Business competition can be fierce, especially when businesses are competing to acquire the same customers. When you understand your competitors, you can come up with strategies to make your products or services stand out more. It’s all about being better at marketing than your competitors. Here are ways to pull ahead of the competition.
Know Your Competition
If you want to outperform your competitors, you should study them. Know what they’re doing. Learn how your competitors connect with your audience. Then, create or refine your strategy accordingly.
What Should You Look For in Your Competition?
You should know how they are interacting with their customers. Look at their customer support and sources of advertising. Then, capitalize on their strengths and weakness. Also, take a look to see how your competitors position themselves. Do they appeal to a particular gender, age group or niche market? Another area of interest is how they do their pricing. This information will help you know what’s working and what’s not.
Competitors on Social Media
No matter the kind of business you have, you cannot underestimate the power of social media. It’s estimated that more than 2.41 billion people use Facebook every month. If you want your business to succeed, you need to get an edge over your competition.
But just knowing who they are is not enough. If using social media is appropriate for you, then you should come up with a strategy that will engage with your social media followers. To increase your odds of success, figure out the type of content that works for your competitors.
What kind of material are they sharing? Check whether they are using images and videos on platforms like Twitter, Facebook, YouTube, and Instagram. Use this information to determine whether you should focus on writing blog posts or visual content. And don’t just see the type of content they share. Look even further to see which types of content are being engaged with by their audience. Are they publishing videos that have high engagement? Great! Consider doing the same. Are they publishing memes that get virtually no engagement? If so, you may not want to use memes.
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- Increase Engagement on Social Media
- How to Nurture Your Audience on Social Media
- 10 Free and Low(ish)-Cost Social Media Automation Tools
Track Your Competitors’ Hashtags
Another strategy for beating your competitors’ social media marketing is tracking their hashtags. The idea is to know their activity. If you’re in an industry with low barriers to entry, then competition will be high. Also, if none of your local competitors are very involved on social media, you may not be able to find any hashtags they are using. However, you can look for similar businesses in large markets. They may not be your “competition” but they are targeting the same type of people you want to target. So, use their types of content and hashtags as inspiration.
Of course, you should make a point to know who’s is mentioning you online. If you want to build a brand following, it’s a good idea to set up alerts and notifications.
Know Your Customers
Knowing your customers and your target audience is one of the most important aspects of being a business owner. Customer’s expectations and desires are constantly changing, and it is vital to know what matters to them. This can be done by looking at their primary communication methods on social media or even researching the latest trends. Not meeting the expectations of your customers will lead to losing them in the future.
If you’re not sure what the most relevant keywords are in your niche, analyze your competitors’ websites. This information will give you an idea of the keywords people search for in your niche. You don’t have to focus all your energy on your competition, but you want to stay current with the keywords.
When researching your keyword phrases, target a specific location or country. Pick the keywords you can most easily rank well for. You should pay close attention to the search volumes and historical trends. To get a detailed view of the competitor, you can use various tools like SEMrush or the Google Keyword Planner. Read our blog post titled 7 Tools to Use for Keyword Research for more options to choose from.Before you create content for your website, come up with keywords relevant to your business. Put yourself in the shoes of the target audience and think of the phrases or words you would use to find your business. Make sure you export all of the keywords. These are the search queries the target audience will enter when looking for your products or services.What are the best companies in your industry doing to be successful at marketing? Can you learn from that? #CompetitorResearch #JLM Click To Tweet
Choose the Right Keywords
If you fail to target the right keywords, even the best content will not generate traffic. This is why keyword research is such an important part of SEO. However, just picking the keywords won’t generate traffic. Keyword analysis will show the phrases that bring success for your competitors. At the end of the day, you need a collection of keywords that will bring success.
If other big brands are targeting a specific keyword, take a closer look whether it brings high ROI. Once you’ve narrowed down your list, eliminate the keywords that are not relevant to products or services. Evaluate each page closely to find the number of inbound links. A strong link profile shows that you’re up against the stiff competition. Be sure to exclude all irrelevant keywords to rank high on the search engines.
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Website optimization requires continuous monitoring, fine-tuning and maintenance. Take a close look at your competitor’s website. Analyze the text, design and functionality.
Also, check whether the website loads quickly or what you can do to increase the overall quality of the site. Assess the content and site navigation of the competitors and then compare it with yours. How does it stack up? This information will give you a better understanding of what needs to be optimized.
Take the top five competitors in the industry and analyze the methods they employ to optimize their website. This doesn’t mean you should copy your competitors outright. Your goal is to note the weak points in your website and identify strategies you can implement, based on research, to boost your site’s effectiveness.
The main goal of SEO is to rank at the top of search engines, to reap the rewards of free search engine traffic. If you’re running a website but you’re not sure how it’s performing on sites like Google, you should look at your competition. Your top SEO competitors are the businesses that rank on the first page of Google for your target keyword phrases.
You may have multiple competitors, even outside your niche, to contend with. For example, we provide “search engine optimization services.” Depending on your location, and how to phrase the keyword, you might find a local auto repair shop. Although our services are completely unrelated to auto repair, the keyword is somewhat similar, and this can cause extra competition for us.
The easiest way to boost your SEO is choosing the right keywords. Other ways include mobile-friendliness, social signals, links, page speed, etc. Concentrate on on-page and off-page SEO. When your website appears at the top of Google, it will get more clicks. See what your competitors are doing with their SEO. Figure out what’s working well for them, and what you can do to outperform them.
Differentiate Yourself From Competitors
Make sure when you’re marketing, you are making yourself unique. Develop a unique selling point to make your business stand out from the competitors and lets your customers know what’s special about you. This difference should be clear and obvious—without having customers wonder what makes you different than the others.
Target New Markets
Tailoring your offer to different market segments can increase your customer base and gain customer acquisition. Think if there are other markets that are similar to your current ones, and how can you reach them in a way they would be interested. There are many ways to alter your message to reach other crowds, without changing the meaning and purpose of the message.
Think of the Future
Living in the now is good for your brand, but trends and ideas are changing by the day. It is important to think of what your company or business will look like down the road. Having a 5–10-year plan would be beneficial to give you motivation to keep the sales and revenue up. Always keep up with the new developments in your market and pay attention to the needs and wants of your customers.
Competition helps you do better in every aspect of your business. To increase your odds of success, you should monitor what the big players are doing to stay on top of the game. If you need help with your digital marketing strategy, let us know. You can connect with us by filling out the contact form at the bottom of this page.