons to go for competitor analysis:

Find out new practices and avoid mistakes

Instead of trying new channels or techniques yourself, let your competitors do it first. If that works well for them, chances of it working for you are there as well. So learn from your competitor’s experience.

Update marketing campaign

With this analysis, you can gather some useful news on your rivals such as the launch of a new product or new ideas on development.

Refine your goals

The marketplace changes frequently and, therefore, your goals. You can easily adjust your digital marketing campaign with the competitor analysis and focus on new goals.

Read More : Emerging Trends in Digital Marketing for Massive Growth

How often should you do the competitor analysis?

Different industries grow at a different speed. The best way to define how often you should go for competitor analysis is to keep yourself updated with the market.  According to that, monthly competitor analysis is best for keeping a check on trends and updating your marketing campaign. The quarterly analysis would help you to implement some big changes in the strategy. So the choice is completely yours.

Share this useful information with the best SEO Company in Ahmedabad and let them handle everything about competitor analysis.