Blogs

Sooraj Bagdia, 28 Mar 2020

Have you done a competitor analysis of your business or domain?

It is necessary for each business to have a competitor analysis. Sometime it may be boring or time-consuming to the work on competitor analysis but it helps to re-shape your business properly.

What is competitor analysis?

In competitor analysis, we check/compare other similar businesses or our top competitors about their methods, process, strategies etc.

There are many business categories such as physical, virtual, services, manufacturing etc.  So each one of you can come up and prepare its own analysis template. There’s no specific template for the competitor analysis. 

A template can simply excel sheet with comparing parameters mentioned. This helps to understand where your product stands and what changes must be done to gain a competitive advantage.

The very first step would be to identify your top 10 competitors. 

How to identify them?

Well, it involves a little bit of research. You can Google it, your customers might have told you about them, check the top results of Google or you can have look on Google My Business for your nearby premises. One other way is to search your name on Google and see who’s search ad appears or Google recommends who other company names.

Once you find out, mention them on a spreadsheet.

We can categorize competitor analysis on many different aspects as follows:

General Parameters-

• What’s their Unique Selling Point (USP)
• What pricing do they keep about their product/service?
• On which digital marketing platforms they exist and how active they are?
• How many likes/followers they have?
• The number of reviews and ratings on social media platforms.
• How much is total market share and how much they have acquired it?
• Revenues growth every year (if they have mentioned it).
• The number of employees the company has with branches.
• The number of reviews and ratings on social media platforms.
• Who are their target audiences?
• The language used to attract the audience?

Technical Parameters (About their website)-

• What SEO structure they follow it (All keywords, backlinks, descriptions etc).
• The loading speed of their website.
• Content strategy.
• Technology in which website built.
• The number of pages on the website.

You can add your more parameters to have a competitor analysis. 

To have a proper competitor analysis avoid your pre-mindset for company & quick judgments which you will create. Always rely on the data gathered. 

This gives us a chance to identify what’s wrong in our strategy and we can re-shape it time to time basis. This also leads to knowing what our competitors are doing with technology in their business.

We at Inspirito, have started doing a complete competitor analysis for your business as many people are biased about their business could not do a proper competitor analysis. Reach out to us to get a complete competitor analysis and business re-shape suggestions which you can implement to gain a competitive advantage.