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Your competitors can be your best allies
A thorough and critical analysis of competitors sites can reveal an actionable blue print to achieve the same result and even surpass your competitors. An analysis typically brings out the following:
Content focus and coverage
Site architecture, user experience
Social media strategy and finally last but not the least
Their backlink strategy
Analyis of a handful of competitor websites can provide a list actionables which if acted upon, can individually beat each of the competitors. It is possible and not necessary also that all findings are to be implemented
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Doing competitor analysis effectively is essential to staying ahead in your market niche, but most companies aren’t sure how to do it.
Define Your Goals
The first step when doing competitor analysis is to define your goals. What do you plan to do with the information you collect?
Determine Specific Data
Defining your goals will help you determine what type of data you need to collect, which is the next step in competitor analysis.
Identify Your Competition
In order to make your competitor analysis manageable, it’s also important to narrow down your list of competitors. When you’re doing business online, you may be competing with hundreds or thousands of competitors.
Collect Your Data
The next step is to collect the data you’ve prioritized on the companies you’ve identified as your competitors. The more you can automate your data collection process, the more efficiently this step will go.
Analyze Your Data
After collecting your data, it’s time to analyze it. In order to analyze your data, you will need to define some key performance indicators that relate to your competitor analysis goals.
Competitor Analysis Review
Once you’ve analyzed your data, you should be able to see from your KPIs what areas you need to improve to gain an edge on the competition.