Glossary keyword - Competitive Market Analysis

Competitive Market Analysis

Competitive market analysis is a process of identifying competitors and evaluating strategies to find their strengths and weaknesses. Competitive market analysis is vital for a marketing plan because it evaluates the product or service correctly. Using the project management tool, a company can outline what makes them unique and which of their features best attracts its target buyers. 

Step 1: Identify Your Competitors 

The first step to competitive market analysis is identifying your competitors. Make a list of at least ten competitors that share similar products and services. One way to do this is by simply Googling the nature of services or types of products you are selling. Your first list of competitors are likely to appear on the first page. 

Step 2: Analyse and Compare Content

Once you have identified your competitors, the next step is to dig a little deeper and find out what type of content they are publishing. The premise of competitive market analysis is that it can serve as an audit tool. This makes it easier to know the kind of content being used by your competition to promote their businesses. Good content creation examples are blog posts, podcasts, whitepapers, webinars, eBooks, and press releases, so keep an eye out for those. Next, check the quality of content published and the frequency of content. Depending on your analysis, you can rethink your content strategy. 

Step 3: Analyse SEO

Competitive market analysis approaches a company's SEO strategy. This procedure works by analyzing a website's structure and layout. A well-structured SEO strategy translated to higher rankings on search engine results. Market analysis carefully examines links, from headers to dropdowns. Creating a list of keywords, web page titles, URL architecture, H1 tags, internal links, and image text are all an essential part of the analysis plan.

Step 4: Analyse Social Media

Lastly, competitive market analysis targets social media platforms. Every business is present on social media platforms, where they interact with the targeted market. The market analysis finds out how many people engage with the products and the social media page of a company. Also, what the company posts and reblogs, what hashtags are they using, and what kind of people do they follow are fundamental aspects. 

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