How to Perform a Best-in-Class Competitor Analysis Guidelines by SEO Consultant Pakistan?

What is competitor analysis?

According to research of SEO Consultant Pakistan the competitor analysis is the process of evaluating your competitors’ companies, products, and marketing strategies.

To make your analysis truly useful, it’s important to:

• Pick the right competitors to analyze
• Know which aspects of your competitors’ business are worth analyzing
• Know where to look for the data
• Understand how you can use the insights to improve your own business.
• Which brings us to why competitor analysis is worth doing in the first place.

Who can benefit from an analysis framework?

This framework will work well for entrepreneurs, business owners, startup founders, product managers, and marketers.

It covers business metrics, a product analysis, and a marketing assessment, with the marketing bit being a little more in-depth. Feel free to skip certain parts if you’re only interested in one aspect, or better yet, delegate some steps to respective teams if you can.

It doesn’t matter much what kind of product you’re selling or how mature your business is. To use this framework, you may already have a fully functional product, an MVP, or even just a product idea. SEO Consultant Pakistan will be using certain tools to facilitate and automate certain bits of the process. Most of them are either premium or have a free trial available, so all that you’ll need to invest into the analysis is your own time.

Why does it?

Done properly, competitive analysis will give you plenty of quantitative and qualitative data to back your own business decisions (and no, I’m not talking about cloning your competitors’ strategies to come up with a second best product, although this can sometimes work).

Namely, it can help you:

• Develop (or validate) your Unique Value Proposition
• Prioritize your product development by focusing on the aspects of competitors’ products customers value the most
• Improve your product by capitalizing on competitors’ weaknesses customers complain about
• Get benchmarks to measure your growth against
• Uncover market segments that aren’t fully served by competitors
• Create a new product category by identifying gaps between what your competitors offer and what the customers need.

Who even are your competitors?

I can sense you rolling your eyes at me, but hear me out.

If you’re serious about competitive analysis, it’s not enough to just evaluate the two Industry Leaders everyone’s talking about (that kind of analysis will likely get you depressed really quick).

The competitors you pick for the analysis determine the insights you’ll get at the end, and the decisions you’ll make, based in part on those insights. That’s why including different kinds of competitors (big and small, direct and indirect) into the analysis is critical if you want the results to be comprehensive.

It’s best to include at least one competitor from each category into your analysis to make it truly comprehensive.

Whether you can instantly think of over a dozen competitors or can barely recall five, it’s a good idea to turn to Google or a different a search engine (DuckDuckGo, anyone?) and look up your product category. SEO Consultant Pakistan refer to examine the products within the top 50 results, along with the ads that are displayed in response to your query more likely than not, you’ll come across companies you’ve forgotten about, or maybe even learn about a few newcomers.

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