Competitive analysis means analyzing the quality websites which are related to our site. This will provide you the ability to find information about the competitive cracks in the markets so that you can effectively position your product or service and so the "mindshare" of your potential clients is captured exactly!
Competitive analysis is otherwise known as Competitive Intelligence (CI) which is an ethical business practice that focuses on external business environment. CI is the process of gathering information and then utilizing it in business decision making. CI can make an organization more competitive among all its existing competitors.
Just like your business depends on your business reports, it should also be concerned with your competitors' business reports. It's important to monitor your competitors' websites in the following areas:
- Sites that rank in the top 10
- Important keywords and phrases used
- Amount of good content and content per page
- Sites that rank well for your keywords
- Sites available in second and third pages of search results with good SEO strategies
- Link Intelligence
- Referrer Intelligence
- Ranking Intelligence
- PPC Campaign Intelligence
- Search Term Intelligence
When selecting the competitors, try to stay away from the one-hit-wonders. If your client offers more products to markets, try to find the most well developed competitors that offer a similar number of products to the same market. It will be useless to analyze one such competitor who just does 10% of what your client offers.
Furthermore, analyze the level of success the competition has acquired over time. Look at the competitors and select those that offer information about their company size, stature, and objectives. If you are lucky and search for more information about another organization - you can even acquire the business plan of your competitor.
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