A competitive analysis aims 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 it from an inbound marketing perspective. In the article, Analyze the Competition to Craft a Formidable Content Marketing Strategy, you will find information on formulating a competitive matrix to compete and overtake your competitor's Internet presence. After reading about the areas needed to evaluate your competition effectively, 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 allow you to measure your firm to see how it sizes up against the competition. You can see where your firm stands as you work through the matrix. I'vBelow islink to download a sample competitor matrix to help you identify the opportunities to enhance your inbound marketing strategies.
Your matrix may be more comprehensive than the sample provided. You identify the key components 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 it 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 reports 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.
I'd like you to please position services and craft sharpened messages to address the concerns of each client profile in your market.
- I'd like you to please 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.
- Please let all business development professionals know your firm's unique position 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.
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 incorporate technologies that will give you the information you need to begin the journey.
