Competitive Analysis

How do you convince shoppers, vendors, or clients to choose you—and not your competitors?

That’s a big question. And it doesn’t have a single, easy answer that works for everyone. It depends on a crazy number of factors that are as varied and unique as your company itself.  

To name just five? 

  • Your market 
  • Your industry 
  • Your unique selling point 
  • Your current marketing strengths 
  • What your competitors are doing 

So yeah, it’s complicated. 

But that doesn’t mean it isn’t worth answers. Quite the contrary. 

In fact, if you really want the kind of explosive growth that will catapult you to the top and change your life, it’s a question you have to answer. 

But where do you even begin? 

It starts with a competitive analysis. 

How do you convince shoppers, vendors, or clients to choose you—and not your competitors?

That’s a big question. And it doesn’t have a single, easy answer that works for everyone. It depends on a crazy number of factors that are as varied and unique as your company itself.  

To name just five? 

  • Your market 
  • Your industry 
  • Your unique selling point 
  • Your current marketing strengths 
  • What your competitors are doing 

So yeah, it’s complicated. 

But that doesn’t mean it isn’t worth answers. Quite the contrary. 

In fact, if you really want the kind of explosive growth that will catapult you to the top and change your life, it’s a question you have to answer. 

But where do you even begin? 

It starts with a competitive analysis. 

The First Competitor You Need to Research? Yourself. 

Before judging others, know thyself.

We humans like to think of ourselves as masters of the universe. Top of the food chain.

But when you get down to it, our thought processes are not as complex as we think they are. We make decisions (or rather, our brain makes decisions for us) fast. You really only have a matter of seconds—a couple of words, a flash of images—to hook somebody before they move on to the next thing.

And with all due respect to words, the visual language of your marketing often makes a bigger first impression than the written language.

The visual vocabulary of course includes colors, images, graphics, and the like. But it also includes a lot of things you might not think about.

Your Website.

You want it to look nice, but that’s just the surface level. There are so many other important questions to ask.  

For example:  

  • How is your website organized?  
  • How quickly does it load?  
  • Does it look and run just as well on mobile devices as it does on desktop?  
  • Do all pages and files have optimized meta tags?  
  • Has it been indexed properly by Google? 
  • Are you getting good backlinks from trustworthy third-party sources? 
  • Where are you ranking on the results page for relevant keyword searches? 
  • What are your most popular pages? 
  • When visitors land on your website, do they engage with the content or click away?

Your Presence on Local Search.

Your website isn’t the only way potential customers find out about your business online. They often get important company info from a third-party business listing.  

Usually that listing is provided by Google, but there are dozens of prominent websites that release your business info (name, address, phone number, hours, services, etc.) to the online world—and even give customers a chance to review you. 

Once again, there’s a lot more to think about than you might initially realize. For example: 

  • Is your Google listing showing up in the “3-pack” for the most relevant searches?  
  • Have you claimed your business listings on the most prominent sites so that you can control the information they display? 
  • Have you optimized those listings to maximize search traffic and conversions? 
  • Are any listings displaying incorrect, outdated, or contradictory information? If you’ve changed names or addresses in the past, you almost certainly have some phantom duplicate listings out there that you need to suppress.

We could go on for a while here, but you probably get the point. A full evaluation will touch every single aspect of your digital marketing strategy and online presence. We could (and you should) go into just as much depth about: 

  • Your branding 
  • Your performance on social media (followers, engagement, etc.)  
  • Whether or not your content marketing strategy is working 
  • Your strategy for generating positive online reviews 
  • Whether or not you’re using your e-mail database effectively for re-marketing 
  • An analysis of pay-per-click advertising opportunities (e.g. what keywords are available at what cost) 

Overwhelmed yet? 

We know, we know—it’s a lot to take in. But that isn’t to discourage you. Again, if you truly want to kick your business growth into overdrive, these are the questions you need to ask and need to have good answers for. 

SWOT Away the Competition

Once you’ve taken the time to look inside yourself, young one, you go through the same processes again and again.

Only this time, you won’t be analyzing yourself. You’ll be analyzing your competitors.

That’s where the fun begins.

Sure, the picture might not be all sun and rainbows. Your competitors could already have a significant leg up on you in certain aspects of their marketing.

But very few businesses are hitting home runs in all categories. And a surprising amount of market leaders got where they are today more or less by default. They may not have ever had much of a coherent marketing strategy, but—so far, anyway—none of their competitors has taken advantage of it.

“So far” being the key distinction.

This is your opportunity to pounce.

When you’re armed with in-depth data about the digital marketing efforts of you and your competitors, you can construct a SWOT analysis. This serves as the foundation on which to build a digital marketing plan that’s custom-tailored to deliver the best possible bang for your buck.

What is a SWOT analysis? It identifies your:

Strengths

What are the strongest, most successful aspects of your current marketing strategy? Where do you already have a clear advantage over your competition? 

Weaknesses

Which marketing avenues have failed or been ignored? Where are you the weakest in comparison to your competitors? 

Opportunities

These are the biggest “glitches in the matrix” that can be exploited for both immediate and long-term gain. What key, actionable changes can you make right now that will give you the biggest boost? 

Threats

 In other words, the “opportunities” from the perspective of your competition. Even if you’re already “on the top,” you may have vulnerabilities that other companies can identify and exploit—at your expense.

Now, you’ve got what you need to plan the most critical next steps, whether that includes a new website, updated graphics and branding, pay-per-click advertising, a blogging strategy, improved social media focus, local optimization, or other critical marketing components. 

Sound like a plan?

