The purpose of a competitor analysis is to help you understand the strength and weakness of your competitors in comparison to your own. By understanding the completed analysis, you find the gap in the market, allowing you to fill it and enhance your own business strategy.
What are some of the other benefits of a competitive analysis?
- Evaluate the viability of new products and services.
- Rate the effectiveness of your marketing strategy.
- Identify unserved or underserved gaps.
- Getting the most value from your competitor analysis.
Once you’ve completed your competitor analysis, you’ll be able to figure out the topics your competition is writing about, as well as the frequency of their content updates. This information will let you adapt your content strategy and potentially beat them at their own game.
Brian Harnish has written a post for Search Engine Journal that you can check out that shows you the factors you should include in a local competition analysis of your own, what you want to obtain during these analyses, and more!