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How to analyze and monitor your competition on the Internet? Step by step guide

All companies seek to remain in their niche as good competitors for as long as possible. They do this to obtain the greatest amount of benefits by reducing costs thanks to their know-how.

But this is not an easy task, since the other companies also seek the same goal, so they create strategic techniques to differentiate themselves from others. One of these techniques is competitive analysis.

Yes you want to know what this tool is aboutYou can find all the information in detail in the following paragraphs of this article.

What is a competitive analysis and what is it for in the marketing world?

The procedure carried out by the company to know its environment is considered as competitive analysis in the world of marketing. In this way, it can study the threats that come from the market, or from the supplementary products it sells, and detect development opportunities. With this you can make the most of your abilities and strengthen weak points.

In other words, this technique is used to find out what activities are carried out by competitors and which benefit their positioning in the market. If we consider digital marketing, A competitive analysis studies all the strategies the competition takes to build customer loyalty through social networks and its website.

Why is it important to do a good analysis of your competitors?

He competition analysis It is very important in any marketing strategy, since it allows you to check what services they are offering to the public, how they do it and how their clients perceive it. This is very useful information that allows you to carry out a complete and efficient benchmarking. Not only will you be able to understand the strategy of your competition but you will also be able to analyze where you need to improve.

In this way, you will be able to understand the following aspects:

  • Know more precisely what is the size of the market.
  • Positioning of the competition and participation of your business in it.
  • Know if your strategy is being effective.

Learn step by step how to effectively analyze your competition on Social Networks

We will show you below the steps you will have to carry out to make an effective analysis of your competition in the RRSS.

Pay attention and try to do them in no hurry:

Identify competitors

Identify competitors

This is an important factor that many do not do properly, for believe that the market leader and 1 or 2 other competitors are all market participants. This is not so, since there are many companies that have a non-aggressive strategy and they are interested in maintaining middle positions and are very strong competitively. For this reason you will have to analyze in more detail and constantly.

It is convenient that you set your goal:

  • Search every day: If you spend some time every day analyzing your competition and seeing what is going up on the networks, you are going to get an idea of ​​what something or topic people like.
  • Find communities: As you may have already noticed, the Internet world is full of communities reflected in forums, list of awards, rankings, etc. This is a good way to find out what people are interested in. Try to analyze if your competition acts in any of them.
  • To investigate on the Internet: This is the easiest method because you will find out who has chosen your niche.

SEO and SEM analysis

Performing an SEO or SEM analysis is essential to know the strategy that your competitors are having. From this it will turn out that you can know what type of measures they are making to have the positions they occupy. While it is true that it is not a simple task, but its importance justifies the task.

You have to try to detect what their positioning plan is and You can do this based on the keywords research, objectives, links and also ads. they do on the networks. To improve this aspect you can choose to a good blog design that is optimized for the user, have 100% original and quality content, have a good structure of Url and many other factors. But these are the main ones.

Analyze their prices

Analyze their prices

The law of supply and demand determines the equilibrium point of the market between individuals. Because of this the correct price is known from this analysis. It may happen that you are outside that point and your competition is not.

This can directly influence the user's trust in you. So it will be useless to have a too low price with excellent service, if your customers do not perceive the same. The same will happen when you have a price above the breakeven point. For this reason you will have to check periodically what the price they are placing on their products, as well as whether they launch discounts to the market that surprise customers.

Analyze its content

He content analysis can be elementary when making a strategy for social media, since you can see in your competition about what content is regularly published.

It is always necessary to study how many people could see your publication, for this you must follow the following parameters:

  • Number of followers: This will indicate the popularity of the profile on the social network you are working on.
  • Impressions: It is the impact that competition has on social networks due to the number of users that reached with a certain publication.
  • Traffic: At this point several factors influence, so you can analyze if there are campaigns on social networks, landing page, strategies to increase conversions, among other things.
  • Engagement: is the number of times a person interacts with the publication. It can be a like, a comment or click on the share button. This is a factor that can determine the success of the publication, so you should pay close attention.

To analyze the content strategy that your competition has, you must do it with appropriate tools, which are usually expensive. If you cannot do it here, you will also have the option to do it manually, so you will not have different results.

Study your sales process

Study your sales process

At this point you will have to study what their cost structure, its production or product purchase process and how are the logistics channels to distribute them. In addition, you will have to relate it to your virtual strategy on social networks and your website.

This is why you should analyze, among other things, landing pages. This will help you learn how they transform their social media followers on active clients. You must know this part of your competition's strategy in detail to understand its culture more precisely. A good idea is to buy a product from your competition that you also sell. With this you can find many details, even the packaging they use.

Study their conversion strategies

To have a good social media marketing strategy you need to know how the competition does so that your followers like the content that is uploaded to the RRSS and that will later become leads. If you want to be successful at this stage, you will have to think about how a buyer thinks, what their tastes are, their desires and what amuses them the most. Then you will have to compare your results with the efforts and actions of your competitors.

You will find a great degree of successes on their part, due to the multiple strategies that they constantly use on the target market. You will also notice that you are not acting correctly and that perhaps the market you wanted to reach does not have the same interests to acquire your product.

List of the best tools to do a competition analysis on the Internet and social networks

We present below the best tools to be able to analyze your audience to the fullest:

Boardfy.com

It is a platform that will help you to carry out complete analyzes about your competition. You will be able to know their campaigns on the different social networks and you will also be able to analyze the number of clicks, likes, followers, cost per action and much more. To all of these Data you can in charts that are prepared by the same tool and that help you understand more easily and quickly what the real situation is.

Minderest.com

One of the best platforms that exist today to control your market competitors. The results it offers can be configured to suit the entire market or by company. In addition, you can compare it with your own brand due to all the functions it presents. In this way you can know your audience, what their behavior is and you can link the reports with Google Analytics, which is one of the best data tools.

Moz.com

If you are looking for experts who are in charge of monitoring the competition, this platform is ideal for you. You can get a complete analysis of your competitors and see why they position themselves in a successful way, for this You will be able to know their links and the authority of their websites. It has a paid version in which you will get more functions so that you can adapt it more easily to your needs. It is ideal for the early stages of executing your own social media plan.

Screamingfrog.co.uk

You can choose a free version or a paid version to analyze not only your competition, but also your own data that you have on your website and on social networks. It is a tool that will allow you to quickly know what are the competitive advantages of companies located in the same market niche as your brand. Their graphic reports will allow you to analyze, through a template, different important aspects for the success of your business.

Ahrefs.com

ahrefs

Considered by many as one of the best platforms that will help you research your competitors and monitor the target market that you have set as your goal. It is a payment tool with which you will have 7 days free trial.

If you want to know exactly a link, content or rank tracking investigation, this tool is ideal. Their functions will allow you to find organic search reports, as well as an analysis of the Source of traffic from competing websites.

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