This is obviously the first thing you need to do; find, identify, and categorize your competitors. For this, Google should be sufficient. All you need to do is to type in your company name or product and that should display a bunch of companies with similar products, study them and analyze which ones are really counted as your competition. You can also use Ahrefs or Keyword Spy for the same.
It’s only when you have categorized your competitors that you will be able to benefit from them.
Tertiary Competition
These are the ones whose businesses are tangentially related to yours, and you can utilize them when you plan to expand your product catalog. These are basically related products and services that you might add to your business later on. To state an example, if you sell jewelry, a tertiary competitor may sell gems and stones.
Secondary Competition
These are the competitors who sell something similar but to a different audience, or they may offer a high- or low-end version of your product. If you’re selling Rolls Royce, a secondary competitor might be selling Hyundai.
Primary Competition
These are the ones you should be most concerned about and at the same time where you can gather a sea of information from. These are your direct competitors as they are also either targeting the same audience or have a similar product — or maybe both.
Keeping things organized in a proper datasheet with details like name of store, location, mission statement (if they have one), product offering, strengths and weaknesses of their business, and category of competition, might come in handy when designing and drawing out benefits from your competitor research.
Now that you know who your competition is, you need to analyze their websites and check the user experience. By identifying your competitor’s positioning strategy, you’ll start to get a feel for your market’s demands and expectations.
Suggestions for competitor Analysis:
To gather as much information as possible, make sure you
- sign up for their newsletter.
- subscribe to and follow their blog.
- follow them on social media.
- purchase one of their products.
- put an item in your cart and abandon the checkout process.
To start, you need to take a close look at the following items:
- How strong is their brand?
- Is SEO a serious part of your competitor’s strategy?
- What are the keywords they are looking to win?
- What is their content strategy?
- Does the audience want to read their content?
- Who is providing them with backlinks?
The brand is a key part of winning at SEO for SaaS Companies. For your visitors to inherently trust your content, you need to have some name recognition. The trust brings along higher conversions and lower churn rates as well. Below are a few ways you can check the trust.
“Developed by the SEO software company Moz, domain authority is a search engine ranking score that predicts a website’s ability to rank on search engine results pages or SERPs. Domain authority ranges from a score of 1 to 100. The higher your score, the better your website will rank”
You can get an approximate idea of the Domain Authority by using this free website or check Domain Ranking using Ahrefs.com on their free tool here. I concede that this is not the most ACCURATE method of understanding a competitor’s brand; but, it gives you a general idea.
To be clear, this only applies to SaaS Companies.
Below are a few examples:
The above is a tough market to break into! While Grammarly is the industry leader, the others are Industry recognized tools. If I was going to build a writing software without high 7 figures in the bank, I would think twice 🙂
As quantitative measures, aggregate the number of reviews and average review rating and as a qualitative measure, read the reviews and pick up the themes of pros and cons.
Most reviews on sites are curated by the respective company and will probably just shed a positive light. With that said, it will give you at least some idea about what’s working for your competitors and what’s not.
Below are the sites that you need to check out
- G2.com
- Capterra.com
- TrustPilot.com
Keeping an eye on how strong your competitor’s brand name is, is one of the most important practices in Competitor Research.
For this, you can use the following websites:
- Ahrefs
- SEMrush
- UberSuggest
All you need to do is enter your competitor’s website and analyze the report that’s generated. There you can go ahead and check their “UR, i.e., URL Rating” and “Organic Search Volume”
Here you’ll be checking the Backlinks of your competitor, the link type(Dofollow, Nofollow, Redirect, etc) and also the source of the backlink – whether it’s from a famous blogger or a software website. To analyze this, you’ll again need the help of Ahrefs. You can also check the Referring Domains that will display all the unique domains that have a minimum one link to your competitor’s website.
The answer to these questions is a pretty simple Yes and No. Seriousness and Success are two different things. A competitor could be investing a ton in SEO but really not seeing results. It’s best to delineate the two and see where your competitors stand as leveraging SEO as a potential channel.
The best way to see if the client is Serious about SEO is to check the depth, length, and frequency of content that the client is publishing. Let’s take the example of the companies above.
It’s clear the SEO is not a key growth channel for Shoprunner.com or GoFundMe.com while it is a key strategic channel for Grammarly.com and ProWritingAid.com
Within Ahrefs.com, check out the Organic Keywords. A competitor investing in SEO will be ranking for several keywords beyond their brand name. You want to understand the non-branded organic traffic that the competitor drives.
Below are two examples (Proposify.com & Pandadoc.com); they are driving traffic through intent-driven keywords.
Below is one example (Evest.com); it’s clear that SEO is not a key focus of their SEO Strategy. Most people searching for them already know them and the traffic volume is pretty nominal as well.
Evest.com: SEO is not a key part of their strategy
Proposify.com: SEO is a Key Part of Their Strategy
Proposify.com: SEO is a Key Part of Their Strategy