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Reporting on your competitor analysis, presenting it to your manager, is a vital part of the process. To show you how great your reports can look - download three simulated Talkwalker reporting templates. While Burger King peaked with a positive tweet from someone you may have heard of. — Kim Kardashian West (@KimKardashian) October 21, 2017 Words & phrases associated with your marketTaking a deeper dive into sentiment analysis to findout what’s driving consumer emotions. Look at the key topics of the conversations to identify what consumers are saying about your brand, product, or services. This brand intelligence will reveal the words and phrases that consumers are using, giving you a better understanding of where your brand fits. It will also open up opportunities where you can position your brand and join conversations, previously unheard. First past the chequered flag - Red Bull! Looking at the top themes - mentions over 13 months - surrounding our five brands, remembering who’s the king of fizz, Red Bull beat Coca-Cola - 99.6% to 99%. As leader of the pack, Coca-Cola has to identify why it’s lost out to Red Bull and what’s missing from its marketing strategy. Hmmmm, sponsor a Formula One team, maybe? Demographic of customersWho are your competitors' customers? Are they the same as yours? The same demographic? Refocus and target to increase your customer base. For instance... your existing customer base is made up of young people, whereas your competitors have an older demographic. Can you target this older group and introduce new consumers to your product? Are you missing out on countries? Locations you’re failing to target with your marketing, and where your competitors are doing well? Quick Search competitor analysis of Nike, adidas, and Reebok, to show share of countries. Nike leads the sports footwear industry. Snapping at its heels are adidas and Reebok. The Quick Search result show the share of countries/regions for the brands is close. But, should adidas and Reebok target the 5M+ audience in South Korea, in their future marketing campaigns? Audience interestsFind out what your audience is interested in and you’ll have the secret to keeping them engaged. Social media analytics can show you your audience’s interests and those of your competitors. This will give you insights in how to appeal to your competitors’ fans. You can also segment the audiences to fine tune. Coca-Cola v Red Bull - audience interests May not be a surprise, that the Red Bull audience is interested in sports, despite also being a popular mixer in bars. Red Bull being a main competitor of Coca-Cola, the king of fizz's marketing strategy to target sports lovers to increase its market share. SWOT analysisI'm assuming/hoping that you've done a SWOT analysis of your brand, and filed it in your marketing strategy. Now you need to do one for your competitors. SWOT - strengths, weaknesses, opportunities, and threats. It’s an audit that identifies the internal and external factors affecting a team’s future performance. Internal factors are strengths and weaknesses, while external factors are opportunities and threats. By looking at your competitors' SWOT, from a customer’s point of view, you’re analyzing their strengths and weaknesses. It’ll help you understand their business better. What are their assets? How could your business exploit them? Find their weaknesses and work out how your company would address them. Take a customer journey and ask...
SWOT analysis - Strengths, Weaknesses, Opportunities, Threats. PEST analysisWhile doing your competitor analysis, SWOT results should be taken into consideration. For this to be effective, external factors should also be assessed. This is where PEST should be brought into play. PEST analysis is an element of risk/crisis management that ensures a company is prepared for a change in external factors - listed below. Will a change be considered an opportunity to do better, or will it be seen as a threat? How will they handle a change? Answers to these kind of questions will demonstrate how your competitors operate, and this can become part of your marketing strategy. Supposing there’s a change and your main competitor can’t handle it. But, your company can rock it and come out on top. Politics - government regulations that will affect the market - political stability, tax laws, trade restrictions, safety regulations, and employment laws. Economic - issues that will impact your industry - inflation, interest rates, exchange rates, economic growth, unemployment rate, policy changes. Social - analyze the socio-economic environment of your industry - customer demographics, culture and lifestyle attitudes, languages, and education levels. Recognize consumer behavior and what motivates them to purchase. Here're examples of brands that failed to do their homework. Potentially, jeopardizing sales and inviting lawsuits.
