What Is Competitor Analysis
A competitor analysis service is a digital marketing service provided by an competitive analysis agency or experienced analysis consultant, helping companies identify, compare, and contrast market competitors via research and evaluation projects and tasks.
Competitive analysis services refer to competitive intelligence to determine the strengths and weaknesses of a company’s market competitors.
Competitive analysis is a method of assessing and objectively determining the strengths and weaknesses of a company or brand against that of another brand or company. There are many things you can do and lots of things you shouldn’t, but the complex tasks become easier with the help of competitive analysis software and web development.
Why Is Competitive Analysis Important?
Competitive analysis is essential to marketing and strategic management methods that identify opportunities and threats and help to understand the strengths and weaknesses of your competitors and identify gaps in the market. Analyzing your competitors is vital because it will identify ways to improve your business strategy.
We Will Analyze Up To Three Competitors
All companies should make a competitor list to stay ahead of today’s growing Internet market competition.
A digital marketing competitor list contains the contact information of your direct competition, their business description and address, website URL, and much more. You can use this information to build a solid competitor analysis plan that focuses on maximizing the strengths while covering the weaknesses in their online business model.
The most significant advantage is that you can identify their strengths and work to counter them with yours so that your business gains a decisive advantage over your direct competition in organic search results.
Best Competitive Analysis Software Tools
- Deep Crawl
- Google Advanced Search Operators
- Keyword Competitor
- Link Research Tools (LRT)
- Rank Signals
- Screaming Frog
- Social Blade
- Visual SEO Studio
What To Look For In Competitive Gap Analysis
- What to look for in keyword gap analysis
- What to look for in content gap analysis
- What to look for in backlink gap analysis
- Competitor intelligence is a critical component of a business
- Up to 3 competitors
- Technical website audit
- Content audit
- Internal link audit
- Inbound link audit
- On-page keyword audit
- Internal link anchor text audit
- Inbound link anchor text audit
Competitive Business Analysis Techniques
- Competitor analysis four corners
- Analysis of driving forces
- Industry analysis five forces
- Life cycle of product
- SWOT analysis
- Win-loss analysis
Do you ever feel like you’re always one step behind your competition? It can be frustrating, especially if you don’t know how to stay ahead of them. By understanding what your competitors are doing, you can adjust your marketing and sales strategies to give yourself an edge.
Analysis of driving forces
The study of driving forces is another competitive analysis technique that can help you understand your competitors’ strategies.
To complete this analysis, you’ll need to identify the five main driving forces in your industry:
- The threat of new entrants
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of substitutes
- The intensity of competitive rivalry
By understanding these five driving forces, you can better understand how your competitors behave and what strategies they may use to succeed.
Industry analysis five forces
The industry analysis of five forces is another competitive analysis technique that looks at the overall industry in which your business operates. This analysis will help you understand your industry’s competitiveness and the factors influencing competition.
To complete an industry analysis of five forces, you’ll need to answer the following questions:
- What are the main competitors in this market? Who do they compete with most (and least) directly? Which of these competitors has been successful or unsuccessful?
- What is the competitive intensity in this market? In other words, how competitively does each company compete for customers and market share?
- What are the bargaining powers of buyers and sellers in this industry? How easily can buyers switch to a different supplier or product, and vice versa?
- What are the threats posed by new entrants to this market? What competitive advantage does your company have over new entrants or vice versa?
- What are the perils of substitute products in this industry? Do these substitutes pose a real threat or just perceived ones (e.g., brand loyalty)?
Life cycle of product
The product’s life cycle is another competitive analysis technique that looks at how a product progresses through its life cycle. This analysis can help you understand your competitors’ strategies and what products they focus on.
To complete a life cycle of competitive product analysis, you’ll need to answer the following questions:
- What stage is your competitor’s product in? Introduction, growth, maturity, or decline?
- What is their competitive advantage over other products in the same life cycle stage (e.g., price, quality)?
- Is there anything unusual about your competitor’s product that makes it stand out from others? What are those differences, and how can they be used to your advantage?
- What strategies are most effective for competing in this stage of the product life cycle?
- What are the risks and opportunities associated with this stage of the product life cycle for your competitor’s product?
The SWOT analysis is a competitive analysis technique that helps you understand your company’s strengths and weaknesses and the opportunities and threats in the market.
To complete a SWOT analysis, you’ll need to answer the following questions:
- What are your company’s strengths? What advantages does your company have over its competitors?
- What are your company’s weaknesses? How can your competitors take advantage of your weaknesses?
- What opportunities exist in the market that your company can capitalize on?
- What threats exist in the market that could potentially harm your company’s competitive position?
The win-loss analysis is a competitive analysis technique that helps you understand how well your company competes against its rivals. This analysis can help you identify where you are winning and losing against your competitors.
- What competitive factors are most important to your customers? Quality, price, service level (e.g., speed of delivery), etc.
- Why do you think your customers choose your product or service over those offered by other companies in the industry? Is it because they perceive that their needs will be met better by using your company’s products or services?
- What competitive factors are most important to your customers, but you are not performing as well as you would like? Why do you think this is the case? Are these areas where you can improve and win back market share from your competitors?
- Which of your competitor’s products or services is winning against yours? Why do you think this is the case?
- Are there any competitive factors you are winning against your competitors but not getting as much market share from them as you would like? Why do you think this is the case, and what can be done about it?
- Is there anything unusual about your competitor’s product or service helping them win against you? What are those differences, and how can they be used to your advantage?
- What competitive strategies have been most effective for competing against your competitors in the past? Are these strategies still working, or do you need to change them?
Using competitive analysis techniques, you can better understand how your company is performing against its rivals and what you need to do to stay ahead of the competition.