If you are reading this article, you have probably narrowed down your niche offering. Now before you dive further into the nitty-gritties of how and where to start, the first step is to find and analyze your competitors, or a niche competitor. A niche competitor is a company that operates within a specific, limited segment of the market, rather than across the entire industry. This specific segment is known as a niche or a niche market.

Is studying the competition necessary?
Absolutely! Studying the competition is of utmost importance as it provides valuable insights into the market you are aiming to target. It helps you understand the strength and positioning of your competitors within your selected niche. By understanding how competitors are perceived by consumers, you can better grasp the demands and expectations of your target market. Additionally, analyzing why customers choose your competitors can uncover valuable information such as:

• Do they offer superior quality or more affordable solutions?
• What is their unique selling proposition?
• Which social media platforms do they use for promotion?
• How frequently do they generate new content?
• What are their financial strengths

Ideally, you want to enter a niche where you can capture market share and make it to the first page of Google search results to maximize exposure. Analyzing competitors’ strategies can also serve as a roadmap for you towards success by adapting the tactics competitors used to reach their goals.

How to identify your niche competitors
Finding your competitors is not overly complicated. However, you must distinguish between direct and indirect competitors:
• Direct competitors: These are companies that sell or market the same or similar products as your business. Your customers your products with your direct competitors before making a purchase decision.
• Indirect competitors: These companies sell products or services in the same category but are different enough to be called substitutes.

Let’s say you are thinking of starting an ecommerce store that sells yoga accessories. Here’s a step-by-step method to identify your indirect and direct niche competitors:
1. Google Search: Start by searching your niche – “yoga accessories” on Google.
2. Browse Results: Look through the search results and click on relevant websites. Examine not just the page result but the entire website. The top results revealed Manduka and Lulelemon.
3. Inspect Websites: Determine if the website focuses primarily on your niche. If it offers a variety of other products, they are not your niche competitors. Check the about section to see if the website’s main focus aligns with your niche.

                   

In our example for yoga accessories, we found two major competitors. Manduka is a direct competitor as they focus solely on yoga accessories where Lululemon is an indirect competitor as they offer many different products which are not related to yoga.By thoroughly inspecting the websites, you can differentiate between direct and indirect competitors. Direct competitors will have most of their content centered around your niche, while indirect competitors might only touch on it occasionally.

Find Your Niche Competitors’ Top Keywords
SEO tools are invaluable for finding your competitors’ top keywords. If you are just starting out and don’t have an SEO tool, you can use SE Ranking’s free trial. Here’s how:
1. Keyword Research: Go to the Key Research module in SE Ranking and enter your niche idea or keyword in search. We’ve entered “yoga accessories”.
2. Analyze Organic Results: Scroll to the SERP (Search Engine Research Page) section and click on View detailed report.

3. Identify Competitors: Review the list of organic results to find potential competitors. For more information, use the competitive research feature to analyze each competitor.

4. Domain Analysis: Switch from URL to domain.com in the search box and search again. This will help you determine if the site is a direct competitor.
5. Keyword List: Generate a list of your competitors’ top organic keywords. Sort and filter this list to identify low-competition keywords you can target.

Competitors’ Content Analysis
Examining the content your competitors publish can provide insights into how they attract and engage their audience. Consider these factors:
• Frequency of posts
• Types of content (blog posts, reviews, videos, podcasts)
• Length of content (10 min interviews, 30 min podcasts)
• Audience engagement strategies (giveaways, interviews)
• Conversion tactics (subscriber sign-ups)
• Monetization methods

By analyzing these aspects, you can adopt successful strategies and improve upon them. Additionally, identify your competitors’ top-performing pages to understand which topics drive the most traffic and how they optimize for conversions.

Analyze Your Competitors’ Traffic Sources

Understanding where your competitors’ traffic comes from can help you form your own strategies. Using tools like Similar Web, you can discover their primary traffic sources, whether it’s organic search, direct visits, referrals, or social media.
1. Search Competitor Domain: Go to Similar Web and enter your competitor’s domain. After entering Manduka in domain name we see that their top traffic sources are direct – they come from email lists or newsletter. Their second most common source is organic indicating their strong use of keywords in SEO.

2. Review Traffic Sources: Examine how they drive traffic to their site, including the top 5 keywords, top referrals, and social media networks driving the most traffic.

Manduka gets the most social media traffic from Facebook. Similar web helps you get many such details about what drives your competitors business. By analyzing what works for your competitors you can derive inspiration to plan your strategies to head towards similar goals.

Checking your niche competitors is a crucial part of niche research. It helps you understand market dynamics, identify successful strategies, and uncover valuable keywords and content ideas. By analyzing your competitors comprehensively, you can position your business more effectively within your niche and enhance your chances of success.