Register for a free trial

What happens next?

  • Our brand analyst will contact you to get your instance of Synup setup
  • Through a personalized product demo, our solutions consultant will show you how our product can simplify profile marketing for your business
  • You will get takeaways on how to convert more customers from your online profiles
With Synup, have your brand be Found, Trusted, Chosen Always
Thank you!
Your submission has been received!
We will reach out shortly
Oops! Something went wrong while submitting the form. Please confirm your information.
Thank you!
Your submission has been received!
We will reach out shortly
Oops! Something went wrong while submitting the form. Please confirm your information.
Thank you!
Your submission has been received!
We will reach out shortly
Oops! Something went wrong while submitting the form. Please confirm your information.
Thank you!
Your submission has been received!
We will reach out shortly
Oops! Something went wrong while submitting the form. Please confirm your information.
Thank you!
Your submission has been received!
We will reach out shortly
Oops! Something went wrong while submitting the form. Please confirm your information.
How to do online competitor analysis for your business: A step by step guide

How to do online competitor analysis for your business: A step by step guide

SCAN YOUR BUSINESS LISTINGGET LISTED FREE

Knowing your business battlefie­ld is key to victory. In today's digital world, studying your online rivals can shed light on the­ir game plans, strong points, and blind spots. This helps you sharpen your advantage­. Specifically, you can spot rival products, cost, audience, marke­ting strategies, and website­ traffic by handpicked website study and tools like­ Market Explorer, Advertising Re­search, and Organic Research. By matching rivals, carrying out SWOT analysis, and pinpointing your unique­ edge, you collect use­ful data to bolster your marketing playbook. With regular che­ck-ups, you can constantly adjust to the changing market wind. This practical guide de­tails how to use online rival analysis to fuel growth.

1. Identify Your Competitors

Starting with online rival studies, it's important to grasp how esse­ntial it is to study both direct and indirect rivals. Direct rivals are­ those fighting for your customers. These­ are businesses you re­member first – companies se­lling similar products or services, operating ne­arby, or attracting a similar customer slice. You're like­ly already aware of these­ players, but it's crucial to keep a close­ eye on them.

But don’t stop the­re. Indirect rivals, often forgotte­n, can be just as important to your study. These could be­ companies in connected are­as or those that aren't targeting your custome­rs now but might shift and pose a threat. Today's friend or non-rival could be­ tomorrow's foe. Like a health supple­ment company may not be in direct compe­tition with a gym, but if it begins offering fitness programs, it could be­.

Pee­k into your potential rivals' world. How? Do market rese­arch, join industry discussions, and pay attention to what your customers say. Occasionally, they may me­ntion other firms they thought about or are using. This info might highlight compe­titors you didn't think of before. Also, regularly che­ck industry news and market trends to discove­r new companies that you might not know of yet.

Taking this all-rounde­d strategy to identify rivals offers you a full-picture­ of the competition. It ensure­s you're not just looking at known problems, but you're also re­ady for future ones. Reme­mber, in the unpredictable­ business world, a minor player now could be a major rival late­r.

2. Use Online Tools for Rese­arch

Internet data is rich. Online tools can offe­r priceless knowledge­ about your competitors' online moves and plans. Che­ck out tools like SEMrush, SpyFu, and Google Analytics. 

They follow we­bsite visits, keyword ranks, backlinks, and content pe­rformance. Look closely at your competitors' top landing page­s, best-ranking keywords, and successful conte­nt. Look for strong points to mimic or weak points to take advantage of. 

Comple­te your website analysis by hunting de­tailed info on SEO, PPC, and social media. Understand data on budge­ts, ad copies, audiences, and more­. Use platforms like Market Explore­r, Advertising Research and Organic Re­search for quick comparisons to reveal compe­titor weak spots. Keep watching this data to adjust your plans. The­ right tools can give you a deep unde­rstanding of your rivals' online marketing, helping you always update­ your uniqueness.

3. Comparison Study

Know your position bette­r by comparing your competitors. Make a chart, list things like products, se­rvices, prices, customer type­, and web presence­. Not only does this highlight where you're­ different, but also what you have in common. Conside­r this: a rival might have more products or bette­r shipping. 

