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Competitor Analysis – Positionly Blog

 
Jini Maxin
by • September 23, 2023
 
 

Today brings a major update to Positionly. From now on, you will be able to track your rank in search engines and compare it to your competitors. 

The feature is available in the Website menu and above the graph.

From the competitors menu, you can add your competitor’s website address that you want to track.

You can type in the URL address manually or pick a competitor from the Suggested competitor’s list that is based on the keywords you’re actually tracking.

You will be shown a keyword match with the competitor’s website, as well as the status, which will tell you whether your website position is better or worse in reference to your competitor.

Pick the websites you want to track and click Add selected competitors.

In the upper right corner, next to the date range, you will see the number of competitors you are tracking. Pick the ones you want to follow to update your graph and analyze your results in comparison with your competitors.

What is an analysis of competitors?

An analysis of competitors, often known as an analysis of competition, is the process of identifying rivals within your field and analyzing their marketing strategies. This information can be used to establish a benchmark to assess your business’s strengths and weaknesses in relation to your competitors. It is possible to conduct an analysis of your competitors at an extremely high level or look into a specific aspect of the businesses of your competition. This article will concentrate on how to conduct a broad competitive analysis. However, you’ll need to customize this method to meet the goals and requirements of your company.

Why do a competitor analysis?

Most of the time, small-scale entrepreneurs are working on multiple projects at the same time. In spite of a hectic schedule, it’s worthwhile to take the time to analyze competitors.

Find out your company’s strengths and weaknesses.

If you look at how your competitors are perceived, you will be able to determine your company’s strengths and weaknesses. Understanding your company’s strengths will guide your position on the market or the image you project of your service or product that you wish your audience to see in their heads. It’s crucial to clearly explain to prospective buyers what your service or product is the best option among all the available alternatives. Being aware of the weaknesses in your business is equally crucial in aiding your business to grow. Recognizing where you’re not meeting what your customers expect will allow you to identify areas in which you might need to spend more time and effort. You may discover that your customers favor your competitor’s customer service. For instance. Examine your competitors to see what they’re doing well and then see how you can implement in your own business.

Know your market

When you are analyzing your potential competitors, you could discover businesses that you weren’t aware of or didn’t consider to be competitors prior to. Being aware of your competition can be the initial step towards overtaking them. Doing a thorough review of the offerings your competitors provide can help you pinpoint areas in which your market is not being served. If you notice differences between what they offer and what customers would like, You can take the first step and increase your offerings to meet those needs that customers have not met.

Spot industry developments

The study of competition can aid in determining the direction the whole industry is going. However, you shouldn’t make a decision just because you’re competing with them. Copying your competitors without taking into account your place in the marketplace seldom, if ever, will result in success. If you notice your competition performing something, you aren’t, Don’t rush to replicate the product. Instead, think about the needs of your customers and what you can do to bring value to them. It’s usually best to be a zig when everyone is zigging.

Set benchmarks for future growth.

In conducting a competitor analysis, You should consider including businesses that are larger and less than yours. Researching established companies within your field can provide you with an idea of what success should look like as well as a benchmark against which to measure your growth prospects in the future. In contrast, studying new players in your sector will tell you which businesses could threaten their market shares in the near future.