Leverage Your Competitor's Best Marketing Secrets Using Competition Analysis

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Analyze Your Competition and Learn From Their Successes and Mistakes

Analyze Your Competition and Learn From Their Successes and Mistakes

Why would you want to use competition analysis for your business? They say that those who fail to study the mistakes of their predecessors are doomed to repeat their failures. Maybe so.

But it's equally as valuable to study the successes of your competitors and find out how to match them and beat them at their game. Learn from them rather than spending your money to learn on your own.

What is the Value of Business Competition Analysis?

Competition analysis for your business has great value in the planning stages of your marketing. Instead of wasting a lot of time and money resources starting from the beginning, you leverage your competitor's work.

Competition analysis for marketing planning involves three main elements:

  1. Researching the products and/or services offered by your competitors and analyzing their strengths and weaknesses.
  2. Studying the specific marketing channels used by your competitors and leveraging that work to choose the best methods for your marketing plan.
  3. Researching the exact tactics used in different marketing channels, including keywords emphasized, types of content developed, and third-party resources used by your competitors.

By developing a solid picture of how your competitors successfully use their resources to market their business, you can leverage that knowledge to minimize the preliminary time and expense of developing your Internet marketing plan.

What To Focus On With Competition Analysis for Your Business?

Start with researching useful information about the specifics of how your competitors market. Discover the methods they depend upon most, such as SEO, paid advertising, Google Places, email marketing, social media, lead generation, and so on.

Round that out with the keywords they focus on and what kinds of content they use in their various marketing methods. Lastly, you want to analyze the strengths and weaknesses of their products and services and look for opportunities for your business.

Your Potential Return on Investment (ROI) from Using Competition Analysis

Competition analysis, like market research and keyword research, allows you to develop a strong plan for marketing your products and services. By piggy-backing on the efforts of your competitors, you save your business both time and money by not needing to duplicate that research.

Also, instead of starting from scratch and repeating the mistakes of your competition, you can learn from the experiences of others, instead of the pain of your own mistakes.

Have you ever tried competition analysis? What did you learn? How did it work for you?