Competitive Analysis for seo services new york
When it comes to determining where your business stands, there’s no better indicator than taking a close look at your competitors. Even if you lag far behind your industry’s leaders in terms of production, sales, or performance, there’s a lot that can be learned from some good old-fashioned research and observance. Your competitors all vary in their method and approach, and this means they each offer up their own unique data points. By carefully sifting through this data you’ll be able to uncover new information and see common trends that will allow you to develop stronger strategies, create important milestones for future progress, and set realistic goals for both the immediate and long-term.
At its core, competitive analysis is really nothing more the art of observing other businesses, albeit in very fine detail. You’ll learn who is doing what, why they’re doing it, where they’re doing it, how it’s being carried out, what’s being done right, and what’s being done wrong. Overall it will provide a rather solid idea of what their results were, too.
Yes, it can be a meticulous and time consuming process, but on the upside the information you’ll gain will prove invaluable.
HOW IS A COMPETITIVE ANALYSIS PERFORMED?
When performing a competitive analysis – regardless of the industry – all data must be neatly collected and organized, properly structured, compiled into relevant data sets, and closely analyzed by a trained eye. The goal is not only to find answers about your competitors but also to spark new questions, skim the landscape for new ideas, and acquire a firm understanding about the current state of affairs within your market.
Ideally, you’re going to end up learning not only about your competition but a lot about your own business as well – the good, the bad, and the ugly. Keep in mind that in the end, competitive analysis as a process where clarity should be achieved, regardless of whether or not you like what it reveals.
WHAT EXACTLY DOES COMPETITIVE ANALYSIS REVEAL?
Performing a proper competitive analysis can deliver a wide range of highly valuable insights for your business. Some examples of these can include:
- Identifying shortcomings, overspending, and non-beneficial costs
- Identifying new opportunities, methods, strategies and platforms for marketing
- Identifying the most popular types of marketing campaigns in your industry and understanding how, when, and why they perform – as well as when they DON’T perform
- Understanding your target audience more clearly
- Understanding the general position of the market as a whole, including historic data and where the market is headed (and why)
- Learning what methods are used by some competitors and not others, and any reasons behind this, including understanding which methods may or may not apply to your business model
- Learning about where your competitors secure funding, if and when required
- Identifying and understanding niche areas within your market that you may want to pursue (or avoid completely)
- Getting a better sense of how consumers respond to a broad spectrum of advertising, which can be helpful for avoiding wasted ad spend
- Learn where you can leverage your competitors strengths and weaknesses by understanding what they’re doing right, what they’re doing wrong, and what you can do that they may not be doing at all
- Understanding your own strengths, including certain aspects of your business that may set you apart or ahead from your competition and how to leverage it both strategically and creatively
- Estimating the ad spend of your competitors
- Resolving internal problems, struggles, or difficulties by observing historic ups and downs that your more experienced competitors have already dealt with (also using their past problems/hiccups to avoid the same situation within your own business)
The amount of information that can be obtained from a competitive analysis is only limited by resources and your imagination. Any good marketing agency or SEO firm should be able to execute and deliver a solid, in-depth, and highly detailed report on your competitors.
Keep in mind, the cost of these analysis’ can vary, and the pricing will depend on how deep you want to dig. If you’re looking for a basic overview of specific competitors, your competitive analysis might only require some research of their SEO and social media accounts. If you feel the need for highly detailed information your analysis can span far beyond and into the realm of public records, corporate reports, and much more.
WILL A COMPETITIVE ANALYSIS HELP MY BUSINESS?
Any business can benefit from a basic competitive analysis. With that said, a trained marketing professional may see other immediate issues that aren’t working very well and prefer to correct those problems for you before jumping into the analyzation of your competition. The best thing you can do is contact a reputable and trusted agency to see where you stand and what they recommend.
For a free consultation and to learn if a competitive analysis is the right move for your business, contact us today. There’s no hassle and no pressure. We’ll be thrilled to learn a bit about your business, address your questions and concerns, and help you decide if this is the right decision for you. There’s no strings attached and you’ll walk away with a better understanding of what you should be doing now, even if you don’t decide to work with us. You have nothing to lose!
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