Do you ever feel like your business needs to catch up to the competition? Even when it seems you are doing everything right, making your business stand out is becoming increasingly difficult. For this reason, your marketing strategy should include conducting an annual competitor audit.
These audits involve reviewing competitors’ websites and social media channels to identify best practices and discover opportunities to improve your business’s branding, content, and marketing. Competitor audits take time and patience to complete, but they are well worth it because of the information collected. Let’s dig in!
What Defines A Competitor?
Before we walk you through conducting an audit, let’s define who a competitor is…and who it isn’t. There is a common misconception that anyone who sells the same product or service as you is a competitor, but that isn’t exactly true. Here is a breakdown of the different types of competitors you should include in your audit and competitor analysis.
- Direct competitors have similar products or services, are around the same size as your business, and target the same customer base.
- Indirect competitors offer different products and services; however, they address the same needs and target the same customers as your business.
- Online competitors offer similar products or services and compete with your business in search results. They may or may not target the same customers but show up when people search for words or phrases relevant to your business and what it offers.
- Industry leaders are the well-known businesses that everyone else looks up to. They offer similar products or services and have set the standard for how to stand out and be successful in the industry.
What Are the Focus Areas of an Audit?
Everyone approaches audits differently, but almost every method focuses on the same key areas.
Website and Search Engine Optimization (SEO)
Good SEO helps your content get noticed and ensures your website pages appear when customers search for relevant keywords and phrases. A few things to note while reviewing different competitors’ websites are:
- Title tags and meta descriptions, which are what appear on the search results page
- Keyword use in the page headers and content (you can use tools to pull competitor keyword reports)
- The quality of their written content — does it sound generic and lack helpful information, or is it informative and tailored to their brand?
- Visual content, including videos, photos, and graphics. Are their visuals high-quality or low-quality?
- Google Business Profiles, which provide people with important details about your company and can be used to promote events, blog posts, promotional deals, and more!
Social Media
Social media hasn’t always been a focus area for the B2B market. However, there are benefits to building an audience and engaging them through various types of content. If anything, a social presence helps you establish brand recognition in an increasingly competitive online market.
Analyze your competitors’ channels to see where they post, what they post about, and whether they deliver the information through graphics, videos, or written content. Use this information to inspire a strategy tailored to your business, products or service, and target audience.
Email Marketing
Newsletters and e-blasts are still very much “a thing” in marketing. It’s helpful to know what type of content your competitors are sending to their customer base, as it can give you inspiration for topics to cover in your email communications. Do they send out promotional emails? How often do they send their newsletter? Are there things they do that your business could do better? Pro tip: Use your personal email address to sign up for your competitors’ news updates through their website!
Content Strategy
Look at the strategies competitors use to promote their products and/or capabilities. Do they have a blog or case studies? How do they talk about products or services on their website? What methods are they using to promote content and any sales, promotions, or company announcements? Make sure you review several websites to see which businesses have a
Paid Ads
Do your competitors invest in paid Google ads? Many businesses use ads to kick-start their marketing efforts or drive traffic to specific campaigns. Online advertising is a worthwhile investment if you do it the right way. If you decide to invest in paid ads, always work with an experienced strategist who knows how to budget and deliver the best ROI.
Website Competitor Audit Tools and Resources
There are several auditing tools available to help you conduct competitive research. Tools are great because they help you save time and often have robust reports you can use during your competitor analysis. We recommend testing a few tools using free trials to see which best suits your needs. And remember to lean on your internal marketing team or an outside agency to help you get the most out of your audit.
After completing your competitor audit, it’s time to work on your marketing strategy. Auditing your website is a great starting point and will help you identify areas where your business excels or falls short compared to your top competitors. If you need guidance in developing a marketing strategy, the team at Evolve Systems is here to help! Schedule a consultation to discuss your business goals.
