WholeLife Matrix: Financial Viability / Marketing
“I have been up against tough competition all my life. I wouldn’t know how to get along without it.” – Walt Disney
By doing an assessment of your competitors on a regular basis, you can see how your business stacks up against the competition and where you can make improvements in your marketing and in your products and services. Here are some tips for doing your competitive analysis.
1. Locate Your Main Competitors
By finding and analyzing your ten main competitors, you will have a good idea about where your business stands in comparison to key players in the marketplace. To find your competitors, you can search Google for products or services that are similar to your own. You might also find your competitors on shopping websites such as Ebay or Amazon.com if your sell physical products. By using tools such as SEM Rush, you can discover how your competitors are ranking for your keywords.
2. Evaluate Competitor Social Media Strategy
It is important to evaluate how your competition uses social media in their marketing because, through social media, companies can have interactions with customers and potential customers and share their content and ideas with them. Observe how often your competitors post and the type of content they post. Do their profiles have good graphics and calls to action?
3. Study Competitor Content
Identify the type of content that your competitors publish such as blogs, videos, e-books, etc. How often do they publish and what level is the quality? Analyzing the content of your competitors will allow you to see things they are doing well that you should be doing also. You might also find things that they are not doing but should be doing. One way to analyze the content of competitors is to find their best performing posts using Facebook Insights.
4. Analyze Competitor SEO
Analyze the effectiveness of your competitor’s SEO. Your competitor’s SEO can help them to rank in searches and to have an advantage over their competition. Check to see if your competition is using keywords in their page title, H1 tags, internal links, content, URLs, and image alt text. The types of keywords used by your competition can also give you ideas for keywords to use. Does your competition use general keywords or do they use more specific long-tail keywords? The long-tail keywords usually receive less searches but are more targeted.
5. Gather the Information and Create an Action Plan
Gather the information about each of your ten competitors and put them into Excel spreadsheets. Now you will be able to compare the information and find the things that your competitors have in common and the things that set them apart. You will also see the main areas where you can make improvements in your business and then create an action plan for accomplishing this.
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