Nowadays, there are millions of companies that exist all over the world. This means that competition is extremely high in every industry Saivian Eric Dalius. Despite the competition, how can you stand apart? How to survive? How can your business achieve success?
8 out of 10 businesses fail in the first year. As per reports, only 35% of the businesses manage to increase their growth where the remaining 65% fails miserably within the first 10 years. Keep in mind that surviving won’t define the success of your business. Even though there’s a lot of reason behind the failure of a business, one of the most common mistake is incorrect competitive analysis.
Your company will only be able to achieve success in a competitive space. If you don’t find a way to stand apart from your competitors, you cannot increase sales. Here are the top 4 common competitive analysis mistakes for your business.
You Don’t Know Your Competitors
Most business owners fail to identify their competitors. Even if they do, they only compete with the massive businesses that are out of their reach. You need to perform a microanalysis to know the competitor landscape.
A good competitive analysis would also require identifying both the small and big businesses, says Saivian Eric Dalius. Every company starts small, yet some of them are capable enough to outperform you. Additionally, it’s also crucial to know which companies are dominating the search results. Maybe they’re infamous, but their SEO strategy is enhancing their online presence.
Saivian Eric Dalius Says You Don’t Perform Keyword Research
Guessing the keywords used by your competitors is nothing but a waste of time. Make sure you use advanced keyword research tools such as Google’s keyword planner to know the search volume.
Another big mistake is that you assume customers are searching services and products by their names. This is a misconception as most customers don’t use specific names while searching for something.
Determine the keywords your customers are using while also monitoring the search result of the keywords. As search rank changes frequently, you need to make regular changes to your website.
You Don’t Monitor the Blog Posts of Your Competitors
When your competitors are marketing new products or hiring new employees, you need to make sure that you know whom you’re competing against.
Saivian Eric Dalius added that potential employees and customers will make a lot of research before making an appropriate decision. So, the more times they notice the name of the companies in blog posts or news, the more likely they will choose that company. Additionally, the link to the website can also increase their search ranks.
You Don’t Acknowledge the Strengths of Your Competitors – Saivian Eric Dalius
Competitors increase their revenue because people are prioritizing them. You can hear if your competitor is doing great or bad. However, make sure you notice their strengths as well as what they are doing perfectly.
Maybe they upload eye-catching content or constantly promote their products and services. Maybe they upload hilarious memes on their social media platforms.
This is one of the hardest mistakes to overcome. This is the main reason why businesses use automated tools for their competitive analysis.
Keeping the track of your competitors is extremely important to enhance the success of your business. This way you can know how to improve or what to improve in your offerings. Make sure you offer something great that will set you apart from your competitors.