The purpose of competitive analysis is to report competitors' strengths and weaknesses in your market. A thorough evaluation will greatly assist any firm looking to create strategies that will help gain an advantage, identify ways to hinder competitors from entering the market and exploit any weaknesses in a competitor’s service offering.
With this basic understanding of analyzing the competition, it is also important to look at the competition from an inbound marketing perspective. In the article, Analyze the Competition to Craft a Formidable Content Marketing Strategy, you will find information on how to begin formulating a competitive matrix to compete and overtake your competitor’s Internet presence. After reading about all of the areas needed to effectively evaluate your competition, you may want to use the following tools to get started.
Competitive Analysis Matrix
The competitive analysis matrix will help you develop critical competitor profiles and, also, allow you to measure your firm to see how it sizes up against the competition. As you work through the matrix, you will be able to see where your firm stands at a glance. Below is a link to download a sample competitor matrix to help you begin to identify the opportunities to enhance your inbound marketing strategies.
Your matrix may be more comprehensive than the sample provided. It is important to identify the key components that are important to your firm, prospects and existing clients.
Using marketing software, such as HubSpot, can track the competition in a flash!
In some cases, HubSpot users find that they are so successful with this marketing software that “they’ve surpassed companies they benchmarked a year or two ago and have set their sites on new aspirations.” This marketing software helps you to
- Track up to 10 Competitors: The software provides reporting on the competitor’s ability to be found by search engines, use of social media channels and ability to generate leads. Adding competitors is easy and analysis is immediate.
- Compares the Competition with Performance Metrics that Helps You Stay Ahead: HubSpot marketing software helps you see where your firm sizes up against the competition by measuring your web presence against competing sites.
- Provides detailed reports on each of your competitors: Detailed competitor reports help you easily identify the competition’s strengths and weaknesses. These reports include:
- Ranking and Pages Indexed
- Press Room or Blog Analysis
- Twitter Grade
- Used metadata and keywords.
These competitive analysis tools will help you get a fresh perspective on how to get a leg up on the competition through inbound marketing methods. These tools will help you
- Uniquely position services and craft sharpened messages to address the concerns of each client profile in your market.
- Create and enhance content that offers real value to prospects and clients.
- Nurture and grow a relationship with prospective clients by providing them with information that is unlike the competition and builds trust.
- Develop targeted lead nurturing campaigns aimed to help meet business development goals.
- Communicate with all business development professionals the unique position of your firm as it stands up against the competition on the Internet.
- Continuously use the information to refine and enhance the firm’s service offering and stay ahead of the game.
By looking for ways to communicate your firm’s unique qualities in addition to providing quality service and delivering quantifiable results, your firm will be on an upward trajectory for growth not just today but also in the future. Take the first step towards this path with a competitive matrix or incorporating technologies that will give you the information you need to begin the journey.