Every time I analyze my competition, I uncover great opportunities…and so can you!
There are many compelling reasons to analyze your competition. When I was still working in corporate jobs, we would do competitive analysis as part of our strategic planning process. One key component of this planning process was a “SWOT” analysis. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. When you perform a SWOT analysis you are identifying key strategic factors that can help or hurt the success of your business. In order to correctly perform a SWOT analysis, you must look at the market and your competition. From a blogging perspective, there are many benefits of taking a closer look at your competition. These include:
- Traffic – understanding where they get their traffic from.
- Monetization – what their revenue sources are.
- SEO – search engine rankings and linkbuilding activities.
- Marketing approaches – branding, positioning, email subscriptions and more.
- Differentiation opportunities – how your website can provide a unique experience.