5 Factors to Consider When Analyzing Competitors

Competitor analysis is a familiar topic we have all discussed. However, when it comes to putting it into practice and conducting competitor analysis, many of us find it difficult and feel at a loss.

Sometimes we are unsure of where to begin. The vast volume of information, data, and insights from competitor analysis tools can be overwhelming.

Most importantly, we are not sure what specific information we should prioritize and what we should pay attention to among the vast amount of data available. It is unclear which details are valuable and which can be considered insignificant and ignored.

If you have faced difficulties with any of the issues mentioned above while conducting competitor analysis, you are in the right place.

In this blog post, we will look at some key areas that require your attention. These include observations and data that you should keep in mind when conducting a competitive analysis.

While all information can hold value depending on your perspective and goals in competitor analysis, focusing on the following 5 key factors can provide a strong foundation. If the sheer volume of information becomes overwhelming, you can still find success by honing in on these key points. Before we start, can you identify your competitors?

Finding the right competitors

To conduct an effective analysis of your competitors, it is important to have access to 5-10 competitor websites that receive a decent amount of traffic and have a strong online presence. There are two methods you can use to easily identify competitors in your industry.

Method #1: Use Google

Google is a valuable resource for finding information, including competitors. 

Enter the names of the products and/or services you offer, and keep track of the websites showing up in search results. If certain websites consistently appear for the main keywords you are targeting, they are likely the ones to compete with in the future.

Another approach is to use the "Related" search operator. By searching for “related:yourwebsite.com,” you can discover websites that the search engine considers to be closely related to yours. Although this search operator is often overlooked, it remains very useful.

Method #2 involves using a competitor analysis tool

Another option is to use a specialized platform. By entering your website URL, or a competitor's URL if you don't already have a website, specialized tools will display other similar websites.

5 Important Factors to Consider When Conducting a Competitive Analysis

Now that you have found 5-10 competitors with strong websites and a good online presence, it is time to begin monitoring them closely.

Below are a few important questions (specific questions that require answers) that you should consider. They are organized in a way that makes them easier for you to understand.

1. Basic research of competitors and the market

Find answers to the following questions:

• Who are the top three competitors from a list of 5-10 participants?
• Which competitors can you easily beat?
• What do they provide in terms of products and services?
• Do they match what your company offers?
• What is their messaging?
• What is their pricing strategy?

2. Traffic sources

There are many methods and platforms to drive traffic to a website, but not everyone is suitable for every type of business.

So, it is important to determine the most suitable traffic sources for your specific business. The most effective method is to analyze and learn from the successful strategies used by other businesses in your industry.

One way to gather information is to conduct content marketing research, look at their paid search engine advertising, and explore their social media platforms to determine the most popular content and potential opportunities.

To quickly see where each of your competitors is getting traffic to their site from, it's worth trying Best Website Traffic Estimators. By comparing several competitors using the presented tool, you can identify a trend that will help determine your strategy.

3. Popular keywords

To outrank your competitors in search engine rankings, it's important to create a strong content marketing plan focused on targeting the same high-performing keywords they are already using.

Find out what keywords they use most often and start creating content that surpasses them in quality.

4. Most popular web pages

It is also important to make a list of the most visited pages on each competitor's website.

There are several factors to take into consideration. The most commonly visited websites should meet at least one of the following requirements:

• It should have the most shares on social media. 
• It should have the highest number of backlinks.

The page should attract the most natural traffic compared to other pages on the site.

5. Top countries

If you have a traditional business that serves a specific local community, you have nothing to worry about. But if your business reaches customers in many countries around the world, this information is very important.

For e-commerce stores that serve an international market, as well as bloggers with a global audience, establishing an online presence is critical.

Identify the main countries where the majority of each of your competitors' website traffic comes from. If your competitors have a strong international reach, you may notice that approximately 75% of the top traffic countries among them are the same.

Ultimately, you can identify and narrow down a minimum of five countries with the highest percentage of traffic. These are the countries you should focus on targeting effectively.

One mistake you must avoid

In competitor analysis, it is crucial to differentiate between stealing and copying.

Stealing is bad. Copying is not.

When you take information from one source without permission, it is considered plagiarism. It will not benefit you in the long run because it is not original. However, if you collect information from different sources and add your ideas, it is no longer plagiarism, but research.

Be sure to incorporate your innovative ideas into any discoveries you make.

Additionally, it is necessary to analyze and translate the data you discover into practical steps or tasks

For example, if you discover that the largest source of traffic for your competitors is the UK, you will need to focus your advertising efforts on the UK audience, create ads specifically tailored to that location, and produce content that is more relevant to them.

Your success in using and implementing data depends on your interpretation, and that's how you can outperform your competitors—by being original rather than copying ideas.