Remember, you don’t have to go it alone. Our competitive analysis services will get you the in-depth and actionable information you need fast. 

There’s no obligation beyond that point—you can take your analysis and use it to develop marketing strategies on your own. But because we’re a full service, comprehensive digital marketing agency, we can also partner with you through every step of the process, from analysis to strategy to execution. 

Are you ready to get organized, get smart, and build marketing strategies that actually work in your market and industry? It starts with a competitive analysis, and it starts with CP Solutions. Give us a call today at (833) 622-0907. 

The First Competitor You Need to Research? Yourself. 

Before judging others, know thyself.

 

Chances are, you probably have a bit of an idea (or at least you think you do) about where you’re at from a business and marketing perspective, and you have a pretty good sense of your top competitors are. 

That’s the first step. But if you want to do this the right way, you’re going to have to go a lot deeper. 

Before you even begin sizing up your competition, you’re going to have to look inside yourself first. 

See, the digital marketing landscape has become more chaotic and fractured than ever before. To build a coherent strategy—one that actually attracts customers and makes them want to choose you and not someone else—you need to evaluate your strengths and weaknesses across multiple platforms and channels. 

Unfortunately, most businesses have not really done this in depth. It requires a lot more time, effort, and specialized knowledge than most organizations have on their bench. 

But what, specifically, does this journey of self-discovery require? 

Let’s break it down and give you some examples. 

Your website.

You want it to look nice, but that’s just the surface level. There are so many other important questions to ask.  

For example:  

  • How is your website organized?  
  • How quickly does it load?  
  • Does it look and run just as well on mobile devices as it does on desktop?  
  • Do all pages and files have optimized meta tags?  
  • Has it been indexed properly by Google? 
  • Are you getting good backlinks from trustworthy third-party sources? 
  • Where are you ranking on the results page for relevant keyword searches? 
  • What are your most popular pages? 
  • When visitors land on your website, do they engage with the content or click away?

Your presence on local search.

Your website isn’t the only way potential customers find out about your business online. They often get important company info from a third-party business listing.  

Usually that listing is provided by Google, but there are dozens of prominent websites that release your business info (name, address, phone number, hours, services, etc.) to the online world—and even give customers a chance to review you. 

Once again, there’s a lot more to think about than you might initially realize. For example: 

  • Is your Google listing showing up in the “3-pack” for the most relevant searches?  
  • Have you claimed your business listings on the most prominent sites so that you can control the information they display? 
  • Have you optimized those listings to maximize search traffic and conversions? 
  • Are any listings displaying incorrect, outdated, or contradictory information? If you’ve changed names or addresses in the past, you almost certainly have some phantom duplicate listings out there that you need to suppress.

We could go on for a while here, but you probably get the point. A full evaluation will touch every single aspect of your digital marketing strategy and online presence. We could (and you should) go into just as much depth about: 

  • Your branding 
  • Your performance on social media (followers, engagement, etc.)  
  • Whether or not your content marketing strategy is working 
  • Your strategy for generating positive online reviews 
  • Whether or not you’re using your e-mail database effectively for re-marketing 
  • An analysis of pay-per-click advertising opportunities (e.g. what keywords are available at what cost) 

Overwhelmed yet? 

We know, we know—it’s a lot to take in. But that isn’t to discourage you. Again, if you truly want to kick your business growth into overdrive, these are the questions you need to ask and need to have good answers for. 

SWOT Away the Competition

Once you’ve taken the time to look inside yourself, young one, you go through the same processes again and again. 

Only this time, you won’t be analyzing yourself. You’ll be analyzing your competitors

That’s where the fun begins. 

Sure, the picture might not be all sun and rainbows. Your competitors could already have a significant leg up on you in certain aspects of their marketing. 

But very few businesses are hitting home runs in all categories. And a surprising amount of market leaders got where they are today more or less by default. They may not have ever had much of a coherent marketing strategy, but—so far, anyway—none of their competitors has taken advantage of it. 

“So far” being the key distinction. 

This is your opportunity to pounce. 

When you’re armed with in-depth data about the digital marketing efforts of you and your competitors, you can construct a SWOT analysis. This serves as the foundation on which to build a digital marketing plan that’s custom-tailored to deliver the best possible bang for your buck. 

What is a SWOT analysis? It identifies your: 

Strengths

What are the strongest, most successful aspects of your current marketing strategy? Where do you already have a clear advantage over your competition? 

Weaknesses

Which marketing avenues have failed or been ignored? Where are you the weakest in comparison to your competitors? 

Opportunities

These are the biggest “glitches in the matrix” that can be exploited for both immediate and long-term gain. What key, actionable changes can you make right now that will give you the biggest boost? 

Threats

 In other words, the “opportunities” from the perspective of your competition. Even if you’re already “on the top,” you may have vulnerabilities that other companies can identify and exploit—at your expense.

Now, you’ve got what you need to plan the most critical next steps, whether that includes a new website, updated graphics and branding, pay-per-click advertising, a blogging strategy, improved social media focus, local optimization, or other critical marketing components. 

Sound like a plan?

Remember, you don’t have to go it alone. Our competitive analysis services will get you the in-depth and actionable information you need fast. 

There’s no obligation beyond that point—you can take your analysis and use it to develop marketing strategies on your own. But because we’re a full service, comprehensive digital marketing agency, we can also partner with you through every step of the process, from analysis to strategy to execution. 

Are you ready to get organized, get smart, and build marketing strategies that actually work in your market and industry? It starts with a competitive analysis, and it starts with CP Solutions. Give us a call today at (833) 622-0907. 

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