Do you remember when the last time you ran a competitive analysis for your brand was? Most supremely, do you know how to do it efficiently?

If you are unsure, or if the last analysis you ran was quick scrutiny of competitor’s websites and social media presence. You are missing out on the necessary intelligence that makes your brand grow.

Usually, it takes a few impressions before people start recognizing your brand. And people won’t remember you if you don’t stand out. If you look like any other business in the industry, you’ll fail to generate leads. Your competitor analysis can impact the various marketing strategies that you build in the future. Digital marketing agencies will help you stand out from competitors and let you generate valuable leads.

Let’s know how you can use competitor analysis and run a small business without letting your competitors slow you down.

What is competitor analysis?

A competitive analysis is a well-prepared strategy where you recognize many competitors. And research their products, marketing strategies, and their sales. From this, you can build strong business strategies that improve from your competitor’s. It helps you learn the ins and outs of how the competition works and enables you to identify opportunities where you can surpass them.

The competitive analysis enables you to stay at the top of industry trends. And ensure your product consistently meets and exceeds the industry standards. You need to develop a useful analysis. It requires selecting the right competitors to research, and for that, Austin SEO company to help you through it. They determine what aspects affect your business and where to work on.

Benefits of competitor analysis

Every brand can get an advantage from regular competitor analysis. So you can get certain things by performing it such as:

  • Develop new products and service
  • Revealing market trends
  • Identify gaps in the market.
  • Sales and market get more effective.

Any of these components will lead your brand towards the path of achievement.

How to conduct a competitor analysis?

Identify your target audience.

It is essential to determine the audience you are trying to reach. Identify who has an interest in your product or service? You can identify your target audience based on demographics and psychographics:

  • Buyers age
  • Gender
  • Location
  • Language
  • Career
  • Hobbies
  • Education

Once you are able to determine who your customers are, consider analyzing their purchasing behaviors. Where are they shopping from? Which businesses fall within your niche?

Identify your competitors

Moving further in competitor analysis, you need to know first who your competitors are to stay ahead. You can split them into three categories:

  • Direct
  • Indirect
  • Replacement

Direct competitors use the same geographic area that you use and offer services or products that are like yours. At the same time, indirect competitors provide similar products that give solutions like yours. Yet, their products seem different than yours.

Replacement competitors offer you different services or products than yours. But customers are still choosing the competitor’s product. Create a list and then research in Google to know who offers products or services like yours. In this monotonous task, and to stay precise in results, you can take help from Austin marketing agencies to make your way through it.

Analyze market position

Once you are familiar with your competitors, you can consider their market positions. How do customers recognize them? At this point, you need to consider their marketing strategies, marketing channels, and their price points.

Analyze their way, how they are communicating with customers. Check out their websites and determine their approach to gain customers.

Explore social media and content

It’s now time to learn about competitors’ marketing strategies. Do they maintain regular blogs? What type of content are they focusing on to create? Are people engaging with content who focus on videos, email newsletters, and white papers? 

Knowing their content marketing strategy will help them to determine how they are generating leads. And you can analyze their strengths and weaknesses in their strategy. Austin SEO service will analyze this strategy and put in place a successful digital marketing strategy that helps your business to stay ahead in the crowd.

Consider the engagement of your competitors.

It’s vital to consider the level of engagement your competitors are establishing. It includes:

  • What are the topics customers engage in?
  • What are people sharing?
  • Are they responding to negative or positive comments?
  • What content generates the most engagement?
  • Which hashtags are they using on social media?
  • Are your competitors replying?

Recognizing their engagement helps you find more opportunities for your marketing strategies.

Absolute SWOT analysis

At last, you need to do a SWOT analysis. You can take help from the Austin SEO service to build your website stronger in this competitive world. They can determine the strengths and weaknesses of your competitors and protect your brand from potential threats.

Show up in competition with competitor analysis.

Staying ahead in competition is every business a DREAM! By conducting a competitor analysis, you can explore more growth opportunities. With the help of this guide, you can know how to conduct competitor analysis and run a small business . It helps you to improve your marketing strategy and reach more customers. A digital marketing agency is a suitable place to set yourself apart from competitors.