Written byMackenzie Taylor
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What is a competitive analysis? ✍️
What is competitive analysis in marketing?🤔
Determine who your competitors are 👀
- What are they selling? Is it similar to your items? Do their items or services provide the same thing that you’re providing or is it slightly different?
- How do they market their item or service? Would it be the same as how you’d market yours? For example, if you’re a subscription-based company, how do other subscription-based companies market their service? How are your services different from theirs?
Determine what products your competitors offer 👑
- How do they distribute their product or service?
- What are the demographics of their consumers?
- How do they differentiate themselves from others?
- What is something they highlight in their marketing materials?
- What are the needs of their consumers and how do they effectively market to those needs?
Research their sales and results 🤑
- What channels do they sell through?
- What does the sales process look like?
- Are they expanding or are they scaling down?
- Do they work with any partners?
- Do they have discounts or sales consistently?
Take a look at their pricing 💰
Analyze how your competitors market their products 👩💻
- Do they have a blog or website?
- Do they have social media?
- Do they have a podcast?
- Do they have a YouTube channel or other video service?
- Do they have any press releases?
- Do they have a media kit?
- Are they running any ad campaigns?
Figure out their content strategy 📈
- How accurate is their content?
- Do they have any spelling errors?
- What tone do they use?
- How in-depth is their content?
- Who is writing their content? Do they have a big team, one person, or multiple contributors?
Analyze the engagement on your competitor’s content 🤳
- Check the comments. Are they more positive, negative, or neutral?
- Which topics are getting them the most traction?
- How are they asking their audience to engage? Are their CTAs working?
- Do they use certain hashtags when they promote their content?
How do they promote their content? 🕺
- Different keywords they’re focusing on
- Alt text in images
- Internal linking
- External linking
- Social media platforms they’re focusing more on
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