Researching Profitable Products & Competitors
It always pays to look at what your competition is doing. When you’re struggling to climb the search engine rankings for specific keywords, your competition is likely one of your biggest obstacles.
Unfortunately, online marketers don’t always know how to go about researching their competition. You may check out their website, look at their rankings, but there’s so much more to competitor analysis.
Any search engine optimisation campaign should begin with a careful look at who your competitors are, what keywords they’re ranking for, and what they’ve done to achieve these rankings.
Through the rest of this video, you’ll learn how to improve your digital marketing with detailed competitor analysis. This is a simple process that anyone can use to get a better look at their competition.
Define Your Keywords
The first step in competitor analysis is to identify your keywords. Honestly, you won’t get far if you don’t have an idea of which keywords you want to target.
You’ll probably find additional keywords while researching your competition. But, you need a foundation to begin your search. Use Google AdWords Keyword Tool to find relevant keywords in your niche.
Identify Your Competitors
Once you have your list of keywords, the next step is to identify your competitors. You may think that you have a good idea who your competition is, but there’s a good chance that you’re missing a few direct competitors.
When you look at search engine results for your target keywords, your main competition includes the sites that appear on the first two pages of the search results.
Along with your main competition, you need to look for your secondary competition. These are businesses, like your own, that are trying to get ranked in search engines. They may be further back in the search results, but they’re taking steps to climb the rankings just like you.
Marketers often make the mistake of focusing solely on their main competition and ignore these secondary competitors. If you’re not careful, they’ll appear out of nowhere and take your spot in search engine results.
List Your Competition
So, if you want to find this secondary competition, you need to dig a little deeper. Go to the second, third, and the fourth pages of Google search result. See which of these search results are for other businesses.
Make a list of your competitors. A spreadsheet will make it easier to include additional data, which you’ll find using the following steps.
Analyse Competitor Strengths
Now that you’ve got a list of competitors, you can move onto the next step. You need to determine the domain authority of your competition. There are several free tools that you can use, including Moz’s Open Site Explorer.
Using a free tool, you’ll enter the URL to the domains of your competition. The tool will provide you with several important details.
When reviewing your competition, you’ll be able to see their domain authority, page authority, social metrics, the keywords that they’re ranking for, and their backlinks.
All this information is beneficial to your analysis of your competition. When reviewing the keywords that they’re ranked for, you should find additional keywords that you’ll want to target.
Make Their Strengths, Your Strengths
You can also look at their backlinks. See which sites links to your competition. Visit some of these sites and see if there’s a way to capture some of these backlinks for yourself.
You should focus on backlinks that come from websites with a high page rank or domain authority. These high-quality links could be the reason that your competition is climbing the search engine rankings and you’re still stuck in the same spot.
Looking at the domain and page authority of your competition will let you know if you’re in over your head. You may not be able to compete with the big boys in your industry.
If your current authority is 30 or less and your competition has an authority ranking of 80, it’s unlikely that you’ll ever surpass their rankings. If this is the case, you’ll want to focus on the secondary competition. These are the sites that are closely matched to your own.
Optimise Where You Stand The Best Chance
Now that you’ve examined your competition, you should put the information that you’ve gathered to use. Tweak your keyword usage, target new keywords that you’ve found, or change your outlook on who your competition is.
You should perform these steps every couple of months. New businesses pop up all the time. Don’t let competition sneak up on you. Set a schedule to perform your competition analysis at the same time every two months and make sure that you’re on the right path.
Market analysis can take many different formats, but when it comes to checking on the competition everything you need is out there on the Internet.
If a market is profitable then there's always going to be competition. What you need to do is find the easiest way to grab a piece of an ever increasing border-less opportunity.