Running a business in today’s digital landscape may feel like your competition is always a step ahead. But is that really true? Determining if your competitors are genuinely outperforming you requires looking at data-driven insights and understanding what they mean for your business. Here we address what’s important when looking at your competitors, and what you need to consider in order to succeed.
At Ascendancy, the start of a digital marketing project always includes us asking for a few competitors that we can review. We often have clients telling us how much better a competitor is doing, or even have clients panicking because they know they are losing out to them. More often than not, this feeling is somewhat fabricated and not necessarily true, they don’t have the data and it’s just human nature to focus on the competition. Here are some things that you should consider when evaluating your market position and competitor’s performance…
Are Your Competitors Ranking Higher Than You?
Our first tip? Focus on yourself! Yes it is normally worthwhile to evaluate your competitors in some way, but if you’re constantly thinking about what others are doing it can keep you bogged down and not moving forward. However, it is useful to know how your competitors are doing and whether they are ranking higher than you. You can use tools such as SEMRush, Moz & Ahrefs, some of which have free options, to review whether your competitors are ranked more highly than you…or whether you just think you are.
If they are ranking more highly than you for relevant keywords, and you want to make sure that you’re ranking above them, what can you do to help?
Make sure that you have content on your website that surrounds and would likely rank for this specific keyword you’re interested in ranking for. You would be surprised how often we have conversations where clients ask us why they aren’t ranking for a particular keyword, and when we go off and have a look, there is no mention of the keyword anywhere on the website. Google can only go with and rank you according to the content that you give it, so make sure that when you’re creating content, you’re using the keywords and talking about what matters most to you as a business.
While it can be tempting to compare the volume of traffic against your competitors and use it as a metric to support them being better than you; A larger quantity of website visitors doesn’t always lead to increased conversions, as this traffic could be low quality and lead to poor engagement and a lower return on investment. Therefore, it is more beneficial to focus on your own traffic and look at how you can bring in high quality, equating to more conversions and better targeting.
Just focus on the direct competition.
It’s easy to get wrapped up in trying to be better than everyone all at once, but it just isn’t that easy. You don’t want to focus on being better than the biggest brand in your industry straight away, because it’s just unlikely that you will out rank them.
In a largely competitive landscape, it is important to make sure you don’t get overwhelmed by focusing on too many different competitors at once. To maximise your efforts, we would recommend focusing on a small number of competitors that are closer related to you. Try to aim for a small group that offers products or services that are directly similar to those you offer. This will help you to get more valuable insights into their strengths and weaknesses, to develop a more effective competitive strategy.
Find Your USP
A fundamental part of standing out against your competitors is finding your unique selling point (USP). A key way of doing this is to look at both points of parity and points of difference, so you can identify where your business fits within the market landscape and pinpoint unique offerings that attract specific customer segments.
- Is your delivery price less than your competitors? Make sure the customers know!
- Is your product made in the UK? Sometimes that makes all the difference.
- Are you cheaper than your competitors? Shout about it!
Make it easy for potential customers to contact you
If you notice that you are getting a good amount of traffic that seems highly relevant but doesn’t seem to convert into enquiries, it may be worth looking at your contact form.
A lengthy and complicated form can put people off getting in touch. Could you just get people to fill in their name, email and phone number and then contact them to find out more info? It is more personalised this way, and you’re more likely to get people giving you their info! No one wants to fill in a 4 step form without knowing what they’re letting themselves in for. Reviewing and looking at how you can streamline your form, will encourage more people to convert.
How’s Your Social Media?
No one else is like you, so even if you spend a lot of time looking elsewhere for inspiration, no one can talk about your business and your products as well as you can. Looking at what others are doing can help to identify trends, but at the end of the day, using your own ability and doing something new can make all the difference. Sure, have a look at your competitors to have a nosey at what other people are doing, but copying others definitely isn’t the best tactic! Others can influence your strategy, but make sure your brand has its own unique style so that people know it’s you, this is very important! You should also remember that lots of likes on a post, or a large following doesn’t equate to strong performance, just because something is engaging doesn’t mean it’s getting them enquiries or sales!
Maintain Perspective
When completing a competitor analysis, remember to always consider that you are only seeing what they want you to see and you can’t see the full picture. The reality of their operations, customer service, and product quality may differ significantly from what is portrayed online. This is why we would always recommend to put your own performance first, rather than always looking at what everyone around you is doing.
So, what should you do now?
In summary, gaining a clear understanding of your competition and actively engaging with your audience is vital for success. Conducting a thorough competitor analysis will help you to understand your market positioning and identify areas for improvement. Focus on enhancing your content quality by optimising the on the page content, to connect better with what your audience is searching for. Additionally, make it a priority to reply to customer reviews, demonstrating responsiveness and care. Finally, actively engaging on social media platforms to build relationships and foster a community around your brand, will help you to connect with your followers. Ultimately, there is no one-size-fits-all approach when you are considering your competitors, and it is important to focus on your own performance and meeting your goals.
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