Competition makes you better but that's only if you learn from it so today we're
gonna talk about creating a competitor analysis and how to use it for your
agency or for your business partner brony welcome back and thank you for
joining me my name is Jordan Steen also known as Cereal Entrepreneur and we
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don't think we're kidding Joshua's Wheaton burg you are the winner for this
video we had a video on how to start a marketing or how to set up a marketing
agency legally Joshua wrote I had first comment and I'm back how to read watch
this video buddy said he learned about using ink file which will come very in
handy as well as saving money on the ein how do you implement contracts and also
the 1099 form I wasn't aware of it and I'm always glad to get more informed so
Congrats Joshua make sure you send a message to our facebook page at
facebook.com/cerealentrepreneur and we will get to your free mentorship
program so guys before you start performing a competitor analysis let's
talk about why it's so important the biggest reason why it's important is
because it's going to show you what your competitors are doing that is working
and that is not working right you don't want to do the things that aren't
working you'd rather spend more of your time on what is going to work right so
looking at what is working with them and then figuring out how you can take it
and add it to your own content or your own strategy and add it and you know in
a way that's going to have your own Flair right so one of the first things
you want to do before you actually start looking at competitors is look at
yourself and the first thing I recommend doing is jumping on Google Analytics and
checking out you know information about your data where people are coming from
what pages they're actually visiting so I can go to
sorry behavior sorry and then we'll do site content all pages and we can see
what pages are driving traffic for our website you can see right here all of
these would be pages that are driving traffic another one's going to be search
console and search console is going to tell us how we're showing up in search
engine results right so you can see these are keywords that we show up in
search engine results for it'll even show us where we rank for those search
terms right and how many clicks we're getting how many impressions were
getting what our click-through rate is right so that way we know what type of
content people are actually consuming that we already create okay once you
create you know perform an analysis you've determined what keywords what
topics people want to to learn about or to know more about then you want to go
out and figure out what other topics you can potentially learn about right so SM
MA was one of our top keywords I could type in an SM MA at a tool like
ubersuggest and then I'll click search and it's
actually gonna pull up a bunch of different keyword ideas based on the
keyword SM MA so you can see right here it's actually gonna tell us the volume
the SEO difficulty the paid difficulty it's actually easy to get paid search
traffic to your to your site we would probably be the only one actually paying
for the SMM a keyword or paying for ads for that SMA keyword and you can see
search volume continues to go up we're actually at about 5,400 searches so this
is you know actually off compared to current traffic right but this is a
great tool and then I can go to keyword ideas and it's gonna show me other
keywords or other URLs that people are people are creating content about so SM
MA there are no other keyword ideas because it is a new keyword in itself
but it'll show us some other topics that people are and you can see we're
actually ranking for these keywords right or for this keyword you can see
we're on here for or on uber suggests for that keyword so it's gonna show you
again what types of topics you can try to cover so after you type in social
media marketing it's gonna bring up all of these different keyword searches that
are popular how to agency jobs company salary strategy all of these are
keywords that I could potentially add into my strategy the next thing is going
to be PageSpeed insights and this is actually something that you can do for
your competitors and for your own site and it's going to show you
we're adjustments need to be made now this isn't something that's going to be
directly related to their products or services but it is something that will
give you an idea of where you need to make improvements on your site to be
better than the competitor and finally the next thing you're going to want to
do after you do all of that is go through their actual social media
channels Tai Lopez would be one of mine so what do you think we did when we
first started well we went through all of his different accounts his Facebook
Instagram his website everywhere and we tried to get a feel for what his message
was what his goal was what the theme of his brand really is and tried to figure
out what how his audience responded to the message that he puts out there to
the content that he puts out there right there's definitely a lot of people who
like a lot of the content he puts out there but there's also a lot of people
who don't and it's usually from what we found is that he doesn't give enough
free value upfront but you also have to understand the approach that Tai Lopez
takes to marketing he doesn't go for the value first approach where he gives you
a ton of free content and then he gets you to buy later he introduces you to an
idea that seems valuable and then he read markets the hell out of you with a
ton of ads right so how can I take this into my strategy well we look at it as
the flashy kind of content does work lead gen does work so we can take that
and incorporate that type of approach to our strategy oh and PS if you're
thinking about starting a marketing agency which a lot of you are then
you're definitely going to check out this video training up here in the top
right hand corner you can either come back to it later go check it out right
now so guys a competitor analysis isn't just looking at their content and what
they actually produce from a marketing perspective but it's also looking at
things like what are their products and services what is it about their product
and service that makes them unique or special or valuable to the audience's
that they serve okay and so some questions here's just a list of some
questions that you might want to ask there are probably hundreds of questions
that you could ask here's some really good ones to get you started but
basically things to be looking for who are your competitors you'll want to
actually list those out right who are your direct competitors and then
indirect competitors your direct competitors or people who sell the exact
