A great marketing plan is built on competition research. After all, if you can’t recognise your competitors and their marketing strategies, you’ll find it difficult to set yourself and your product apart from the competition.
You may, however, be thinking, “Who are my actual competitors?” It’s a question that’s becoming increasingly difficult to answer, and you may be shocked to learn who your digital competitors are.
How do you keep track of them? Here are five ways to do so.
1. Google Your Keywords or Key Phrases
This is a straightforward yet effective method. Simply Google the keywords your company uses in your SEO strategies to see who is ranking well for the same searches. You’ll need to make a list of organisations and domain names performing highly using your most important keywords. Simply include the words “near me” in your search query to find out who your main local rivals are.
2. Look at Ads on Google
Many businesses pay for advertising to appear above the first result on Google’s search results pages. These businesses are also likely paying for the same keywords that you want to rank for. If a firm is prepared to pay money to rank for keywords that are comparable to yours, you may assume that they are a competitor. Furthermore, you can observe how they promote themselves. If you’re looking on a desktop computer, there may be extra advertising on the bottom and right side of the SERP, so keep an eye out for those.
3. Check Local Directory Listings
Phone books may be a thing of the past, but online business directories are a great resource to help you learn who your competitors are in your neighbourhood. Directories can assist you in identifying rivals in your specialty or in your immediate vicinity. If you’ve already submitted your business to specialised or local directories, see who else in your field or area is offering comparable services.
4. Perform Market Research
Examine the target market for your goods and determine if other businesses are selling a product that is similar to yours. Find out which rivals your sales staff frequently encounter during the sales process by speaking with them. From there, you’ll be able to examine those businesses more closely, as well as their products and marketing methods, and devise ways to outperform them.
5. Check Online Communities and Forums
Your potential consumers will frequently seek advice and suggestions on social networking sites and applications, as well as community forums such as Quora and Reddit. You may learn more about your rivals by looking into consumer discussions on these platforms.
6. Use the “Related:” Search Operator on Google
You may also utilise Google’s related: search operator to find high-quality sites that Google considers to be comparable to yours, and so considered rivals. Simply type “related:” and then enter your company’s URL or other relevant business websites.
Discovering a pattern to single out market-wide rivals is one benefit of understanding your competition. And learning how your competitors succeed in their business may help you determine what aspects of your strategy need to be improved and developed.
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