Competitor Analysis Report
It would be best to consider getting a Competitor Analysis report before constructing or even planning your online business, website pages, or product names.
Congrats! You’re about to conquer a new market. Now all you need is to figure out who you’re up against. A systematic approach to competitive market research will lay the foundation for your go-to-market (GTM) strategy.
Why competitor analysis is critical in market research
If you research in advance, you might find out that some products or keywords are too hard to rank on or any market for them. That’s why you need to know your competitor’s strengths and weaknesses before launch.
You can focus on other keywords or products instead, and expect to rank easier if you see that your top competitors do not sell some specific product or that they have lousy SEO structure on titles, you might come with a better title for that particular page and win their costumers by outranking them.
Before launching a website or even a product in a new market, you need to understand the competitive landscape.
If done right, you’ll identify emerging industry and market trends and evaluate opportunities. You can adapt your campaigns and marketing strategy to counter your competitors’ efforts to outcompete you. This lets you launch quick rebounds, maintain your position, and eventually take the lead.
The main elements of competitive website analysis
The first stop on the competitive analysis is collecting and analyzing your top 6 main competitors to understand what you’re up against. A systematic approach lets you know how the different areas impact each other and what it means for your competitors.
We can divide your competitive analysis into four primary areas of competition:
- Company: Information about company size, location, business info, etc
- Customer: Demographics, preferences, and characteristics of the target audience
- Product and pricing: Product-related data such as features and offers
- Marketing: Strategic approach, SEO tools, use of channels, marketing campaigns
Steps into competitive website analysis
1. Identify your competitors
2. Create a company overview
3. Examine your competitors’ websites
4. Analyze the go-to-market strategy
5. Understand the two Ps – product and pricing
6. Analyze customer reviews
7. Uncover their most effective marketing channels
8. Track and measure social media presence
9. Recognize competitors’ keyword strategies
10. Benchmark against key engagement metrics