Why is Competitor Analysis Important?

Competitor analysis is best summed up as the process of knowing what your competitors are up to. What we mean by that is that you should use their weaknesses in your favor. Just like you would use your competitor’s backlink profile to gain more links. Let’s face it, in a world where competition is ripe, it’s crucial for you to be informed about the different competition analysis modes available. Also, the same methods of analysis are applicable when looking at SEO trends. Although competitive SEO is an important segment of SEO in the early stages, many companies still ignore it.

More often than not, organizations just go to keyword mapping, link building, and optimizing content without knowing that competitor analysis would be equally good for their SEO. Therefore, if you want to win the market, you must acknowledge that you have competitors. That said, competitor analysis should never be skipped. Competitive analysis will give you a true picture of who is winning the organic traffic, which keywords are most valuable, and the kind of backlink strategies that are working best. And this exact understanding of competitor analysis is the topic of this article. So, without further ado, let’s jump right into it!

If you want to identify your competition, then competitor analysis will help

The first important thing about competitor analysis is the fact that it’s the only way to identify who your competitor actually is. That way, you will be able to focus your attention on the big players in the market. Moreover, you will be able to do more analysis to gauge their standing in the market. By doing so, you are going to find both direct business competitors as well as online competitors.

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Competitor analysis is important to know who you are up against.

This is something like looking at global vs. local SEO. Both of them are important. Also, both of them should be your focus. So, if you are looking to improve your position in the market, you should definitely analyze your competition.

The importance of a good analysis lies in identifying lucrative websites

Lucrative websites are all websites that will give you an extra layer of credibility. It’s like a cash cow. So, the identification of those websites is mostly done by analyzing what sites your competitors are linking to. Consequently, you will be able to build your own link profile by adding links from websites that are already linked to your competitors.

Also, you need to note that sites that link to multiple competitors will add more value to your site. Therefore, you should pay special attention to these sites by both reaching out to them and creating guest posts. So, be sure that you’ve done a thorough search!

An additional upside from competitor analysis – keywords

A keyword gap analysis is usually conducted with the goal of determining the kind of keywords that you are lacking but are working best for your competitors. Keywords are very important in SEO and if you find that there are specific keywords that are ranking high for your competitors but you are not using them, it is advisable to include them on your site. You can use several methods to achieve this including:

  • Reorganizing site architecture
  • Reworking metadata
  • Building links with keywords
  • Rewriting existing content to include keywords
  • Working on fresh content for your site

With this type of action, the answer to the question of how long does it take to rank on Google will be easy. It’s going to be in no time!

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Analyzing your competition is important in building a digital marketing strategy

By analyzing your competition you will enhance your digital marketing strategy and gain the power of knowledge

Digital marketing is a complex process that involves a lot of actions and planning. In this process, you not only need to do SEO but also launch digital marketing campaigns that work for your individual project. The good thing about competitor analysis is that it enhances your digital marketing as it helps in creating complex campaigns. Those campaigns should be based on the available data and the demand in the market.

Therefore, it is important to dig deep into your industry so that you can know what your competitors are up to. However, this is only possible through thorough analyzing competitors. And that’s one of the reasons why it’s important.

Just like in any other competition, knowledge is an asset. When you have information about what your competitors are doing, you are in a better position to plan your strategies. Therefore, competitor analysis acts as a credible source of information that can help you improve your digital marketing strategies.

Compare SEO experts and get to learn about your brand mention

Many people hire SEO experts to work on their websites. This is because SEO experts have the knowledge and experience to handle SEO projects. However, it is very hard to tell how your SEO expert compares with others in the market. Luckily, doing a competitor analysis enables you to rate how your SEO expert rates when compared to the others. By looking at your competitor’s website, you are able to tell whether your SEO expert is on the right track or not.

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If you want your brand to be recognizable, you need to investigate your competition!

Brand mention is very important in any type of business. This is because; as your brand gets more mentions, your products and services become more popular. Therefore, doing a competitor analysis is going to help you learn what other people are thinking about your brand. From what you find, you can be able to improvise on your goods and services so as to attract more people into your company.  That way, you will get to not only grow your business but also increase revenue.

Bottom line

Competitor analysis is important because of many reasons. Most of those can be summed up like this:

  • Identification of competition
  • Identification of lucrative websites
  • Getting keywords
  • Building a digital market strategy
  • Having knowledge
  • Comparing SEO experts
  • Learning about your brand mentioning

It is for those and many other reasons that you need to pay attention to this part of your SEO experience. There is an abundance of tools to spy on your competition out there. And you should try some of them out in order to improve your competitor analysis.

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