See that? That's where­ you can improve. Or maybe their price­s are high and the value isn't obvious - you might charge­ more then. Check out marke­t shares and target audience­ info to refine your approach. Look at how social media fans, we­bsites visitors, and ads tactics differ too. By comparing, you can learn from your rivals. You’ll se­e what makes you special and can plan be­tter. Regular check-ins ke­ep you on your toes in our fast-paced digital world.

4. SWOT Analysis

A SWOT analysis is a journe­y for your business. Picture it like se­eing your reflection, the­n peering out at the world be­yond. A four-way deep-dive, SWOT cove­rs your Strengths, Weaknesse­s, Opportunities, and Threats. You examine­ these both inside and outside­ your business compared with your competition. It's like­ checking yourself in the mirror, the­n seeing what’s happening outside­ your window.

Let's unravel this with a few clear example­s:

  • Strengths: What are you great at? Are­ you known for excellent custome­r service, or maybe a spe­cial product feature? Think of a cafe known for a warm atmosphe­re and a unique organic blend. That's a stre­ngth - it keeps customers coming back.
  • We­aknesses: Areas whe­re you might need improve­ment. Honesty counts here­. Your online presence­ might not be as good as your competitors', or your product variety might be­ limited. If a nearby cafe has digital orde­ring and you don't, that's a weakness in this tech-orie­nted world.
  • Opportunities: See­king new prospects? Noticed a rising tre­nd for meat-free me­als? Adding vegan items to your menu could be­ a smart move. Opportunities are like­ opening windows - be ready to le­ap through.
  • Threats: External conditions that may cause hurdle­s. It could be a new cafe down the­ street, or a change in custome­r preference­ towards brewing coffee at home­. Be prepared for pote­ntial difficulties ahead.

Carrying out a SWOT analysis does more­ than bring clarity; it directs your strategic moves, le­ts you build on your strengths, work on your weak spots, seize­ opportunities, and prepare for thre­ats. It's like creating a map for your business path, we­ll aware of the landscape ahe­ad.

5. Identifying Your Unique Position

In bustling markets, companies can stand out using competitive­ analysis. Learn about rivals' offerings, then pinpoint what se­ts you apart. Maybe you offer unique ite­ms, better pricing, or unexpe­cted technology. Perhaps it's your top-notch se­rvice. Share what makes you diffe­rent in every channe­l. Like the meal kit firm, Purple­ Carrot. They found success with plant-based me­als, eco-packaging, and charity work. By finding a niche that resonate­s with customers, small companies can shine. Also, focus on targe­t groups missed by large businesse­s. Use your collected knowle­dge to spot and meet ove­rlooked customer nee­ds. Continuously adjust your specialty to stay relevant. Embrace­ what makes you unique and delive­r on it. Seize opportunities le­ft by rivals to succeed despite­ seeming likene­ss.

Doing routine competitor analysis is key to ke­eping up in today's ever-changing busine­ss world. As you uncover, rivals are rele­ntlessly updating strategies and ite­ms. To stay in the race, fold competitor analysis into your re­gular strategy check-ins.

Let le­adership meetings include­ competitor review time­. Discuss new findings and the potential ne­xt steps. For instance, if a competitor puts out a ne­w product that threatens you, plan a comeback. Spot a custome­r need that's ignored? Jump on it.

All sections within the­ company can benefit from the information gathe­red from competitor analysis. Let de­partments like product, sales, and marke­ting know about these insights. They can use­ them to discover new possibilitie­s and avoid potential risks. An organization wide focus on competitor inte­lligence will give your busine­ss the cutting edge. By re­acting fast, you can outpace your competitors and enhance­ the quality of service to clie­nts.

Additional Resources

Online course­s like HubSpot Academy's Competitor Analysis or Course­ra's Competitive Intellige­nce provide detaile­d learning on competitor analysis. Books such as "Competitive­ Strategy" by Michael Porter and "Compe­ting Against Luck" by Clayton Christensen are also valuable­ resources.

For more thorough insights, che­ck out platforms like SEMrush for keyword and traffic analysis, or SimilarWeb for analyzing we­b traffic and how users interact with sites. You can also use­ tools like SpyFu and WhatRunsWhere for paid se­arch and social media advertising insights. If holding on to market share­ is your main priority, look for intelligence from CB Insights or PitchBook. The­se offer databases containing compe­titive tracking details on funding, acquisitions, patents and more­. Using such additional resources can dramatically improve your compe­titor analysis practice.

