Most businesses aim to stay ahead of their competitors. Aside from ensuring better products and services, one way to do this is by performing competitor analysis.
By monitoring your competitors, you will learn new strategies that can help your business do better. You’ll also be able to explore trends that matter to your business and discover gaps between you and your competitor. However, this strategy would be more effective if you are guided by the factors that you need to measure.
KPIs for Competitor Analysis
1. Keyword Rankings
It is important to know the search terms that your competitors rank for, as well as those where they are losing in terms of rankings. By doing so, you can identify their strengths and weaknesses. It will also help you understand how stiff the competition is in terms of the products or service queries that are relevant to you and your competitor.
2. Social Media Mentions
One way to learn more about your competitor is by tracking their social media mentions. This will give you insight into their reputation, what they are currently doing, what their customers say about them, and even the influencers that help promote their business.
To do this, you’ll need a media monitoring tool like MediaWatch and SharedView that can track and navigate the digital mediascape, including all major social platforms.
3. Competitor Backlinks
Knowing your competitor’s backlinks will give you an overview of the efforts they exert to increase their rankings and visibility. It will also allow you to know the link-building strategies they perform and the sites they use to acquire backlinks. From those, you can identify the strategies that you may also use for your campaign.
4. Customer Engagement
One of the KPIs for competitor analysis that you should not overlook is customer engagement. Find out if they actively respond to unhappy clients. This could open opportunities to know their clients and engage with them. In this case, you can use your competitive advantage by turning unhappy clients into your leads. You can engage with them and offer better products or services that meet their expectations.
5. Customer Queries
Another KPI for competitor analysis that you can use to your brand’s advantage is customer queries. Monitor the questions posted by their customers. This will allow you to get an insight into the products that earn the interest of your target audiences. It also opens the opportunity to improve your products or services based on their comments or concerns. Furthermore, you can develop content ideas that have a high engagement rate as they will be based on customer queries.
6. Google Ads Keywords
Your competitors’ Google Ads or PPC campaigns will give you an insight into the keywords that they pay for to get a high placement on Google search results. If you’re also into Google Ads, it will help you understand your market better, plan your budget, and even target high-value keywords that can improve the results of your campaign.
TIP: Spyfu is one of the tools that can give useful insights about Google Ads or PPC.
ALSO READ: Tips to Protect Brand Reputation
There are KPIs for competitor analysis that you can use to improve your brand presence and come up with strategies that can improve your brand engagement and conversions. Focus on these KPIs when doing competitor analysis to discover gaps that you could fill, and take advantage of trends and data that will help you generate more leads.
Looking for media monitoring services in the Philippines? Check out Media Meter to know how we help clients get the most useful insights from the digital landscape.