Today, companies are more competitive than ever and with the e-commerce boom companies are constantly competing to be on top. This is when competitive analysis tools come to play. What is this mysterious thing called competitive analysis tool? It is an application that helps compare your company with the competition. Well, what are we comparing? We are comparing the keywords used, how our site structured, to have some kind of social media presence and many, many more. Later, I will list some popular websites that companies use to stay on top of the competition. It will allow companies to see where they stand and whether to change certain tactics to either get ahead or to stay ahead. There are many advantages as well as some disadvantages. It can put companies in a very risky scenario that could prove costly, but the benefits outweigh the negatives.
(Taken from socialmediaexaminer.com)
Having an optimization strategy is very important when building your website. There are many applications for example, Google Analytics, that allow companies to utilize their resources to figure out the foot traffic, key words and many, many other ways of understanding your potential customers. However, these companies specialize in providing you, your own detailed information and not the competition. Competitive analysis tools allow you to compare your website with your competitions website. Knowing your competitors key words is extremely beneficial to your company because it allows you to add certain key phrases that you may not already have. “SEMRush is helpful for identifying “top keywords.” This tool saves loads of time by helping you determine the valuable traffic that you, or your competitors, are getting across many keywords. It will evaluate the value based upon the estimated cost per click, if you were to buy this traffic via AdWords and show you a total estimated value by keyword, as well as a running estimated total value for all organic search traffic.” (Jackson, 2011)
It is very important to use the different resources out there whether free or paid. There is a company called PageRank that helps companies understand where they stand in the site list rankings. It’s true that PageRank isn’t a reliable indication of how well a website is doing, but it does give you a ballpark idea (and so I usually recommend checking this first). PageRank is all about how Google sees your site—how many backlinks point to your site, how easy is it to navigate, how much content is unique and optimized, etc.—which is usually a fairly good indication of how the site might be doing in terms of visitors. It’s not always completely accurate, but if your competition is two or three PageRank numbers ahead of you, it might be time to do some optimization work (DiSilvestro). As you continue to read this, do you notice the trend? It is about optimizing your website to its full potential.
(Taken from Marketingland.com)
Because competitive analyses vary along only two dimensions–competitors and criteria–you’ll always see some mechanism for showing two or more sites side-by-side with the differences highlighted. The specific nature of those differences will vary depending on the criteria selected. At the same time, these documents can also vary by quantity–some are larger than others because they show more contexts or more competitors. (Brown, 2006) The way your companies website is laid out is very important because it is meant to capture your potential customer’s attention and make sure that they buy your product, again by optimizing your website.
Social media is a big part of this world. Companies are catching up on this and are utilizing this opportunity to create their presence. Businesses need to recognize that they cannot only look at their competitions website, but also their social media sites such as, Twitter, Facebook and Google+. All you need to do here is head over to your competitors’ social media sites and analyze the number of followers, posts, content, etc. This works a bit better than just heading over to a website because you can see everything you need to see. While you may not be able to see the changes in social media numbers, you can see trends very clearly. Pay attention, and you’ll be able to tell that their “Top 5 Ways” posts gets the most engagement. (DilSilvestro)
The main components of an SEO competitive analysis are:
- Top Keywords
- Site Structure
- Linking Initiatives / Authority
- Social Presence
Competitive analysis is very important to business around the world because it provides healthy competition. Companies need to know where they currently standing on the Internet and it is important for them to continuously update and change because the game is never finished. There are so many different resources out there for companies to use so there is no excuse. As I stated earlier, by keeping your website updated and optimized will keep your company ahead of the game.
Different Competitive Analysis Tools:
- Majestic SEO
Facebook Competitive Analysis Tool:
- AgoraPulse Barometer
- Fanpage Karma
- Simply Measured
As there are many benefits from using competitive analysis tools, however, there are some drawbacks. While the information gathered and analyzed about how your competitors are performing in social media may be helpful, it’s important to pursue this activity with a solid objective in mind. Otherwise, you may become discouraged, frustrated and even angry about how poorly your brand is performing in comparison. The reverse is just as bad. If you do an analysis to prove to yourself how great your brand is doing, you may become comfortable put innovation at risk. (Cade, 2013) Do not be afraid if you’re website is not up to par, because it is what you do now that really makes the difference. There are many benefits from using competitive analysis tools because the software listed above can help provide you the information to get ahead or to stay ahead.
Benefits of Competitive Analysis Tools:
- Know your current standing in SEO
- Know your competitions foot traffic
- Understand your competitions key words
- Understand your competitions site
- Understand your competitions social media web traffic
This list can go on and on of with benefits
Comparing your site performance using competitive analysis tools can be extremely helpful in providing you the insight of how your competition is doing and what they are doing. By finding what top keywords, their site structure, and what kind of social presence they have can be beneficial when seeing what you can improve on. Competitive Analysis Tool is an application that helps compare your company with the competition. So use it to create a prosperous environment!
Brown, D. (2006, August 21). Competitive Analysis. Retrieved from http://www.digital-web.com/articles/competitive_analysis/
Cade, J. (2013, March 3). How to Do a Social Media Competitive Analysis. Retrieved from http://socialmediatoday.com/socialcade/1265476/social-media-competitive-analysis-strategy-business
Cleary, I. (2013, May 16). How to Compare Your Facebook Page With the Competition. Retrieved from http://www.socialmediaexaminer.com/how-to-compare-your-facebook-page-with-the-competition/
DiSilvestro, A. (n.d.). Top SEO Competitive Analysis Techniques. Retrieved from http://www.startupnation.com/business-articles/9859/1/top-seo-competitive-analysis-techniques.htm
Jackson, M. (2011, August 14). SEO Competitive Analysis -2011 Edition. Retrieved from http://searchenginewatch.com/article/2101599/SEO-Competitive-Analysis-2011-Edition
Marvin, G. (2013, May 5). SimilarWEb Competitve Analysis Tool Shows Traffic Insights by Source; Launching Pro Service. Retrieved from http://marketingland.com/similarweb-competitive-analysis-tool-shows-traffic-insights-by-source-launching-pro-service-38607