Technological - how tech impacts the launch of a new product or service. This would include technological advancements, lifecycle of technologies, and money spent on R&D by the government. If you don’t keep up with modern digital marketing techniques - optimizing your site for mobile devices, etc. - you’ll lose customers to your competitors. PEST analysis - Political, Economical, Social, Technological. Best competitor analysis toolsCheck out these tools! I've used them all, and I can honestly say, that without them you're going to struggle to perform a comprehensive competitor analysis. This is just a handful, check out the Top 14 competitor analysis tools for more. Quick Search | Social media search engineGet an instant overview of your brand online. This search engine provides extensive coverage of social networks, news sites, blogs, and forums. You can enter multiple competitors brands and compare sentiment @ 90% accuracy, engagement, audience demographics, mentions, and more. Quick Search - Coca-Cola & Pepsi share of countries/regions. Moz | SEO audit & crawl diagnosticsSEO competitive analysis provides data about what tactics are working in the industry. Recognizing your competitors’ strong and weak areas, means you’ll have an understanding of how hard it’ll be to outrank them. Backlink analysis will reveal which websites are linking to your competitors, and not you. Moz SEO tools include Keyword Explorer, Open Site Explorer, MozRank, MozBar, link building, site audits, page optimization insights. Moz also offers a suite of free SEO tools for link building and analysis, keyword research, webpage performance, local listing audits, and a whole lot more! Perform an SEO audit of your competitors' websites with Moz. Day Digital | Boost website SERP rankingDay Digital offers many services, including SEO strategies to boost the ranking of your website, on all search engines. You'll find information on link building, on-page optimization, PPC, and social media outreach. While there is no guarantee with SEO, Day Digital works towards improving SERP rankings and increasing traffic using social media. Boost your website's page ranking and rise above the competition. Screaming Frog | Crawl competitor websitesScreaming Frog SEO Spider is a website crawler - with perhaps the coolest name ever. Use this tool to crawl competitor sites for key onsite SEO elements. Including, canonicals, page titles, meta descriptions, and headings. You’ll find insights into their optimization, plus learn of potential keywords that your site can target. Crawl your competitors' websites to identify their SEO strategies. Talkwalker Alerts | Google Alerts competitorLike Google Alerts, but better. Set up alerts to receive mentions of your brand and those of your competitors - from websites, blogs, forums, and Twitter. Yep, I said Twitter. You’ll easily see what content your competitors are tweeting and what people are saying about them. BTW - this one’s a freebie. For the best results, choose specific keywords for you, your competitors, and your industry... Your brand
Your competitors
Your industry
SEMrush | Single source of competitive intelligence onlineSEMrush provides a competitive research solution for your entire company. With a full set of tools, marketing managers will have an overview of any industry’s competitive landscape and break down a typical marketing mix in the market. Available data will create a foundation for tactical decisions in SEO, advertising, content and social media marketing, affiliate and partnership management, PR, and media buying. At a strategic level, SEMrush can help business development teams and business owners to research new market opportunities and prepare for business expansion. Competitive research solution for the entire company. Majestic | Link intelligence databaseMajestic is a link intelligence database that’ll give you detailed analysis of external links and anchor text used by your competitors. Analyze backlinks and domain link counts so you can understand what your competitors are doing to track performance. Detailed analysis of your competitors' external links and anchor text. Competitor analysis templateTo help with your competitor analysis, I’ve created a competitive analysis template. Click below and fill it with the results of your competitor audit. Download my competitor analysis template You can tailor the template to suit your business.
Free social media report templateIt won’t happen overnight, it’s an ongoing process. Performing regular competitor analysis will give your company the advantage it needs to outsmart the competition. Watch and learn. Monitor your progress by installing tracking - Google Analytics, SEMrush, Moz, Webmaster Tools. Watch your competitors and industry with Quick Search and Talkwalker Alerts. See what’s working and what isn’t. Don't forget to download your free social media reporting templates! |