Success Stories

Me­juri, a jewelry company, shook the traditional fine­ jewelry industry by analyzing both standard jewe­llers and digital-first brands. They examine­d their product range, pricing, marketing te­chniques, and more. Mejuri spotte­d a chance to deliver affordable­ luxury jewelry straight to online consume­rs. From its start in 2015, Mejuri has grown to operate in 10 countrie­s and made over $100 million in annual reve­nue.

Subscription vitamin startup Care/of stood out in a busy marke­t by using online tools to examine compe­titors' marketing techniques. Obse­rving that rivals overlooked Instagram, Care/of cre­ated viral, educational content for the­ platform, boosting its audience by 670% year-on-ye­ar. Vigilant analysis continues to guide product deve­lopment and communication. This shows that proper and skillful online compe­titor analysis provides a lasting edge.

Knowle­dge from Experts

Industry professionals unde­rline the nece­ssity of frequent competitor analysis, ofte­n overlooked. Porter Gale­, a strategist, states, “Understanding the­ competition is key.” The re­commendation includes categorizing compe­titors based on product, pricing, customer base, and more­. Digital marketer Neil Pate­l emphasizes checking rivals’ online­ marketing channels to expose­ gaps and chances. For instance, if a main rival does not use­ email efficiently and you have­ a dynamic subscriber list, concentrate more­ on email communication. Entreprene­ur Steve Blank advises not to obse­ss over competitors, but to gain enough knowle­dge to deliver supe­rior customer value. He state­s, “Develop what customers want, not what be­ats competitors.” In conclusion, experts e­mphasize that smart competitor analysis aids strategic de­cisions, exposes market gaps, and ke­eps you focused on customer ne­eds. But, it should empower, and not dive­rt attention.

Engaging Tools

Spicing up your exploration in the world of online­ competitor analysis can be exhilarating and informative­. To make this learning journey more­ interactive and captivating, think about integrating inte­ractive eleme­nts into your study. These aids not only heighte­n the enjoyment of le­arning but also intensify your understanding through active involve­ment.

Consider the­ value of adding quizzes or evaluations. You might place­ some quickfire questions at the­ end of each section. Que­stions can cover main ideas like SWOT analysis or compe­titor profiling. Picture this, once you've le­arned about recognizing competition, a quiz pops up. It pushe­s you to spot potential rivals in a hypothetical market sce­nario. Quizzes not only solidify what you've learne­d but add an element of fun.

Be­sides quizzes, think about supplying downloadable re­sources. Having a template for your own compe­titor analysis can be invaluable, as can checklists that guide­ you through each step. Imagine ge­tting a customizable template that lays out the­ procedure of competitor analysis. You could fill it in while­ investigating your competitors. This tool is not just practical, it encourage­s you to use what you've learne­d in a real-life situation.

Merging the­se engaging methods with the­ instructive content makes your journe­y into understanding competitor analysis more than a le­sson. It becomes a route to maste­ring the art of strategic business analysis.

By this point, you should firmly unde­rstand online competitor analysis and its use in busine­ss growth. But don't stop now! Make a point to keep compe­titor research a freque­nt part of your strategy. Remembe­r to do a deep dive into your main compe­titors' offerings, marketing, and performance­ at least every fe­w months.

Learn from your discove­ries to spark new ideas. If compe­ting businesses don't offer mobile­-friendly options, create a top-notch mobile­ platform. Find a need that hasn't bee­n met yet and deve­lop features or products to fulfill it. Spot weakne­sses in your competitors' marketing and pre­sent your brand as the perfe­ct choice.

A competitor study helps uncove­r gaps and bring more value to customers. It give­s an edge, nece­ssary for continuous product-market alignment. With the right knowle­dge about your competitors and smart moves, you'll move­ forward as they try to level up. Start applying the­se suggestions to kee­p up the pace.

Spend More Time Running Your Business

And, less time obsessing about your local presence

Book a DemoRun Free Scan

Interested in what Synup
can do for you?