There are very few truly unique companies in the world. Even if you feel you have no direct competitors, we all have indirect competition – those businesses your target market spends money with rather than spending it with you. For example, you may be the only gym in town, but the local park runs and suppliers of home gym equipment are definitely competitors!
Simply knowing what competition you have and what they offer is not enough.
You have the ability to know more about your competition than ever before. Use this opportunity to learn about them and get ahead of them – before they do the same to you!
Here are some things you should be thinking about:
Here is a simple process to follow:
Identify Your Top Ten Competitors
If you need any help identifying your competitors, Google the type of service or product you are offering. Ask around and look at local advertising as well. Talk to prospective customers – who do they use for the product or service you will offer?
Analyse and Compare Competitor Content
Once you have identified your competitors, you can start to get an understanding of what type of content they are publishing. Different types of content can include:
Once you have found their content, see how it compares to yours. Check how frequently they publish and update it. What are they doing that you have not planned to? This helps you identify where you need to focus your effort and should also give you some ideas for content!
Analyse Their SEO Structure
How are your competitors using keywords, are they included in:
Not only should you check the SEO structure of the content but also what types of keywords your competitors use. When trying to rank for specific keywords, rather than looking for keywords that have high search volumes, look for keywords that have lower search volumes, these types of keywords tend to be long-tail keywords making the keyword more specific. Also by looking at your competitors keywords, you can generate a list of additional keywords that you can start to target.
Check out their Social Media strategy
A company’s presence on social media is key and every company uses it differently., so how are your competitors are using social media and integrating it into their marketing?
Check out the owners and senior managers on LinkedIn – what type of information are they posting? Do they ever post? Are people following them? Do they have cover photos and profile photos?
Identify Areas for Improvement
After performing a competitive analysis, you now have a better idea and understanding of what your competitors are doing.
Take all the information you gathered about each competitor and identify areas that you need to work on.
If you have an accountant, they should be your first stop for business advice. If you don’t have an accountant or they can’t help, BuBul has a wide range of experts available. For more advice, follow BuBul on LinkedIn.