Review Your Competitors
Once the market research is complete it’s time to work out what your competitors are doing – sometimes it can feel like you don’t have any competitors because you’re so niche, but this just isn’t the case.
For example, a business that specialises in a very specific type of financial planning is competing with other financial planners that offer more generic financial services (such as banks etc).
Identify Your Competitors
You may feel you have a good grasp on who your top competitors are, however, it is important to not miss this step.
Keep these questions in mind when researching competitors:
- Are you thinking of non-obvious competitors (e.g. where else do dollars go if not to your top specific competitors? For example for Be Media, we have obvious competitors of other digital marketing agencies, but we also compete with publishers like realestate.com.au and carsales to print, radio and outdoor advertising dollars).
- Have you research competitors further abroad (e.g. statewide or national?)
- Don’t overestimate that your main competitor is a major retail chain if you are a small boutique shoe store
A quick way to double check you are covering all your bases is to google key terms relevant to your business and see if there are any stand outs you may have missed.
Spy on Your Competitors
Now that you have identified your competitors, there is some great tools available to spy on their tactics and strategies.
1. Google Page Speed Insights – simply enter your website (or competitors) to see the overall Google performance score. This tool also gives you specific action items to improve your mobile and desktop website speed and performance.
2. Spy Fu – this is a very useful spy tool that shows you your competitors Google Ads performance and tactics, allows you to discover the SEO keywords your competitors are ranking for and spy on your competitors marketing strategies.
3. SEO Quake – this is another free tool you can download and run an SEO audit of your site, examine internal and external links and compare domains and URLs in real time.