If you want to have a successful business, it’s always essential to study your competitors and see their approach to digital marketing and sales. Yes, a proper competitive analysis can help identify many opportunities while also pushing the experience to new heights. With that in mind, how can you perform competitive analysis, are there any methods to focus on?
Let’s find out!
Search for similar products on Google
A good start when it comes to competitive analysis is to find similar products on Google. This will give you an idea of what competitors are selling and how their products different from yours. It’s essential to understand the market, and what competitors are offering to figure out how to improve on your offers. The main advantage here is that you can surpass competitors once you start adding features and benefits they don’t provide. After all, customers will gravitate towards the best deals.
Check competitor prices
You should also study the market and competitor prices in general. If your prices are higher, then are you offering something worth more than the competitor? Or should you consider lowering the prices? It’s similar if you have a very low price right now when compared to competitors. Assessing your costs and comparing them to what you can find on the market can give a good insight into what changes you need to make.
Check product demand with Google Trends
Google Trends is a fantastic tool because it allows you to identify the product demand without a problem. The main advantage of Google Trends is that you get to see what products are sought after and what items are not that hot right now. Following trends isn’t always crucial in digital marketing, but it still makes sense for generating quick sales. Plus, it allows you to understand market reception and what people want to purchase at this time.
Some tools that help your track your competitor’s performance
There are also a variety of tools that you can use to study competitor performance. SEMRush, Ahrefs, SEOAbility, and Ubersuggest are a great set of tools you can use to better understand what keywords are used by competitors, how efficient they are for them, and so on. You can learn a lot about your customers and also identify things that you can improve. You can also use the Lifeboat tool to specify the cost of goods and calculate the profit margin. This can help you make an educated decision when it comes to product pricing.
Conclusion
Performing competitive analysis is essential if you want to grow your business and push it to new heights. It’s always essential to avoid any rush and focus on bringing the correct value and quality to your customer base. There’s a lot to learn from your competitors, including things you should do and stuff you want to avoid. That’s why competitive analysis is valuable since it can help you prevent mistakes while pushing the experience to the next level!
