COMPETITOR ANALYSIS, WEBSITE ANALYSIS
UNIQUE SELLING PROPOSITION (USP)
Unique Selling Proposition of Competitor is an analysis strategy that is to be performed to know the special features that the competitor product or services positioning in the mraket. This analysis can help the brand the position better to distinguish from the competitors and reach out to laser target audience.
Competitor analysis and Website analysis will help you know what your competitors are doing through their website.
The core aspect of doing Competitor analysis is to understand the strategy behind their business growth.
Competitor & Website Analysis
Competitors are nothing but the companies who are delivering the same products or services as yours to your target audience.
Competitor analysis is one of the strategic approach in collecting the data about your competitors which could help you come up with your own USP and help better improve your own product or services to deliver it to the target audience.
Simply knowing what they are offering is not enough.
You will have to analyze in a way that which method or strategies are working for them across different digital channels.
Competitor analysis is completely legal and you can use search engines to find the necessary information on individual firms as long as the data is available in the public domain.
Follow the below steps to perform a competitor analysis:
- List Top 5 competitors. [You can start with 5 initially later you can increase]
You will have to choose competitors wisely, if suppose you are starting a local business, the national and international brands can’t be your competitors.
There is no harm in considering them as your competitors, but you will have to give some time to grow up your business to their level and beat them up then.
If you don’t know who your competitors are, just google your product/services you are providing.
You’ll end up finding them on the first page of SERPs (Search Engine Results Pages).
- USP and Content.
List down the USPs offered by your competitors and think about how can you give the same product/services with unique USP for the same customers.
Analyze the content they are offering to the users on their website such as blogs, free content, case studies or premium content.
Content type can be of any type such as Blog Posts, Whitepapers, eBooks, Videos, Webinars, Podcasts, and Infographics etc.
- Website and SEO Structure
You will then have to analyze the competitor website structure by considering few points like navigation, sidebars, freebies they are offering, lead magnet adopted or not.
Also, get to know about their SEO structure to know the information on:
- Page Title
- Page Description
- URL structure
- Internal Links
- Image alt tags
- Social Media Integrations and Engagement
Social Media Networks are becoming more popular than ever before, as the companies are using them differently for engaging with their fans and followers.
You will have to see how your competitors are making use of the social media platforms be it content sharing, type of posts, engagement factors, social shares etc.
Facebook will allow you to add your competitors to the watch list, so that you can constantly keep track of your competitor’s updates.
- Areas of Improvement
After a thorough competitor analysis you will now have enough data to decide what’s working and what’s not in your industry.
You can use this data to come up with different ideas on different areas of improvement so that you can adopt these insights to your own company.
Then you can decide on your business structure online be it Website Creation, SEO Plan, Paid Advertising Campaigns, Social Media Integrations.
Follow the 3 below simple steps to choose the tool which best suits your business for competitor analysis:
- First get to know what type of information you are looking for.
Example: Traffic, Paid Advertising Spends, Ranking factors etc.
- Find out what is working for your competitor and what is not.
Replicating your competitor strategy if it’s working for them, might not help you on a long run.
If their strategies are not working then you both will lose the customers.
Have enough data and analyze it properly to come to conclusion.
- Use the tool which is best suitable for your business strategy.
Each tool serves a different purpose, choose them wisely and adopt it to your business to analyze your competitors.
- If suppose if you are focusing more on SEO compared to other online marketing channels, you can go ahead with SEM Rush, Moz, and Ahrefs.
- If your business strategy has got paid advertising a high priority then go ahead with WhatRunsWhere and SimilarWeb.
- For Customer Targeting you can choose Alexa.
Researching your competitors is a crucial, but often overlooked, part of running a business.
Fortunately, there are some great tools on the market to help you do so more efficiently and get an edge on your competition.
Below are some of them which you make use of to analyze your competitors.
If you have any feedback on these tools or any other tools that you recommend?
Please feel free to share your thoughts on the comment section below:
Tools to perform Competitor and Website Analysis
Below are the competitor research tools and website analysis tools that will help you craft well structured marketing plan for your business.
Unique Selling Proposition (USP)
Unique Selling Proposition or USP in simple terms is what you have that your competitors don’t.
It is a differentiator between your’s and your competitor’s product/services.
This will be addressed formally as a positioning statement.
While creating an USP, please do keep the following points in your mind:
- It should be compelling enough to attract new customers.
- Offer something that your competitors can’t or don’t offer.
- It should clearly tell the benefit of your product/services to customers.
Some of the Best Unique Selling Proposition Examples
M&Ms - Unique Selling Proposition
M&Ms: “The milk chocolate melts in your mouth, not in your hand.”
Company: Chocolate company
USP Technique: M&M candy shell keeps the chocolate inside from oozing out and dirtying your hands is a definite plus for customers.
Avis - Unique Selling Proposition
Avis: “We’re number two. We try harder.”
Company: Second-largest Car Rental Company.
USP Technique: Turned negative statement to positive.
DeBeers - Unique Selling Proposition
DeBeers: “A diamond is forever.”
Company: Diamond Manufacturing company.
USP Technique: Diamonds are the perfect symbol for eternal love. Emotion psychology used.
*Advertising Age magazine named this the best slogan of the 20th century.
Domino's Pizza - Unique Selling Proposition
Domino’s Pizza: “You get fresh, hot pizza delivered to your door in 30 minutes or less or it’s free.”
Company: Pizza restaurant chain
USP Technique: spells out a guarantee with perfect clarity.
*They are not using this slogan anymore as this lead to series of accidents due to drivers started driving maniacs.
If you have any suggestions on the above topics or have some experience and knowledge to share on the above topics.
Kindly do share with us, as most of the other people do get help from your valuable suggestions.
Your comments are highly valued and appreciated. Thanks!
~ Vikram C L
Some of the FAQs on Competitor Analysis USP
USP – A Unique selling proposition shows how the brands are positioned themselves in the market to promote their services, products or brands as a differentiating factor from others. It should be unique to reach out to the specific set of target audience to increase their visibility, leads, and sales.
Competitor USP analysis help you establish your position in the market that defines your uniqueness in your product or services compared to other brands. You need to thoroughly understand your products to differentiate your brand or product or services to make it unique from the competitors.
A USP may include words such as the “lowest cost,” “the highest quality,” or “the first-ever,” which indicates to customers what your product or service has that your competitors do not. Using a USP is a great marketing tool to help position and sell your product.
USP has many parameters to choose from it could be lowest cost, highest quality, the first ever, features, benefits that it offers to your target audience in the market. Unique selling proposition is a great marketing too to help you stand out from the competitors.