If you are a business that knows its customers and what they are looking for, congratulations! But… do you know your competition? This is also a very important factor that allows you to compare yourself to them and what they do, a method that can help you understand your market better and create better marketing strategies that help you capture a greater number of customers or consumers. To achieve this, there are competitive analyses, which evaluate the strengths and weaknesses of your competitors and the strategies they use.
Having a competitive analysis allows you to avoid the mistakes made by other companies that are targeting the same market as ours and to go one step ahead. In addition, it helps to form a unique value proposition with which you can stand out among other projects within the market. While a competitive analysis is not a guide that should be blindly followed to the letter, it can significantly help you make the best decisions for your company.
Among the advantages that a competitive analysis can bring you, the most outstanding is the ability to find new markets, understand what your audience really wants and needs, understand market conditions to plan better, identify trends, find new marketing channels, and be able to react positively or negatively to products and services. With software like Semrush that allows you to analyze and compare data, you can easily create your own competitive analysis.
To achieve an effective competitive analysis, it is advisable to divide it into 4 parts. Each of them will be a fundamental piece in your strategic puzzle and will focus on a key piece to understand how your competition behaves with the audience you want to reach.
You can’t start an analysis if you don’t even know who your main competitors are. Your competition may not be so obvious, so you have to look for who is stopping a customer from opting for your services.
To be able to identify your strong competitors, you can go to the Semrush tool, Market Explorer. There you will have to enter your eCommerce domain and then in the Growth Quadrant you will be able to see who your direct competitors are and where they are positioned. You will also have the possibility of seeing which are the organic competitors and having a research of advertising at hand.
Once you know who your competition is, it’s time to get to know them more deeply such as the date the company was founded, the number of employees, its annual volume of business, the location of all its offices and the number of clients it handles. To obtain this data, we must use the Semrush Traffic Analysis tool with which we can get a general overview of the history of the website of each of the competitors, a statistic of its traffic and the geographical locations in which they are more popular.
On the other hand, the Advertising tool will allow you to review their Google ads for discounts and special prices, while the PLA Research tool allows you to see product listings ads using filters such as product type, that is, if you place “sofa” you will be able to obtain a list of all the sofas.
You have already taken advantage of the tools at your disposal to obtain all the information of your competitors that may be useful, but now it is time to review your own information.
Divide the information of your project into companies, products, prices, audience and marketing to see what you are doing, what your results are and compare this to the data you collected from your competitors. You can help yourself with schemes and mind maps to have a clearer vision of all the information you are handling.
Now that you know how to get your competitor’s data and you have analyzed your own company, it’s time to create the habit of reviewing your growth periodically to track your progress. Comparative analysis is an investment that will show you medium and long-term results.
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