Mirror, mirror, on the wall, which is the best business of them all? While mirrors are great for literal self-reflection, you’re probably not going to find one that tells you how your business stacks up against competitors. Best case scenario, Bloody Mary has rebranded herself as a business consultant. The age-old chanting in front of a mirror in the dark may not be quite as exhilarating for the kids once they’re met with questions regarding current processes and long-term business goals.
So put that mirror down before you break it and bring years of bad luck upon yourself because SEMRush is telling us 6 competitor insights you can get in 30 minutes.
Who is Really Leading the Market?
Every business is different, but some standard benchmarks can help illustrate which businesses clearly have excellent growth strategies. Don’t just compare your business to the competitor with the most brand awareness or market share. Take a look at competitors closer to your level and focus on which one had the highest traffic in the past year and what kind of growth they experienced throughout.
What Hidden Seasonal Trends Might You Overlook?
Analyze seasonal trends in traffic across your industry and compare those trends to the trends of individual competitors. You might find that a competitor spends more toward the end of the year because the budget is about to reset. Think about what’s responsible for upticks in traffic besides typical trends and holidays.
Does Your Competitor Communicate With the Target Audience Better than You Do?
A company’s traffic doesn’t tell the full story. Looking under the hood at bounce rates and session durations will paint a clearer picture of performance. Quantity is important, but quality will always reign supreme. Break down bounce rate, average session duration, and number of site visits for your competitors, and take a look at how they stack up against each other. Does one seem to be the clear winner before looking deeper? This can also show you some benchmarks to measure your own performance against.
Read on for more competitor insights.