Introduction
In the ever-evolving world of search engine optimization (SEO), staying ahead of the competition is key to driving more qualified traffic to your website. Competitor analysis allows you to benchmark your performance against other sites in your industry, identify gaps in your strategy, and uncover new opportunities to get ahead.
This article will provide a step-by-step guide to conducting competitor analysis to give your website’s SEO a competitive advantage in 2024.
TL;DR
This article covers choosing the right competitors to analyze, manual and tool-based analysis methods, and key performance metrics to assess like backlinks, on-page optimization, traffic sources, and conversion funnels. Follow along for a comprehensive overview of how to perform competitor analysis for SEO success this year.
Choosing the Right Competitors
Not all competitors are created equal. Choosing sites that closely resemble your business and target audience is key for relevant benchmarking.
Start by identifying your direct competitors—these will likely be companies selling very similar products and services targeting the same customer demographics. Expand out from there to include secondary competitors with overlapping offerings or target markets.
When selecting individual domains to analyze, prioritize sites with substantial traffic and strong keyword rankings. Avoid comparing yourself to industry giants in the early stages as this can be demotivating.
Pro Tip: Leverage keyword research tools to find competitor sites ranking for your most important target keyphrases.
Analysis Methods and Tools
Competitor analysis typically involves a combination of manual website review and tool-based audits.
Manually, you’ll want to comb through pages on competitors’ sites to spot potential weak points and areas for optimization. Pay attention to elements like page speed, mobile responsiveness, formatting consistency, and ease of navigation.
Platforms like SEMrush, Ahrefs, and SimilarWeb can automate domain-level audits for organic and paid search performance, backlinks, website traffic, and more. Compare their features and pricing models to determine the best fit.
Most SEO tools offer free trial periods so you can test drive options before committing.
Key Metrics and What to Look For
Now for the fun part—rolling up your sleeves and digging into the research! Focus on assessing competitors across these key areas:
Backlink Profile Analysis
Determine where competitors are acquiring links from, including:
- Total backlink count
- Referring domains
- Anchor text diversity
Use this intel to identify new link building tactics and opportunities.
On-Page Optimization
Audit sites for:
- Title tags and meta descriptions
- Keyword targeting
- Page speed
- Accessibility
Traffic Source Analysis
- Break down visitor numbers by channel (organic, paid, referral, direct, social, etc.).
- Benchmark conversions by source.
Conversion Funnel Benchmarking
- Document competitor conversion funnels.
- Compare visitor-to-lead and lead-to-customer rates.
Continually monitoring competitors across these metrics will fuel your content and SEO strategies all year long.
The Power of Competitor Analysis
By regularly analyzing competitors' strategies and performance, you can capitalize on their weaknesses and build upon their successes. Competitor analysis leads to impactful website optimizations, informed content development, and new link building opportunities.
Just remember—this is an ongoing exercise as the search landscape evolves. Revisit your analysis every quarter to unlock the full benefits for your SEO and stay ahead in 2024.
