How to Perform Correct Competitor Analysis in 7 Steps?

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How to Perform Correct Competitor Analysis in 7 Steps?

Every project owner who wants to take a place in the sector and be successful looks at what their competitors are doing, what they can do differently and how they can get one step ahead of their competitors. Competitor analysis, which also forms the basis of marketing activities for your project, should cover all the points you need to pay attention to for your project at this point.

Especially if you want your project to meet with its followers on the internet and increase the interaction with its target audience, you have looked at different studies and you have noticed that "a detailed competitor analysis" stands out in almost all of them. So what is competitor analysis? What should be done for a correct competitor analysis? What are the points to pay particular attention to in competitor analysis?

Let's take a detailed look at what you need to do to be successful in your project and always be one step ahead of your competitors, step by step.

What is competitor analysis?

Competitor analysis can be expressed as a detailed study that includes what you should do, what you should stay away from and at which points you should take different steps by examining all the projects in the sector of the project you started and will compete.

Nowadays, when almost all sectors try to reach their target audiences through social media, competitor analysis studies are mainly carried out on these platforms and it is determined what you need to do on social media within your budget compared to your competitors.

How is competitor analysis?

Before moving on to how to make a step-by-step competitor analysis, I think it will be useful to talk about how you should determine your competitors. There may be 100 companies doing the same job with you in your sector, but an average of 20 are companies that you can describe as your competitors among these companies. So how do we identify these 20 companies?

 # First of all, start by identifying the keywords that come to the fore in the sector you are in, depending on the service you provide. For example, let's say you are a company that produces glasses. To identify the leading keywords for glass, type glass in Keywordtool and search in US.

Note the names of your competitors by searching the keywords you have determined on both Google and social media channels. Do not forget to highlight the rival companies that appear in the keywords most suitable for the service you provide. If you are a cup seller, not only stick to the Keywordtool tool, but also try to find out what the customer might be looking for. For example, we can list keywords related to glass as follows:

  • glass repair
  • glass fire
  • glass animals

NOTE: In the products sold by large e-commerce sites such as cups, advancing directly over competitors who direct to that product for a start, instead of large companies, will always provide you with better results.

I recommend that you make your competitors' social media accounts, especially Facebook and Twitter, and websites regularly into an excel table. In this way, it will be easier to take quick actions while making our controls and making a strategy plan.

After determining your competitors, we can begin detailed competitor analysis. Although social media management and seo studies need to be carried out jointly, you may need to focus on social media or seo, depending on the sector you are in when doing competitor analysis. Therefore, I think competitor analysis should be done differently for both studies. In this article, I will be explaining what you need to do for social media competitor analysis.

How is social media competitor analysis?

After determining your competitors, you should examine their social media accounts in detail. How are the designs? What is the sharing frequency? What are the types of content? What has been taken into consideration in the timing?

I think it is better to proceed step by step to identify all of these and make a comparison with your own social media account and draw up an accurate competitor analysis business plan. While reviewing competitor social media accounts, you will need to note the following points:

  • How is the page design at first sight?
  • How often is content shared? What are the contents about?
  • What kind of design was followed in the visual templates?
  • How are the content interactions?
  • How much interaction does the content shared at different times of the day receive?
  • How are the language and follower reactions used in the content?
  • Do followers ask questions? If they ask, how do they get their answers?

You need to consider all these questions separately, and combine the small details you find with many points that will make a difference at the end of the job. Then let's take an impartial perspective on what we need to pay attention to in order.