What is a competitive analysis?

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A competitive analysis helps you identify the key market players and your direct competitors, determine the strategies they use to succeed, and determine which resources your company can leverage to conquer the market.

A competitive analysis is an evaluation of your competitors' products, services, and sales tactics. It assesses their strengths and weaknesses in comparison to your own. It's a good practice to conduct at least once a year, and in other cases, continuously every month. You should ask yourself a variety of questions, such as: Who is my competition? How well known is my competitor's brand? What other target audience does my competitor appeal to? How well positioned are my competitors in the market (in search results)? How many and which backlinks do they have that I can also benefit from? Etc.

Why is competitive analysis important?
A competitive analysis helps you identify your own unique advantages as well as potential taiwan phone number data growth obstacles so you can improve or adapt your marketing and business strategies. It also ensures that your company is proactive rather than reactive. Many entrepreneurs base their decisions on preconceived notions about their competitors and the market landscape, which may be inaccurate or outdated. This usually identifies competitors who are of little relevance in search engine optimization (SEO).

Therefore, it's highly beneficial to take a look at your own keywords and use them to identify your competitors when conducting a competitive analysis. Even if you're already ranking in the top search results for your most important keywords, you need to monitor your SEO performance, as well as that of your competitors, to ensure you don't lose your top rankings to the competition.