A business website helps you establish a better online presence, enhances your reputation, and increases your sales and revenues among other benefits. However, you also need to keep a tab on your competition and its website. Competitor analysis or the analysis of the competitor's website helps a business gain more insights into the tactics and strategies pursued by the competing businesses and how they are growing their revenues and attracting customers.
The competitor analysis process includes studying and evaluating the online presence of the competitors for identifying the marketing strategies that they pursue. Such an analysis and evaluation can bring more fruitful opportunities to your notice as well. Below is how competitor analysis can improve your website as well as your business.
Improvement in Tactics and Strategies
When you look into the marketing strategies and maneuvers pursued by your competition, you can find some fruitful strategies for your business as well. For instance, your competitor may be using online quizzes to attract more customers but the idea may be still unknown to you. Looking into the marketing funnel and the strategies of the competitor can bring you many new ideas that can work well for your business.
Identification of Threats and Opportunities
Au thorough evaluation of the website of the competitor can help you know more about the threats and opportunities to which your business is exposed. Some of the opportunities can be in areas including:
- Tricks for generating leads online.
- CTA (Call-To-Action).
- Email marketing.
- Social media marketing.
- Promotion campaigns.
- Paid search.
Some of these strategies may work well for your business while others may not. Your competitor will only continue with a strategy if it can bring to the business good results. Therefore you can find out the threats and opportunities for your business as well through competitor website analysis.
Better Search Performance
Online search is important for Business-to-Business (B2B) as well as Business-to-Consumer companies alike. All kinds of people are using Google and other online web search engines for finding out more about products and services, and to gain other kinds of information. Competitor analysis will help you find out the right keywords and phrases that can bring you more online clicks and business. Businesses in the same industry and location may have to compete on the same set of keywords. Knowing and using the right keywords will help you be easily accessible to your customers.
A business website may only get a few seconds to impress customers. Visual effects and graphics can play a pivotal role in making a customer stay online on your website. 65% of internet users learn through visuals. The analysis of the competitors' websites will help you know the right set of graphics and visuals that will apply well to the audience and create a good first impression for you.
Differentiation can be an important marketing strategy that can help you stand apart from the crowd and create a distinctive image for your business. The analysis of the competitor's website will help you know more about the appropriate differentiating attributes that can create value for you. Some of these differentiating elements may include:
- Niche market.
- Business offering.
- Core values.
Analysis of the competitor's website brings to you many benefits and can create for you valuable insights that can help you lead the competition. You can also reach out to a leading digital marketing services company to know more about the benefits of website optimization, SEO audit, digital marketing, and competitor analysis.