Why SEO Competitor Analysis is Essential for SMBs
Unlocking the Power of SEO to Stay Ahead of the Game
Small- and medium-sized businesses (SMBs) face stiff competition in today's digital world. So, what can you do to stand out in the crowd? The secret is in SEO competitor analysis.
Analyze what your competition is doing and then do it better. This isn’t about spying on the competition. It’s about improving your strategies to meet customer needs better. That’s where competitor analysis comes in—it’s essential for SMBs looking to stand out.
SEO competitor analysis is your compass in the digital wilderness. It helps you find your path to online success. Let’s break it down with the 5 Ws (and an H)—a structured approach to mastering this critical skill.
Let's begin our journey through the 'who, what, where, why, when, and how of competitor analysis in SEO. What are the questions you should ask before starting your research?
Questions to ask before an SEO competitor analysis
Who are your competitors?
What does your business offer?
What do your competitors offer?
Where are competitors dominating?
Why does competitor research matter?
When should you conduct competitor analysis?
How should you analyze competitors like a pro?
1. Who Are Your Competitors?
Every business operates within a competitive network. To succeed, knowing who’s playing in your space is crucial. Competitors fall into three main categories:
Direct Competitors: These are businesses offering similar products or services. If you run a bakery, the bakery down the street is your direct competitor.
Indirect Competitors: Businesses solving the same problem in different ways are indirect competitors. A grocery store selling baked goods is a good example. It still satisfies a similar customer need.
Replacement Competitors: Companies offering alternatives to your product or service are replacements. A meal subscription service could compete with a bakery targeting busy professionals.
Action Step: Use tools like Google Search, SEO platforms (Ahrefs, Semrush), and even AI tools. Don’t stop at the prominent players. Dig deeper to uncover hidden competition.
With your competitors identified, it’s time to look inward—starting with what makes your business unique.
2. What does your business offer?
Before you look over competitors, you must thoroughly understand your own business. This is where a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) comes in handy.
Why conduct a SWOT analysis first?
Self-Awareness: Identify what sets your business apart and where it may need improvement.
Strategic Focus: Select areas where you can compete.
Better Resource Allocation: Identify what matters most based on your time and money constraints.
Opportunity Discovery: Find market gaps you can use.
Targeted Research: Determine which competitors are best to analyze.
Determining your strengths and weaknesses gives you a starting point. Once you’ve uncovered your strengths, it’s time to see how competitors stack up—and what you can learn from them.
3. What are competitors offering?
Competitor analysis is like detective work. You need to discover what makes them successful. You should look at their:
Products and Services: What are they selling? How does it compare to your offerings?
Content: Are their blogs, videos, podcasts, or social posts resonating with their audience?
Marketing Strategies: How do they advertise? Are they leveraging email, paid ads, or influencer partnerships?
Example
Imagine you run a boutique clothing store. If your boutique competitor gains traction with Instagram reels, consider experimenting with your style-focused reels to engage a similar audience.
Pro Tip: Use tools like BuzzSumo to identify trending content in your industry. Then, analyze what’s working for competitors.
So far, we have analyzed your customers. We have looked at your strengths and weaknesses. We have also checked your competitors' offerings. It’s time to go to the next step in our competitive analysis.
4. Where are competitors dominating?
Like every explorer needs a map, you must know where your competitors excel. It’s key to finding your path. Research may show that competitors thrive in some locations but not in others. Your business could fill those gaps.
Key Questions to Ask:
Are your competitors local, national, or global?
Which markets do they dominate?
Are there locations where you could gain a foothold by offering something unique?
Example:
If a competitor excels in urban areas but struggles in the suburbs, you might have an opportunity to step in. Could you tailor your products or services to suburban lifestyles?
5. Why does competitor research matter?
Competitor research isn’t about obsessing over others. It's about using their successes and gaps to your advantage. By knowing your competition, you can create a better SEO strategy. It should optimize your site and content to outrank them in search results.
How it impacts SEO:
Keyword Optimization: Find the keywords that drive traffic to your competitors. Then, you can use them in your content.
Content Ideas: Find topics your competitors haven't covered. Or, find gaps in their content. Then, create content that provides more value or practical solutions to your target audience.
Backlink Opportunities: Identify websites linking to your competitors and pitch your content as a valuable resource.
Pro Tip: Use tools like Semrush’s backlink comparison tool. It helps you identify link-building prospects and provides a detailed report to guide your outreach strategy.
By analyzing what works for your competitors, you’re not just catching up—you’re setting your business up to lead in the digital space.
6. When should you conduct competitor analysis?
SEO is dynamic, and so is your competition. Regular competitor analysis ensures you stay agile and prepared for changes. To keep your strategies sharp, here’s a simple framework to guide your research:
Before Launching New Products, Check your approach against competitors’ strengths and weaknesses.
During Industry Shifts: Adapt to new trends and stay ahead of the curve.
At Least Twice a Year: Regular check-ins keep your strategies fresh and relevant.
Pro Tip: Looking for an easy way to stay organized? Tools like Google Sheets or Excel are great options. Set up a dedicated sheet with columns to track your competitor analysis. You can also explore templates online by doing a quick browser search.
Once you’ve determined the right timing for competitor analysis, it’s time to dive into the 'how'—the specific steps to take for actionable insights.
7. How should you analyze competitors like a pro?
Once you’ve decided when to analyze, here’s a step-by-step guide to get started:
Keyword Research: Tools like Ahrefs and Semrush reveal which keywords drive traffic to your competitors.
Backlink Analysis: Use platforms like Moz or The HOTH to see where competitors get their backlinks.
Content Evaluation: Look at their most successful content. What topics are they covering? How can you do it better?
Social Media Insights: Platforms like X (formerly Twitter) and Instagram frequently reveal insights into audience preferences.
Additional Tools
Google Alerts: Stay updated on competitors’ activities
Review Platforms: Check Yelp and Trustpilot to understand customer sentiment.
Real-Life Success Story
A thorough competitor analysis can drive business success. It can lead to strategic adjustments. Let's look at a real-life game-changer for a mid-sized tech company.
They faced fierce competition from one rival, in particular. Lacking in-depth, actionable intelligence, they turned to Octopus Intelligence for help. Octopus Intelligence conducted a competitor analysis using data analytics and human intelligence.
As a result, the tech company transformed its market approach. It outdid the competition and achieved significant growth in a saturated market, demonstrating its effectiveness.
They changed their pricing to compete better. They revamped their marketing to highlight unique product features. They also adjusted their outreach to target untapped customer segments.
This case study illustrates how thorough competitor analysis can lead to strategic adjustments to drive business success.
Conclusion
In the fast-paced world of SEO, standing still means falling behind. Competitor analysis ensures you're always one step ahead.
You can ensure your SMB's long-term success by finding keyword opportunities, studying content trends, and identifying backlink prospects.
Your action plan:
Pick one competitor today—just one—and analyze their strengths. What can you learn?
Start small. Choose one competitor to analyze today.
Use these insights to refine your SEO strategy.
Commit to consistent research—because the digital landscape never stands still.