How Can I Increase Profits by Analysing My Competitors

Increase Profits

As Mark Cuban always says, you have to know your business better than anyone else does in the world. So, how well do you know your competitors? Depending on your niche and the location, the market may be already saturated with companies offering similar products and services. Only the best survive in such a business environment.

Analysing your competitors can help you to increase your profits gradually. Today we look at three proven tips on how to analyze your competition.

Identify the Competitors

Knowing whom you are competing with or the companies that customers who are unsatisfied with your services go to will help you make the right decisions. A simple search on Yelp will help you to identify the competitors in your locality as well as in other areas that you service.

Increase Profits

Since you are not competing with every business, filter out the results to get the most accurate perspective of the competition.

Increase Profits

Google Local and Angie’s List can also help you do this research.

Ranking on Google

Google is one of the most preferred search engines in Singapore. Therefore, knowing your ranking on this engine will help you to know the specific areas of your Singapore SEO strategies that need to be revised. Your primary competitors target the same customers and have similar website content, but what makes them rank better than you?

The answer to this question will help you to edge a notch higher and get the most results from your SEO efforts. Reading the latest Google ranking algorithm factors can help you make the right decisions.

Increase Profits

Determine the keywords that they are using to optimize their content and sales copy. Then, find a way of also using the same keywords for not only SEO but also search engine marketing. For example, you can decide to implement a long-tail strategy when creating your content to improve your ranking. Note that most people use long tail keywords as opposed to the traditional short tail phrases to look up information on Google.

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Analyse their Social Media Presence

Social media marketing has gained a massive popularity across the globe due to its effectiveness in helping business get leads. Already, you are active on one or multiple social media sites go an extra mile and look at the presence of your competitors in these sites.

Look at the ads that they are posting, how active they are, and the total number of followers they have accrued. All this information will give you credible insights on what you can do differently to dominate in all these sites.

Increase Profits

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Keep in mind that their followers already have a connection with the brands and so you need to come up with value propositions that will prove that your products or services are better. For instance, on the homepage, you can indicate the economic gains that they will get by using your products.

Conclusion

Increasing profits does not mean that you should increase your spending on ads and other Singapore digital marketing strategies. Hire a reputable Singapore SEO and digital marketing agency to assist you do the analyzes and come up with robust strategies that will position your brand for success.

Author Bio

Tom Koh is widely recognised as a leading SEO consultant in Asia who has worked to transform the online visibility of the leading organisations such as SingTel, Capitaland, Maybank, P&G, WWF, etc. Recently he was instrumental in consulting for a New York-based US$30B fund in an US$4Bn acquisition. Tom is a Computational Science graduate of the National University of Singapore. In his free time he performs pro-bono community work and traveling.
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