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Research Your Competitors

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Researching competitors is important to understand their business strategies and identify opportunities to improve one's own business. Key areas to examine include competitors' websites, brand identity, content, social media presence, products/services, and advertising. Specifically, the document recommends identifying top ten competitors, analyzing their content and SEO strategies, looking at social media engagement, and identifying areas of one's own business that can be strengthened based on competitors' approaches.

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Research Your Competitors
Research Your Competitors: It’s no surprise that your competitors might be doing better than you. Instead of worrying about them doing better, you should invest some time and conduct a thorough research on them.
Check how they attract customers, try understanding their business strategy and learn about your industry as much as you can. To know more about the other brands, a SWOT analysis can really come in handy to you.
The key areas that you have to look for when studying your competitor are: ?Website user experience ?Brand Identity ?Content postings ?Social media ?Products and services ?Advertising
Identify your top ten competitors: This seems obvious, but it’s an essential first step. Do you know who your top competitors are? If you sell a product or service online, you are likely competing with dozens, even hundreds of companies going after the same group of qualified leads.
Analyze and compare competitor content: Once you've identified your competitors, you can kick- start your competitive analysis and dig a little deeper to gain a better understanding of what type of content they're publishing. Analyzing their content can help you determine what opportunities you have to help outperform your competitors.
Analyze their SEO: Say your competitors have the same type of content, update it just as frequently, and produce high-quality work. You might have to look more closely to find what they are doing differently. If your company has a blog, you know how important your SEO is. While conducting a competitive analysis on the type of content your competitors are generating, it is also beneficial to consider that content's SEO.
Look at their social media engagement: A company's presence on social media is becoming increasingly important, and each company is utilizing each platform differently. Social media networks are a great way for companies to interact with users and fans.
Identify areas for improvement: After performing a competitive analysis, you now have a better idea and understanding of what your competitors are doing. Take all the information you gathered about each competitor and identify particular areas of your own work that can be improved. If you’re looking closely enough, you’re bound to find something.

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Research Your Competitors

  • 3. Research Your Competitors: It’s no surprise that your competitors might be doing better than you. Instead of worrying about them doing better, you should invest some time and conduct a thorough research on them.
  • 4. Check how they attract customers, try understanding their business strategy and learn about your industry as much as you can. To know more about the other brands, a SWOT analysis can really come in handy to you.
  • 5. The key areas that you have to look for when studying your competitor are: ?Website user experience ?Brand Identity ?Content postings ?Social media ?Products and services ?Advertising
  • 6. Identify your top ten competitors: This seems obvious, but it’s an essential first step. Do you know who your top competitors are? If you sell a product or service online, you are likely competing with dozens, even hundreds of companies going after the same group of qualified leads.
  • 7. Analyze and compare competitor content: Once you've identified your competitors, you can kick- start your competitive analysis and dig a little deeper to gain a better understanding of what type of content they're publishing. Analyzing their content can help you determine what opportunities you have to help outperform your competitors.
  • 8. Analyze their SEO: Say your competitors have the same type of content, update it just as frequently, and produce high-quality work. You might have to look more closely to find what they are doing differently. If your company has a blog, you know how important your SEO is. While conducting a competitive analysis on the type of content your competitors are generating, it is also beneficial to consider that content's SEO.
  • 9. Look at their social media engagement: A company's presence on social media is becoming increasingly important, and each company is utilizing each platform differently. Social media networks are a great way for companies to interact with users and fans.
  • 10. Identify areas for improvement: After performing a competitive analysis, you now have a better idea and understanding of what your competitors are doing. Take all the information you gathered about each competitor and identify particular areas of your own work that can be improved. If you’re looking closely enough, you’re bound to find something.