Competitive analysis of your business

You are an entrepreneur and want to know who are your competitors and how to do a competitive analysis or you are holding a position in a company and want to discover what your competitors are doing to save their position in the market. If so, then my article will help you to answer those two questions below.

First of all, what is Competitive analysis?
Its a strategic research that specializes in collecting and reviewing information about competitors. It is an essential tactic for finding out what your rival companies are doing and what kind of threat they pose to your financial well-being. In order to be proactive, you must regularly analysis your competitors which is extremely important to confirm your place from possible upcoming threat.

How to do that?

Five most important steps to do a competitive analysis. Here you go..

1. Who are our top ten competitors?
Before doing a research you must know who are your competitors. It always depends on business to business. You may have more than hundreds or only one competitor in your target region. The best way to know your competitors is just Googling. Type the main service or product of your company, you can find the all possible rival companies who are providing the same service and product. As well as you can know their online presense. For example, if I do business for bicycle, then my competitors could be bike-discount, bike-components

Another way to use Free Google Adwords or Ubersuggest.com. When insert your main type of products, you can find all possible website in Ubersuggest.

2. What is my Position in the market?
Once you know your competitors, you can compare your market position with your competitors.
For doing that you need to know the source of your and your competitors traffics. Similarweb can help you to know which channel you can focus on to confirm a safe position.

3. Is your website performing well?
Page speed is a very important factor for SEO. You may lose potential users if your page speed is more than 5 sec. a reasearch shows that

Bounce increases 32% if your page speed is 1-3secs
Bounce increases 90% if page speed is 1s - 5s
Bounce increase 106% if page speed is 1s - 6s
Bounce increases 123% if page speed is 1s -10s

I would reccommend ubersuggest to check your page speed.
Bounce rate is also another important key factor which needs to be compared with your rival comanies.  Here, Similarweb can help you to compare the bounce rate.

4. SEO auditing
You need to monitor regularly, whether you need to improve the health of your website. The key elements of checking your website is Headers, metadescriptions, duplications or right size of the images etc. One free tool can tell you where is your lackness. Which is Ubersuggest. 

5. Do you have an online presence on Social Media?
If you think you can skip this part then you will be wrong. Whatever your business area is you should connect with all possible social media channels like Facebook, Twitter or Print Rest to enhance your brand image. In order to know your competitors' activities on social media, you can check their website. There must have all social media channel icons. If you click there, you can go directly to the page and can see how many followers they already have and since when they are active. So you can get an idea if you also need to strongly focus on social media and also in which channel.