Today there is a lot of competition in the world. In order to survive you have to struggle harder in your relative fields.
Competition is all about the matter of defeat and victory. In order to gain victory knowing your competitor helps you in generating strategies to beat them.
Analyzing your Competitors Site helps to evaluate and understand their strengths and weakness so that we can work upon our own weaknesses and improves in a better way.
Here are some ways to analyze the competitor’s site.
Work Up on who are your Actual Competitors
A competitor analysis is only possible when you know who your actual competitors are. Make a detail study plan to identify leading brands in your market area remember assumption do not work always you should only rely on well certified data. If you are aware of true competitors of your industry then this makes easier to form market building strategies for you.
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Website Structure of your Competitors Site
The design of a website differs from website to website. The structure of a website plays an important role because a website is a mirror to the company. Determine what are the strength and weakness of your competitor’s website and evaluate how you it can help in building your website better.
Look For their Website Content
Your competitors may get the higher traffic advantage because of their rich and quality providing content however it is also possible that they may lack some necessary things on their website content. Look closely to the topics that they have listed on their website and analyze the highest ranked content by the help of BuzzSumo and then create something which is more good and reliable when compared to your competitor’s website.
Determine what products and services are offered by your competitors
Look after the products and services which are offered by your competitors analyze their product line and quality, also consider at what price range they are providing the same products which you are offering too. You can add on more products and services on your website provided with more features and better quality.
Study the Price offered by your competitor
Whenever a buyer purchases a product or services online he visits and compares various other websites and afterwards he makes his purchasing decision on behalf of price and quality of products and services offered by the website, if your product price is higher than your competitor’s website than the buyer will switch to another business.
Hence, it is necessary to build a successful pricing policy of your company only after analyzing your competitor’s products prices, compare your price with your competitors price and look for their discount and promotion strategies and form your strategies by offering features and perks which are not provided by your competitors which can help in improving the traffic for your website.
Have an eye on your competitors Social Media Accounts
Drafting a social media strategy is one of the biggest role plays in website game. You can get the idea of correct planning by spying your competitor website such as what post they are posting on the platforms like Facebook and Twitter, how many times they are posting in a particular day, what are the highlighted and trending topics of them, what is their response time and so on. By monitoring their social media accounts you can get a clear vision of how better you can perform from your competitor and what social media strategies you can apply or build upon to get higher benefits.
Competitors Sales Analysis
Preforming this step can be difficult but you can try to get some clues regarding your competitor’s sales process, channel of marketing, geographical location, number of sales during a year so on. This information can help you getting the market sales analysis and you can prepare your sales strategies well from initial level to the final level. Huge business enterprise publishes their performance reports year by year which can be found easily over internet but it is quite difficult to get the right information for a private owned enterprise. You should focus more on finding out what can make your customers to choose you over your competitors and what are the factors which are responsible for losing a customer to other competitors.
Perform SWOT Analysis
SWOT refers to Strength, Weakness, Opportunity and Threats.
While visiting your competitors website note down each component so that you can perform your competitor’s analysis well. You can list down in what field your competitors are doing well, what advantage they have over your business, what are their weakest areas where you can gain an opportunity and what things can lead you to threat.
Therefore, converting their threats into your opportunities and their weakness into your strengths will help you generate marketing strategies.
SWOT Analysis will make you able to compare your competitor’s weaknesses against your strengths and vice versa. Hence, you can start doing improvements as soon as possible.
Getting to know the Website Tools
Effective website tools are necessary for running a website. By using Builtwith tool which comes with no cost you can check the tools and plugins used by your competitor’s website such as Hosting Platform and Email Services. This service is used to provide analysis of what technology is used to build a website. You can apply the ideas for your website too.
Visualizing SEO Strategies
You should be aware of how well your competitors are ranking on search engine like Google. There are many tools which come for free or in a paid version by which you can look into your competitor’s backlinks, keywords and referrals. You can use a tool named MozBar which will provide the information of how well your competitors perform in search engine results.
Conclusion
Performing competitive analysis is hard task to do but this can lead you to fruitful results. It can help you to work upon your weaknesses which ultimately help you to improve and perform greater in your industry.
You can keep above mentioned points in mind while performing competitive analysis it will provide you a clear picture of your competitor website which will give you more ideas to apply in your website.
