All businesses face competition, and your business is no different in this regard. In recent years, the threat of competitors has augmented beyond belief. The digital arena has increased the ease of doing business considerably, and millions of entrepreneurs have dived into the corporate arena.
Trends like remote working and online retailing have created a robust infrastructure to support business activity and reduce operational costs. However, this infrastructure has also given birth to numerous competitors for all locally and globally operating businesses. Today, small and medium-scale companies compete against billion-dollar conglomerates and multinationals by imitating their strategies on a smaller scale.
That’s right. Corporate espionage is the name of the game, and it can help you boost your website ranking and authority considerably. Competitors’ analysis for a website can introduce you to a wealth of possibilities and opportunities. Carving out a competitive edge is paramount for the success of your brand.
Conducting a competitor’s analysis will help you identify tools, technologies, strategies, and campaigns to sharpen and sustain your competitive edge. It’s crucial to prioritize successful competitors who enjoy domain authority, higher SEO rankings, and consumer engagement. Building a competitive website will make it easier to embrace newer technologies and disruptive trends to maintain a solid industry presence. However, the competitive analysis challenges come along with themselves.
Keep reading to explore how you can overcome these competitive analysis challenges for website analysis.
1. Setting Goals & Priorities
Before you dive into corporate espionage and the best competitive analysis challenges, it’s essential to set priorities and goals for this endeavor. How do you intend to use competitors’ website analysis to improve your website’s search engine rankings and authority? What are the aspects and strategies that you intend to study?
Do you want to take inspiration from your competitors’ content marketing and blogging strategy? Or perhaps, you want to imitate the website design to improve user experience and technical functionalities. The first step is to define your target audience by choosing your most successful and reputable competitors. Some competitors may impress you with their on-page and off page SEO tactics. Others may introduce you to some remarkable link-building opportunities and digital PR strategies. You must identify the strengths and weaknesses of their websites and leverage this knowledge to build your strengths. Setting goals and priorities will help you pull actionable insights that you can readily implement to reap results.
2. Keyword Competition Analysis
Search engine optimization (SEO) is the fuel that drives organic traffic to a website. SEO opens up an array of strategies, tools, and tactics that you must observe while analyzing rival websites. What are the SEO strategies deployed by your successful competitors? More importantly, what keywords do they use to target and acquire new customers?
Keyword competition analysis is a crucial undertaking to identify and incorporate top-ranking keywords specific to your industry and audience. Competitors’ website analysis will present you with a comprehensive, panoramic view of keyword density and usage across your industry.
You will identify several keywords that you neglected to use and hold enormous potential to target location-specific customers. The biggest competitive analysis challenges is that many of your competitors miss out on keyword strategies that your website is leveraging.
Here are some goals you must address:
- Identifying high-competition keywords to drive organic traffic
- Identifying keywords that generate the highest ROIs for your competitors’ website
- Identifying keywords that generate lead and conversions
- Finding keywords with high search volumes
- Finding keywords that your competitors do not use
Simply put, you must target keywords that are generating revenues for your competitors. And it would help if you also found keywords that your competitors have neglected to sharpen your competitive edge.
3. SEO Competitive Analysis
SEO doesn’t end at keywords. There is a wealth of strategies and techniques that businesses deploy to improve domain authority, user-friendliness, and rankings. Suppose you are conducting market research before penetrating the industry and launching your website. In that case, an SEO competitive analysis will prove immensely beneficial to jumpstart your online brand.
Emulating and imitating the SEO strategies will help you rise above the noise and competitively engage with your target audience. Imitation encourages improvement, and when you are improving your competitors’ strategy, your ROIs will increase tenfold.
All businesses aim to spend less on marketing initiatives as they pursue higher rankings and ROIs. The rules and dynamics of SEO make it highly competitive. Billions of websites compete in the same arena for a spot on the first page of search engine results. How can your website capture and maintain a spot?
You must compare your resources and strategies with those of your competitors to identify opportunities for improvement. What are the strategies that can help you outrank rival websites without increasing your spending? Outspending is never an effective strategy. Instead, you must outsmart them by capturing their tactics to maximize ROIs and capitalizing on technologies and trends they neglect.
4. Creativity Inspiration & Content Engagement
Salvador Dali, the iconic Surrealist painter, once said, “Those who do not want to imitate anything, produce nothing.” In today’s world, Dali’s words are all the more relevant given the emphasis on originality and uniqueness. Plagiarism is the easiest way to lose website authority because Google has adopted strict counter-content theft measures.
Originality and uniqueness are crucial to win over humans and AI-powered ranking bots. Google will not hesitate to block your website if your blogs and website content carries plagiarism. However, the struggle to stay unique and curate original content shouldn’t deter you from taking inspiration from competitors.
You can always explore their content niches and strategies and give your audience a fresh take on the same subject. For instance, if your competitor is driving traffic by collaborating with a famous influencer, go ahead and embrace this strategy. You can boost traffic and creativity by collaborating with another influencer who enjoys respect across your target audience. Competitors’ content analysis will help you explore numerous content creation strategies that you neglected previously. You’ll come across branding and storytelling strategies to market low-selling products or services. You can tap into the same socio-political issues and host panel discussions to enjoy similar ROIs as your rivals.
5. Comparing Technicalities & Functionality
Another competitive analysis challenges is that suppose a customer arrives at your website while commuting from work to home in search of running shoes. Your website takes over 5 minutes to load, and when it finally does, the images are obscure and content unreadable. What should your customer do? More importantly, what would you do as a customer?
The most natural response is to exit the website and find another website with similar products or services. You see, if your website has technical disruptions and defects, users will leave and go to your competitor’s website. It’s crucial to analyze technical errors and defects that encourage users to quit your website.
It’s wise to compare the technical features, security measures, and interface improvements undertaken by your competitors. Compare your website with your most successful competitor who commands the largest market share, organic traffic, and revenues. This endeavor will introduce you to numerous tools and strategies that improve the user experience for desktops and smartphones.
Be sure to analyze and examine the security measures and payout options offered by your competitors. As an e-commerce business, privacy and protection are vital aspects of sharpening and sustaining your competitive edge and reputation.
6. Embracing the Right Tools
Competitors’ analysis is not an easy endeavor, particularly if your business lacks digital innovations. Most small businesses fail to capitalize on competitors’ analysis because they don’t have the resources and budget to support this endeavor. In 2021, companies can embrace a wealth of budget-friendly and affordable analytical tools to learn from successful competitors.
These digital tools for website auditing, crawling, and analytical insights facilitate small businesses and startups considerably. They allow marketers to pull actionable insights with SEO audits and backlink analysis to identify industry-specific tactics to increase revenues.
For instance, a backlink analysis will introduce you to websites generating high-quality backlinks for your competitors. Then, you can target those websites to build PR connections and secure backlinks to increase your SEO rankings. Site audit and page optimization tools will help you compare your web pages and blogs with your competitors.
You can also invest in digital tools that facilitate keyword comparison and research, alongside off-page SEO and technical tactics.
Learning from your competitors is a vital undertaking to rise above the noise of their advertising campaigns. Embracing strategies that work for them and adopting industry-specific innovations will allow your website to capture and secure higher rankings. Search engine ranking algorithms demand consistency and relevance; neither come with a day’s work.
Your competitors will continue innovating and improving their SEO strategies and marketing mix. Therefore, competitors’ analysis is a continual and ongoing process to ensure you stay ahead of the game. Small businesses have much to gain by investing in digital tools to build domain authority and embrace competitive SEO practices.