Finally, since the competitive environment is dynamic, the competitor's ability to react swiftly to change should be evaluated. Some firms have heavy momentum and may continue for many years in the same direction before adapting. Others are able to mobilize and adapt very quickly. Factors that slow a company down include low cash reserves, large investments in fixed assets, and an organizational structure that hinders quick action.
If your competitors are using a social network that you may not be on, it's worth learning more about how that platform may be able to help your business, too. To determine if a new social media platform is worth your time, check your competitor's engagement rates on those sites. First, visit the following sites to see if your competition has an account on these platforms:
Create different ad groups. Each ad group consists of specific ads that share the same keyword. For example, if you’re a SaaS company, it makes sense to have an ad group for each product category you serve. The SaaS SEO company, MOZ, might have ad groups for keyword research, link building, site audits and web page optimization. Each group consists of different ads for that category.
“We’re seeing a lot of attention on our Promote product, a solution for small business owners, that few people realize is powered by automation and machine learning behind the scenes. We’ve partnered with large banks, small business service providers, and more to bring this machine learning martech to small business owners. And we’re not alone. There are many examples of increasingly accessible machine learning tools for small businesses.”
Reason: If visitors find your website with a certain keyword but you have a high bounce rate, that’s enough to know that something is not going as it should. Ask yourself and test if it is a problem with content quality, appearance, etc. There is often more than one explanation for a high bounce rate, and there could be more than one solution. If you are totally lost at this point, a feedback session with five potential users might provide some insightful ideas.
Remember: The idea of a competitive analysis isn't to overly focus on the competition but to understand where your company stands in the marketplace and identify opportunities to further differentiate. At the end of the day, a focus on the customer will serve your company far more than a focus on the competition. Done well, a competitive analysis can help you find ways to outplay the competition by better serving customers — theirs and yours.
The Java program is fairly intuitive, with easy-to-navigate tabs. Additionally, you can export any or all of the data into Excel for further analysis. So say you're using Optify, Moz, or RavenSEO to monitor your links or rankings for specific keywords -- you could simply create a .csv file from your spreadsheet, make a few adjustments for the proper formatting, and upload it to those tools.