Competition analysis is a recurring term when it comes to keyword research. It simply means studying what your competitors are doing so you can strategically enforce a working solution to improve your brand’s success.
Brands are often advised to analyze the competition so as to make informed decision on their internet marketing strategies. With the best practices and the right tools, competition analysis should be a plus and a success for any business.
In case you don’t know why competition analysis is important, here are two quick reasons to consider:
You Will Determine Who Your Real Competitors Are
You can determine your direct and indirect competitors for a particular keywords. This can be done by taking into account your natural competitors in the same industry and also other businesses bidding or competing with you for specific keywords.
For instance, if you are to rank for a keyword like “buy antivirus software” your natural competitors would be those selling antivirus software. However, those selling smartphones, mobile apps, and mobile phone bloggers etc. can still compete with you on this term.
So, you should be able to defined and determine who your real competitors so you can strategically apply a marketing system that will help you stay on top and rank high for specific keywords.
You Will Learn From the Competition to Improve Your Conversion
You will need to monitor what your competitors are doing constantly so you can stay ahead or be at par with them. The marketing industry changes frequently and so keeping tabs with the competition will go a long way to establish your relevance in the market place.
You will need to learn from the competition to see what is working and what is not working. Access the major keywords, the landing page design, the style and voice of the content that attracts ranking, increase conversion and appeals to the target audience, etc.
The above two major reason to analyze the competition, however, is it really necessary to watch the competition since success of every online business (to a large extent) depends on the value is offers and the user experience the audience finds appealing?
So, why not just go ahead and run solo marketing without considering the competition?
Is competition analysis really necessary for business success?