Competitive Market Analysis

Did You Do Your Competitive Market Analysis?

Keep your friends close but your enemies closer.

So you’ve got your local SEO positioning campaign and you’ve worked out your key words but for some odd reason your competition keeps winning. Why is this? You did a little research on your competition so why do they have the edge? Let me tell you the importance of an online competitive market analysis.

It is said that new businesses tend to underestimate the importance of competitive market analysis. They just want to concentrate on themselves and hope for the best. This is not the best strategy to employ because no matter how unique your business or website may seem there are other online competitors out there with the exact same customers and keywords as you. The only difference is they always seem to come out on top. The only way you can beat this is by getting to know your enemy.

Competitive Market Analysis is essential because it lets you know exactly who your competitors are and how much better their website is doing compared to yours. It helps you get a clear idea of their strengths and because knowledge is power you could use that to your advantage. There is always room for improvement.

Knowing your competitions weak points could be your biggest advantage. You could take their weakness and make it your strength which will give you the competitive edge your website needs. For example if their website is overly complicated and not at all friendly to use then make sure your website is as easy as pie, this is what will make customers pick your website over your competitors.

After learning about your competitor’s website strengths and weaknesses you will also learn about your own websites strengths, which you can then develop and emphasis to help you stand out from the competition.

If you’re a brand new business or you are only looking into making a website now, another advantage of competitive market analysis is that it sets a benchmark for you to work from. Take a look at your biggest competitor’s website. See the quality of their work, read their content and work out their keywords and phrases and then work on making your website better or emphasizing different things with different keywords.

By analyzing your competition, it also sets a realistic goal for you. You can work out more or less how many hits your website should be getting and how much business you could generate just from your local SEO position alone.

Having competition is also like having an older sibling, you can learn from their mistakes. What happened to their ranking once they re-vamped their website and made it more complicated or more user-friendly? How much business did they miss out on because they couldn’t get their site up and running quickly enough?

Knowledge is power, which is why it is so important to conduct an online competitive market analysis and to do it regularly.

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