Competitor Analysis
Online competitor analysis is the process of evaluating the online presence and performance of businesses or organizations that compete in the same market or industry.
This is useful to understand strengths and weaknesses in relation to competitors, as well as to identify opportunities for improvement or growth.
There are several key factors that businesses and organizations may consider when conducting an online competitor analysis:
Website Traffic
Analyzing a competitor’s website, including the number of visitors and the sources of that traffic, such as search engines, social media, or referral websites, can help businesses and organizations identify opportunities for improving their own traffic.
Search Engine Rankings
This includes ranking a competitor’s website for specific keywords or phrase. Understanding a competitor’s search engine rankings can help businesses and organizations identify opportunities for improving their own rankings.
Online Advertising
Analyzing the types of online advertising that a competitor is using, such as paid search ads, display ads, or social media ads. Understanding a competitor’s online advertising strategy can help businesses and organizations identify opportunities for improving their own online advertising efforts.
Social Media Presence
This includes the number of followers or fans that a competitor has on social media platforms, as well as the types of content they are sharing and the level of engagement they are receiving. This can help identify opportunities for improving social media efforts.
Customer Reviews
This includes the number and quality of customer reviews and ratings that a competitor has on review websites, such as Yelp or Google Reviews. Understanding a competitor’s customer reviews and ratings can help businesses and organizations identify opportunities for improving their own customer satisfaction.
Competitor analysis enables businesses and organizations to gain insight into effective strategies that competitors have found success with, and to avoid those strategies that have been unproductive.