Regardless of the type of business you have, getting to known the strengths and weaknesses of your competitor is the foundation on which you should base your strategy. If you are going into the Fintech business, you should do a competitive analysis, with specific focus on your market; The kind of Fintech product you want to offer, your location, your target customers and so on. Further reading: The Principles and Best Practices Related to Cost, Revenue, Scalability and Financial Modeling. Further reading: Expert Tips for Improving Your Business Processes.
What is Competitive Analysis?
Competitive analysis is identifying your competitor, evaluating their strategies and determining their weaknesses and strengths relative to those of your own service or products. With competitive analysis, you can determine what makes your services or products unique.
Competitive Analysis Tools
There are many competitive analysis tools in the market, and each can provide insights appropriate to its own niche. The tools range from email marketing to paid adverts. You just need to choose which area of your competitor business you want to analyze.
- Kompyte Screenshot– Compare traffic, visitor behavior, referrals, keywords and search ranking, site by site social metrics and paid ads.
- SimilarWeb – offers an overview of website traffic, search traffic and keywords, referrals, similar apps and sites, audience, display advertising and social media.
- Spyfu– it shows how many keywords your rivals rank for and how their keyword overlaps with yours.
- Open Link Profiler– provides a wide range of links, including an n overview of link age, country and industry breakdown, and backlinks.
- Monitor Backlinks– this tool will email you new links, new competitor’s links, lost links and weekly domain changes.
- Feedly – it allows you to customize the competitor’s website
- BuzzSumo – the tool enables you to search for content by entering competitor URL or keyword. Then, refine the search by content type; publish date and shares across social networks.
- iSpionage – The tool determine your top PPC competitors, shows their monthly budget and whole Adwords strategy.
- Whatrunswhere – Allows you to know where your competitors are advertising.
- Whatsmyserp – Provide you with an idea of your content ranking.
- Alexa – Ranks sites according to their traffic volume.
- CroMonitor – Tells you when your competitor is taking A/B tests and visiting their pages from various IP addresses.
- Prisync screenshotPrisync – tracks competitor’s available stock and prices.
Processes and Techniques of Competitive Analysis
Assess your competitors by putting them in strategic groups. For every strategic group, list their product , its profitability, marketing objectives and assumptions, growth pattern, current and past strategies, strengths and weaknesses, growth pattern and size (in sales).
While undertaking competitive analysis, always try to identify your competitor, products or services they provide, their market share, their past and current strategies, type of media they use to market their products or services, how they advertise, competitor’s strength and weaknesses and potential threat to your competitors.
The best way to know your current and future business rivals is to target products. Once you have identified your competitors, know their market shares by doing a market research. The market shares allow you to perform a SWOT which will not only help you to know your competitor’s opportunities, strength, weakness, strength and threats but also helps you to know where you currently stand in your industry. After carrying out a SWOT, build a competition portfolio and plan your strategies.
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