Content Marketing Part 8: Using your Competitor's Marketing Strategy

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Competitive Analysis

A well thought out competitive analysis plan can put you ahead of your competitor and setup your business for future growth.

Identify Competitors

First, identify your competitors. You should already have a good idea of who these are, but do a little research to flesh out a complete list preferably in a spreadsheet. Once you've got your list, here are some basic questions you want to get answered

  1. How does their website look and function? What can you take away form it to add to your site?
  2. What kind of content do they produce? Blog posts, videos, maybe a podcast? Quality?
  3. Product differentiation? How different are your product offerings? Are there any products you could add to compliment your main products?
  4. Pricing. Is it higher or lower?
  5. How is their social media presence? # of followers? More importantly, how is their engagement? And what kind of posts get the best engagement? 
  6. Do they collect emails?
  7. How high do they rank in search results and for what keywords?
  8. PPC Ads?
  9. Influencers? Any celebrities or another company with a large social following?

Competitor Research Tools

These next 5 tools can help you identify the answers to these questions in addition to analyzing your competitor's current website and marketing materials.

SEMrush

o   How many people are searching for things on Google?

o   How many clicks from the search engine your competitors are getting

o   Who the top competitors are in your industry

o   How to improve the SEO of your site (long term strategy)

Majestic

o   Who is linking to your competitors

o   What bloggers have written about/mentioned your competitors

o   How to find opportunities to get your website featured/mentioned based on who has talked about a competitor

SimilarWeb

o   Customer engagement of competitors

o   Traffic sources (other than SEO, like email, social, referral, etc.)

o   Audience interests

o   Similar sites

o   Marketing strategies

Moz Open Site Explorer (OSE)

o   Reveal all sites who linked to your competitor's site

Google Alerts

o   Content change detection and notification service, offered for free by Google

Competitive Analysis Implementation

Now that you have all this great information, here are a few things you can do to beat your competitors' marketing strategies

  1. Create content based on competitor's keywords
  2. Reinvent content your competitor got a lot of engagement on
  3. Identify areas of weakness on competitor's site and make those your strengths
  4. Reach out to influencers promoting your competitors
  5. Test different pricing options
  6. Test social media marketing strategies

Why reinvent the wheel if there's already a path of proven success?