Competitor analysis - why is it important?

Competition analysis is about collecting, categorizing and organizing data on companies operating on the same market.

Competition analysis can improve the process of acquiring new customers and retaining those who have been with us for a long time. And this has a direct impact on the financial result achieved by the company. Competition analysis is often tedious and meticulous work related to collecting and organizing all possible data on the industry.

Why can't statistics tell you as much as the ones interpreted by marketing experts?

The results we obtain as part of our analysis, without proper interpretation and recommendations, significantly lose their value. At Competivo, we not only extract key data and statistics, but – above all – we analyze them and bring you specific recommendations on how to use them and achieve a competitive advantage.

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Why do a competitor analysis?

Competition analysis can improve the process of acquiring new customers and retaining those who have been with us for a long time. And this has a direct impact on the financial result achieved by the company. Competition analysis is often tedious and meticulous work related to collecting and organizing all possible data on the industry.
Order an analysis of your brand >>

Analysis of competition activities on the Internet

Online competition analysis is slightly different from traditional analysis based on, for example, economic interviews or mystery shopping. The Internet and the data collected on it, as well as tools for analyzing this data, give the opportunity to thoroughly analyze the visibility, content and communication produced by our competitors, and find the places where these communication is placed.

How to properly identify competition – competitor research

You need to know who your competitors are – this is the basis of every online activity. Why? There are known cases of using the activities of competitors to promote their own products or services, e.g. by displaying their advertisement in the Google search engine on a phrase with the name of the competition. These are quite common activities. Therefore, knowledge about the market and the industry is not enough – you need to know who exactly does what and in which channels.

You probably already have a list of your competitors, but have you really searched every corner?

Types of competition

There is not only one type of competition, so you should approach the analysis of activities in a completely different way due to its type. There are direct and indirect and tertiary competitors:

a. Direct Competition

These are companies that offer the same services or products as you in the same geographic area – targeting the same audience and serving the same needs.

b. Indirect Competition

These are companies that offer the same or similar services and products in the same area, but serve different needs or purposes or target different audiences.

c. Tertiary Competition

It’s someone who sells a product that may be vaguely related to yours, but doesn’t really compete with it. Identifying these types of competitors is still important.

Example

Let's say you sell milk. Your product is available in supermarkets nationwide. A direct competitor would be someone who also sells milk and stores their products in the same places as you. Milk has a similar price and is aimed at the same group of people. An indirect competitor would be someone who sells plant-based milk. It is sold in the same place, but the product is obviously different and the target market is different (e.g. lactose intolerant, vegan, etc.). They wouldn't be a direct competitor, but they could still capture some of your market if their product convinces someone. In this context, a tertiary competitor will be someone who sells, for example, yoghurts. Why? Because, it can become a direct or indirect competitor if it decides to expand the market or communicate directly related to a product in your category.

Elements of competitor analysis:

  • SEO report and competitor positions in Google search engine

    Analyze under what keywords your competitors appear in the Google search engine. Thanks to this, you will know what they focus on and what generates results for them. Such a report will also allow you to find out how much your competition is acquiring traffic or even sales.

  • Raport z ruchu na Twojej stronie www oraz stronach konkurencji

    Check out your top performing competitor to get an idea of their maximum possible reach. Get information on where your traffic is coming from, whether it’s paid, organic or maybe from third-party partners. Check whether the recipients are engaged in a specific piece of content on the site and where they most often look for information on competitor websites.

  • Content report on your website and competitor’s websites

    This thread will be extremely valuable to content strategists and SEO specialists. The top pages list can alert you to which pages you can add to your site structure. More specifically, it can indicate what topics to write articles about in order to generate the most traffic.

    Take a look at the topics other websites are focusing on in their seasonal and regular campaigns and reveal what channels they use to promote effectively. From this data, you can get insights to help you plan an even better campaigns, whether it’s overall brand awareness or conversions.

  • Brand and competitor mention report

    Analyze all mentions of your brand and competitors. Find out what is said about them on the Internet, what is the mood in the context of this brand and use it in your communication.

  • Report on competition activity in Social Media

    Take a look at your competition’s Social Media activity, but not only on a basic level. Investigate their advertising messages using, for example, the Facebook Ads Library.

Online competition analysis tools:

– ahrefs

– semrush

– senuto

– similar web

– google analytics

– brand24

– sotrender

– facebook ads library

– google trends

– alexa

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