Competitor analysis refers to identify the competitors and evaluating their strengths and relative to those of one's own product or service. One should evaluate their competitors by categorized between different groups, based on their competitive strategy and list their product or service, its profits, growth pattern, past strategies, structure, strengths, and weakness, etc. Different competitor analysis tools can be used to analyze your competitor.

Keep These Questions In Mind While Doing Competitor Analysis

• Who are the competitors?
• What products or services do they sell?
• What is each competitor's market share?
• What are their past strategies?
• What are their current strategies?
• What sort of media is utilized to market their products or services?
• How long every week do they buy to advertise through the media used in this market?
• What are each competitor's strengths and weaknesses?
• What potential threats do your competitors pose?
• What potential opportunities do they make accessible for you?

If you want to be ahead of your competitor you should understand the importance of business analysts for your organisational growth.

Now, here are the ways to do the competitive analysis for a website,

Best Competitor Analysis tools

Ispionage

• It is an extremely valuable tool if someone wants to understands the competitor's online strategies. It is good competitor analysis tool.  
• With the help of the tool, one can analyze the following:An overview of the competitor’s PPC keywords, Average Ad position, PPC budget, monthly clicks.

• One can analyze Ad copies of your competitor. Their destination URL for each ad, groups that trigger the ad, monthly traffic, and average rank.
• The monthly advertising budget of all your competitors.
• It is freemium.

Also read : Example of competitor Analysis.

Similar Web

• This tool is beneficial in understanding the competitor’s traffic sources. It gives an idea of how the competitor is generating traffic and their audience demographics.
• The features of the website are – It provides an overview of the competitor’s website audience. It is freemium. It provides Search traffic and social traffic distribution.

Spyfu

• The app helps get a detailed analysis of the competitor’s Adwords AD.
• The features of Spyfu are - One can analyze the competitor’s Adwords History keywords that they are bidding ads on.
• It is freemium.

Opponento

• It is an advanced tool that will allow you to monitor your competitors’ moves.
• It allows you to decode the digital strategy of the rivals, monitor articles about them, their content, advertisement.

SEMrush

• It is a website where we can analyze who are the competitors for our website.
• We can examine the web traffic, by and large insights of contenders. we can also compare the differences in the statistics between two websites and their performances, tools they're using, new projects & employees and SEO strategy.

Also read : Analysing competitor's strategy

Now, Here are the Ways of Competitor Analysis

Check Who Is The Business Rival, You Are Dealing With And What Is Their Position In Google

• Gather all the data about your competitor for identifying and assessing their methodologies to determine their strength and weaknesses, and then compare your website with your competitors’ website to identify how they are doing on internet and marketing areas.

To make things more detailed, following things in the action can be taken into consideration, in analyzing the rival company,

Check Out The Followings Of The Rival Company

• The services/products that the company offers.
• The Social media page i.e  Instagram  Facebook, Twitter, etc.
• Business page.
• The ON-PAGE TECHNIQUE ( Title, Meta description, keywords, content, images, site structure, page speed, etc.)
• The Off-page technique(Social Bookmark, Blog, Business Listing, Classified,  Guest Blog, etc., Forum Marketing, Link Baiting, Photo Sharing, Business Reviews, Local Listings, Answer Questions and Social Shopping Network, etc.)
• The site design and how it is different from yours.
• The areas from where the competitors are getting quality backlinks.
• CTA services of the website.

Different forms of competitor analysis can be used like,

• Website technical analysis, With the help of PageSpeed.
• Insights Search keyword analysis, with SEMrush and Google Keyword Planner.
• Link analysis,  you can use Ahrefs to monitor your competitors' backlinks etc.

Review the data from the competitor. In, order to do so, data can be found from a variety of sources such as Crunchbase, Owler, LinkedIn and more, including our own Zirra Desk platform which pulls from thousands of public data sources at once. Then, dig a little deeper. After looking at the basic company information, try to take a  look at the company DNA. Checking which aspects of their workforce a company is investing in can give you a lot of insights. LinkedIn is particularly very useful, to quickly get a breakdown of the data around a workforce.
At this level of analysis, the main things that need to filter out and understand are       the percentages of the workforce in regards to the following categories,

• Research and Development
• Sales and Marketing
• CXO and VP’s
• Percentage of staff in different geographic locations.

Consider Business & Marketing Signals

Take a quick look at a few signals that can give you insights into how each one is faring against the other in terms of marketing strategy and the success of this strategy.The following can be checked for the process,    

• Social Media: The use of social media can be checked and understood in the correct context.
• A B2C company will typically strive for many followers and high engagement, while a B2B will have a more niche and targeted crowd and smaller numbers will be considered a success.
• Web Traffic: A similar logic applies to check the web traffic using a free tool which is mentioned above. A B2B company may have low quantities of the month to month guests, however, what is significant is the trend(upwards or downwards) over time and, for the competitive consideration, how would they stack up side by side in this analysis.
• Awards: Consider grants the organization has gotten, particularly if those Awards are item related. Additionally, recognition of HR practices such as a ‘Best Place to Work’ may be an indicator the company infrastructure is solid. After all the researches, get the conclusion piled up and collect the insights from the research. This way one can compare its competitors and use the insights for the benefit of their websites. Comment below more ways of competitor analysis, down below the comment section.