How To Find Your Online Competitors
At this rate, it’s not even necessary to mention the importance of knowing your competitors in this aggressive market. There will always be competition, regardless of whether your business operates online or offline. To gain an ambitious edge and stay ahead of your competitors, it is important to know who your competitors are.
We’ll answer these questions on this page:
- Different types of competitors
- Who are your Competitors?
- How do you identify your competitors?
- How can you keep tabs on your rivals?
Types of competitors
Competition can be either good or bad. What matters most is how you respond to the competition. There are two types of competitors present in the market – direct and indirect. Identifying these types of competitors is essential if you want to establish an online business.
Note: A website is essential if you are going to launch an online business. Creating a website can be overwhelming, especially if you aren’t tech-savvy. However, a site builder is a tool that allows you to easily create your website. There are many site builders on the market. To find the best site builder, you can check website builder reviews.
A direct competitor is someone who operates the same type of business as you and targets the same audience. It will be a battle getting customers to choose your company over a similar option. That is why surveying these competitors regularly and finding out what they are doing differently can be an extremely effective use of your time. Also, being aware of the ins and outs of your competition’s business can help you plan your business strategy accordingly.
Examples of direct competitors include Bru vs Nescafe and Coke vs Pepsi.
Indirect competitors are businesses that are completely different from yours but have the same target customers. They may want to do business with your customers but since their business is completely different, their presence will not affect your business negatively. These competitors can actually help your business grow quickly, as they can act as partners or collaborators and bring their customers into contact with your business and vice versa.
Examples of indirect competitors include Sandwich shops and Pizza shops.
Who is my competition?
After learning the types of competitors present in the market, the main question is still the same, who are my competitors, and how do I identify them? We have listed the top ways to identify your competitors online.
Start by finding your top keywords and who ranks for them
Each business has a set of keywords that customers search under to locate that business online. Online business owners must be aware of those keywords. It’s best practice to have those keywords listed somewhere so they can be referred back to.
After you have made a list, you can search for those keywords one by one on Google. You will be able to see what other companies are ranking under the same keywords as your company. Make note of the top 10 businesses that come up as they are your biggest competition. That is one tactic that can be used to locate your top SEO competitors.
You now need to find and follow them on various platforms so that you can examine their marketing strategies and see what they are doing differently. Then you can plan your strategy to surpass them and rank higher.
Google your products and services
You need to search for all of your products and services using Google. While you are doing this you are looking for two things:
1- Do you rank for these keywords?
2- Who are your top-ranking competitors for these keywords?
You don’t have to rank at the top of the search results page right away just because your competitor is. Over time you can rank higher than your competitors if you use the Google Algorithm, and keep your website pages updated.
Check review sites
Many review sites allow business owners and customers to list their businesses on their websites. Customers then go on those sites to leave reviews. You can make a list of popular review sites, and then search for your business keywords there. If you haven’t already, list your business there. While you’re listing your site this is another opportunity to see who else ranks under the same keywords to once again locate competitors.
You now know how to identify competitors. Your work isn’t done yet. Now is the time to do the real work. Once you have identified your competitors, it is time to keep an eye on them.
How can you keep tabs on your rivals?
Follow their social media channels
Your competitors are not only available on Google. They also promote themselves on social media channels. Follow them on every social media platform they use to view their marketing strategies. You can check what they post daily, see what product or service they provide, who is interacting with their content, and what time they are most active. Also, find out what new products or offers they are launching. You can monitor your competitors on social media without them knowing. This will give you a greater competitive advantage.
Check out your competitors’ online ads
To know what advertising strategy your competitors are using you must view their online ads. Check out your competitors’ ads whenever and wherever they appear by clicking on the link and taking notes on advertising strategy, what products or services they are offering, and the price they have their products or services listed as. This is valuable insight and information around which you can form your own advertising strategy around. You’ll likely locate this information on Google ads, YouTube Ads, Search Ads, Display Ads, Facebook Ads, etc.
Use the competitor analysis tool
Competitor analysis tools will give you information about your SEO competitors. They will also help you identify the keywords that are driving the most traffic to their websites. However, a business cannot rely on only competitor analysis tools to keep tabs on its competitors. These tools can be very useful but they won’t be able to tell you everything.
Competitor surveying isn’t complete after a day, a week, or a month. This must be done regularly while you’re starting your business, building your business, and maintaining your business. If you have strong competition you always need to be aware of their strategies, offers, and advertisements. Keeping an eye on your competitors can help you to plan a powerful strategy for your business and get ahead of your competitors.