Sooraj Bagdia, 28 May 2017

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

Each business must have a competitor analysis. Sometimes it may be tedious or time-consuming to work on competitor analysis, but it helps to reshape your business correctly.

What is competitor analysis?

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

Many business categories include physical, virtual, services, manufacturing,g etc. So each of you can come up with and prepare its analysis template. There’s no specific template for the competitor analysis. 

A template can be an Excel sheet comparing the parameters mentioned. This helps to understand where your product stands and what changes must be made 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 a look on Google My Business for your nearby premises. One other way is to search your name on Google and see whose search ad appears, or Google recommends 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?
• Which digital marketing platforms do they exist, and how active are they?
• How many likes/followers do they have?
• The number of reviews and ratings on social media platforms.
• How much is the total market share, and how much have they acquired?
• 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 do they follow (All keywords, backlinks, descriptions etc..)?
• The loading speed of their website.
• Content strategy.
• Technology in which website is built.
• The number of pages on the website.

You can add more parameters to have a competitor analysis. 

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

This allows us to identify what’s wrong with our strategy and re-shape it from time to time. This also leads to knowing what our competitors do 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 and cannot do a proper competitor analysis. Reach out to us to get a thorough competitor analysis and business re-shape suggestions which you can implement to gain a competitive advantage.