How to do Competitor Analysis

Jasmine

VIP Contributor
If you have a business, you surely have a competitor. Therefore you will have to minimize the risk associated with competition. In order to minimize risk posed by your competitor, you need to do competitor analysis. Here’s how you can do it.

Identify your competitors

Find out who your competitors are. Learn what products and services they are selling, how they are selling. How strong is their customer base, how loyal are their customers?

Analyze your competitors

Find out who exactly is your competitor’s customers are, learn about the market your competitor operate, what marketing channels they use, what kind of marketing strategies that are using.

Analyze the information you get from competitor analysis

Make a record of your competitor’s company name, products and services, pricing, marketing, audience. Compare yourself with your competitor.
 

btaliat

VIP Contributor
You have written so well. There is need to know the enemies we are fighting. It is impertinent on a bhsiness owner to know the competitors and then study him to know his weaknesses. This is one and the best strategy to win whenever we are into a competitive market.
 

kayode10

VIP Contributor
I am expecting you to show us how to analyse our competitors in your post. You will need a service of a business analyst to dissect the marketing strategies of your competitors offline. Competitor analysis is pretty much easier online as there are many softwares you can use to do this. Ahref is one of the things you can use to determine the traffic source of your competitor.
 

Mika

VIP Contributor
First of all, you need to know who your actual competitor is. Your competitor is always the leader of the market, the company/product that is selling higher than the rest of other similar companies/products. Once you recognize the competitor, you will have find out your competitor's winning strategies and implement the same strategies
 

kayode10

VIP Contributor
I make use of online software called Semrush to do competitor analysis. This software will help me to determine some of the keywords my competitors are ranking. It is easy to fetch keywords you can charge it for your website. This is also good to analyse all the advertiser in your niche. You just have to pay to use the software monthly.
 

Mika

VIP Contributor
Semrush is an SEO company. You can use Semrush to do an analysis of any online company. However, the major problem with using Semrush is it is very expensive. You will have to pay a lot of money to use its premium services. Semrush can also be used for free but the free version has limitations.
 

Jasmine

VIP Contributor
I use semrush to check my competitors' website. I also use semrush to do keyword research as well as check my website for traffic and keyword positioning. However, I use free service online, I have not used the paid version. For small marketer like me, the free version is more than enough.
 

Mika

VIP Contributor
It might be easy to do competitors' analysis if your business is an online business and if your competitors also have an online business. However, if you are doing an offline business and your competitor is also an offline business, it might be a little difficult to do competitor analysis because you will have to do a field study.
 

Mika

VIP Contributor
SWOT is the short form of Strengths, Weaknesses, Opportunities, and Threats. This metic is used to analyze various aspects of a business. The SWOT tool not only helps in analyzing your own business but also helps in analyzing your competitor. For instance, SWOT will help you understand what your strengths and weaknesses are (self analysis), and what your opportunities and threats are (competitor analysis).
 
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