Nothing is more important these days than competitive research.
Even your own innovative thinking or out-of-the-box solutions may have already been applied by your competitors.
So it is imperative that you must be a step ahead in business.
The ubiquity of the internet and the immensity of data it offers have given companies opportunities and a window to peek into what others are doing in similar domains.
Why must you research competitors?
You need to consistently garner traffic and that too via search giants like Google.
People rely on Goggle because they want the right information.
Optimizing for search users is one aspect that is effective in marketing.
But what happens if you are a small and medium business and not a driver of huge traffic?
The answer is not to lose hope.
It will require hard work and endurance.
Competitive intelligence is a domain of tactical research that focuses on evaluating information about your rivals.
In this regard how can Google help you?
Identify your top competitors.
As a businessperson you must have experienced that whatever new ideas you implement are often plagiarized by your rivals.
You can even use certain online tools or software to get an idea of how your rivals are ranking and where you stand in comparison to them.
Evaluate your competitor’s content.
By analyzing your rivals’ content, you will benefit by learning what best works for you. Moreover, you will be able to create choices that will help you have an edge over them.
After all, the objective of competitive research is to learn what works best for your business and what you must ignore.
So here are a few things you must concentrate on while doing competitive research.
Get to know where your traffic stands
You must have an idea where you rank in comparison to your rivals.
Do whatever you can if necessary by using software or online tools.
Check their websites. If they are doing better, analyze what they doing to drive more traffic.
You may have to start producing more relevant content and share it via the right platforms so that you are able to garner more traffic to your website.
Simply put, your content marketing strategy must be up to date.
By linking domains will help you know how many digital referrals you have.
When you see plenty of websites that link to your website or blog content, it means you have plenty of referrals.
You can make use of marketing software to get metrics of how many linking domains you have in comparison to your rivals.
If you notice that you are lagging behind it means competitive research is working for you.
It could indicate you must perk up your content marketing strategy so that it does a more effective job.
The extent of your social media reach will tell volumes about your company visibility.
And this is true for your competition as well.
Try to find out how many Twitter and Facebook followers they have.
These are all pieces of information that will help you.
Effective competitive research will help you identify key areas where you lag behind and need improvement and also help establish your company’s visibility and presence.