same product or service you do indirect competitors could be people
who sell products or services that go along with the product or service you
sell that could be taking away money from your bottom line right so who are
your competitors well products or services do they sell
what are their past strategies as far as approaching potential customers
marketing getting the word out spreading awareness about their product or service
right on Facebook are you able to go to their page and see the ads that they've
run in the past they actually have that option now in info and ads on that
left-hand column you can actually see a lot of the businesses now what
strategies are they using now right what's actually working now so a second
ago we looked at what ads have they run in the past right now we want to look at
okay are they currently running ads and do they seem to be working for them now
another great question is what are their strengths and weaknesses so performing a
swot analysis on all of your competitors is going to be a great thing for you to
do because it gives you an idea of what they're doing great what they're not
doing great so you know what to do and what to avoid right next is what are the
potential threats the potential threats that your competitor poses right all
right do they have a larger ad spend a larger audience do they have a better
product than you do or a better service than you do you need to actually be real
with yourself and understand where your competitor stands in reference to you
right and then what opportunities do they present what what are they lacking
so for us for example with Tai Lopez we noticed he wasn't giving all of the
practical information that people and agency owners want to know to be able to
grow their agency and run marketing campaigns so we focused on providing
that so quick question for all of you business owners or agency owners out
there who do you follow that would be a good competitor for you to perform an
analysis on all right I want you to leave it in the comments below who is it
that you follow and should you perform an analysis on this person or have you
already performed an analysis on this person let me know in the comments below
so before you start your competitive analysis the next thing you're going to
want to do is perform some niche research okay so you want to do things
like defining your company defining your product or service offerings alright and
then once you do things like that you understand what your product or services
why it's better or different from other products what it lacks compared to other
products the next thing you want to do is can build a competitor profile
template so you want to get their products and services their business
name their following online the size of their company right so company name
revenue their customers their mission description strengths weaknesses
opportunities threats like we talked about a SWOT analysis how big is their
is their company how many employees do they have what is their market share
alright and this is essentially the percentage of an industry's total sales
that the company earns okay and what this is going to be able to tell you is
if they own 50 percent of the market share you're gonna have to do a lot you
know a large amount of work to make sure that you take some of that market share
from them if you don't have any market share you're not selling products or
services right so that is something that you want to understand so you you also
know where your business lies now finally one of the last things you're
going to want to do is in my opinion a Content analysis so actually once you
get finished with the competitor analysis where you look at the business
itself the types of posts they're creating and then you do a product and
service analysis so that way you understand the products and services and
how their customers or audience engages with those products and services we like
to do a Content analysis and that's where a cool tool like SERP stat comes
and we'll leave a link right below this description so that way you actually get
a discount if you sign up for surf stat but surf that is great for content
planning you actually need a tool like this you might have heard of AHS or
something like that surf stat is much more affordable and provides the same
type of platform and look you can even see right here they're adding in an
extra bonus if you join in the near future so anyways what we do is we go to
a competitor let's just say Neil Patel for example and we'll go to his blog and
you can see here we just clicked on my secret to ranking number one we're gonna
take this URL right here and then we would copy and paste it into this URL
right here under the URL analysis and what this does it shows us how he's
actually targeting his keywords or what keywords he's targeting in what articles
and how the article is actually played out so basically like for example you
can see the keywords that he targeting that he's ranking for show up
right here and there's actually a ton of different keywords that he's ranking for
for this particular article right so we can get an idea of what keywords we
should potentially try to target as well and not only that but what topics we
should potentially try to create so that way our audience is made happy you can
see some other competitors in organic search based on this topic right here
this URL here's the other people that show up in in organic search results and
then it even shows some missing keywords keywords that they didn't take advantage
of that we might be able to take advantage of on our site so a Content
analysis is going to be super huge and it's gonna help you make sure that your
content is actually worth the time and effort that you're putting into it which
speaking of content if you're wanting to start ranking and actually getting all
of your content to rank on search results make sure to check out this
video up here in the top right hand corner on how to start ranking number
one in search results but that's pretty much it for competitor analysis at least
for this video if you want to see some more because we have a ton of more
information over in our actual blog article then go right below this video
in the description find the link to our blog article and all you have to do is
click that and go over to that article and check it all out but since you guys
stayed till the end make sure that you leave a comment at the very bottom right
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absolutely free that's all you got to do is comment what you learned and we'll
pick one winner but that's it for this video guys thank you again so much for
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will see you guys on the next one until then Cereal Entrepreneur out bye guys
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