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What is Competitor Analysis?

importance of competitor analysis

There is always a healthy competition in business. How can the internet world be an exception to it? A marketing term ‘Competitor Analysis’, practiced since many decades, is now playing an important role in Search Engine Optimization. To understand the Importance of competitor analysis in SEO, we must first be familiar with what competitor analysis is.

What is Competitor Analysis?

Competitor Analysis is a management strategy. It is a competition analysis with your current and potential competitors. To get maximum and efficient outputs, such comparison techniques are always practiced by strategy and management team. In Competitor Analysis, companies analyse their product/ service with their competitors to get the real taste of the market. For example, if you are in a construction business, you can easily analyse what construction projects your competitors are planning or constructing.
The analysis carried out by companies is either offensive or defensive. Most of the times, it is carried out to kill the competition in a healthy manner. The tools of analysis consist of comparison in terms of efficient strategy formulation, the implementation process of services/ products, monitoring of the projects and adjustments made to get the best possible result.
The benefits of competitor analysis are that we can understand how similar products/services in the market and where we are lagging in their comparison. Time to time analysis gives us a taste of performance of both companies and we can plan further strategies accordingly.

Competitor Keyword Analysis

We know that the competition of keywords depends upon how popular a keyword is and where it is going to be used. The competitor analysis marketing of keywords has a similar process to that of competitor analysis. Here, a keyword you wanted to insert in your blog article will be compared with other popular and related keywords. There are tons of tools available for competitor keyword analysis.

competitor analysis

To get more insights on it, let us consider, you are planning to write a blog on street food in USA. You want to talk about a certain hamburger in your article. Here, you just need to compare your word on keyword search tool. You can get most related keywords to your searches and can find out the most used yet appropriate keyword.
KeywordXP is one of the best tool available for such competitor keyword analysis. You can get desired keywords with all the insights like average monthly searches, Keyword competition CPC indicator and title and URL competition, of those keywords.

Importance of Competitor Analysis

Competitor analysis marketing plays a vital role in improving services or product that you are providing or wish to provide. Competitor Analysis helps you to understand what your competitor is doing right now. It helps to improve the performance in future. It is similar for keyword competition analysis. We can identify suitable keywords that are used recently, understand the pattern of preferred keywords and understand keywords that are yielding successful results. To sum it up, competitor analysis is your guide in understanding the use of keywords.

Benefits of Competitor Analysis:

Competitive Analysis is a part of your research work. Yes, when you are trying to figure out which keywords should be used, you tend to research on it. You can call it as small scale research. Use of tools for checking competition between keywords benefits you in many ways. It gives you a database of huge keywords. The pattern of use of such keywords and how people target keywords to get benefit out of it. I guess it is impossible without Competitor Analysis.

 

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