Analyzing and monitoring your competition is fundamental to any business success.
So what should a good competitive report include and how to take it from research to an action?
Why Does My Business Need a Competitive Report?
There are many reasons why a business may need a competitive report, and all of these are valid:
- To better understand your target audience by researching how they find and engage with your more established competitor
- For market research: Understand what is currently available on the market and where your business fits in
- To get an estimate of your future marketing budget
- To identify effective marketing tactics, etc.
Business owners that claim they don’t need a competitive report because they already know everything are clearly missing out. Competitive research is much more than copying your more successful competitor’s marketing tactics. Actually, it is not at all about that because copying would never bring you ahead.
Competitive research is about understanding your target market and distinguishing your unique value proposition and consequently your unique marketing strategy to conquer it.
So what should a solid competitive report include?
Competitive Benchmarking
Competitive benchmarking means collecting the performance data of your competitors and comparing it to your business. It is used to measure and monitor your business’s performance against its competitors.
You can choose your own performance indicators to track and compare.
These may include:
- Public traffic data (from tools like Ahrefs, Alexa and Similar Web)
- Organic rankings
- Brand awareness and sentiment (based on brand mentions), etc.
This section in your report is going to always evolve but it is also fundamental because your whole competitive analysis will evolve based on KPIs you will identify as the most important for you.
Basic Overview of Competition
There are fundamental KPIs you are going to focus on and there are secondary metrics that will help you identify competitors to keep an eye on.
This section is about the latter. This basic section helps you look at your competitors’ secondary metrics at a glance to identify if there’s a definitive pattern to look deeper into:
- Backlinks
- Organic traffic
- Social media followers
- Social media engagement, etc.
Tools like Ahrefs, Keyhole and Similarweb will help you collect all the necessary data.
Detailed Dive into Organic Search Engine Optimization Tactics
Look at some key search engine optimization tactics your competitors are using:
- Which keywords are they focusing on?
- How are they optimizing their title tags and meta descriptions?
- Are they optimizing their old content and how often?
- What does their site architecture look like?
- How are they organizing their main navigation?
- What’s their internal linking strategy?
- What are their most successful pages (i.e. those that rank for the most competitive search queries)?
- What’s their semantic optimization strategy?
Try running a few of the most important pages through a tool called Text Optimizer to determine whether your competitors are doing a good job optimizing for search intent:
One of the most actionable steps…