How to conduct a competitive analysis for your law firm

Key quotes:

• "This is termed as SWOT analysis to find out your strengths and weaknesses and also manage to identify possible threats and opportunities of your business."
• "Doing a competitor analysis is a step towards building an effective and efficient strategy to gain a better understanding of what makes your company unique in a saturated business climate."
• "There are 2 major factors being used in a basic SWOT analysis, which are: Both of them are further categorised as: The internal things are those that you have control on, like your quality and brand name (strengths) or lack of product range (weaknesses)."
• "A better way to gain more benefit is to go a step further from a general competitor analysis and explore competitor’s products to improve your offerings."
• "Related Article: USA Road Trip 2013 Keep below factors in mind An important tool in the field of competitive analysis which is suitable for the businesses of all sizes."
• "Moz is an important tool for analysis that focuses on the strength and weakness of your business and you also come to know about how the content of others in the same niche is performing."

Key quotes:

• "It’s great to track competitive data, like product pricing and features."
• "This Base (that’s Airtable speak for “spreadsheet”) comes configured with the main properties of tracking your competition, like price, URL, product images, messaging, and more."
• "Depending on your category, there’s a good chance everyone’s offerings are similar, so it’s important to differentiate not only on features but also on brand."
• "For example, Constant Contact states this on their home page: We’re committed to helping small businesses and nonprofits succeed — and to being your trusted partner every step of the way."
• "If “hand-crafted” is a core value, but the marketing language is all about low prices, or if the brand touts “sustainability” but publicly supports a big oil PAC, you’ll feel some cognitive dissonance."

Key quotes:

• "Competition means you have a product or service that people need and is worth selling in the first place."
• "But if you want to give your business a fighting chance to succeed above your competitors, it’s important to understand what your competition is doing and find opportunities to take the lead."
• "When conducted the right way, your analysis can help you find potential gaps in the market and create new products or services to fill them."
• "Entrepreneurs agonize over how they can differentiate their service or product offering, and a competitive analysis is arguably your best opportunity."
• "For example, a Mexican restaurant and a Chinese restaurant can be viewed as indirect competitors: they’re competing for business among people who eat out, but at the same time, they serve uniquely different consumer tastes."
• "A SWOT analysis looks at the competitor’s strengths, weaknesses, opportunities, and threats to help you identify ways to differentiate your product offering."

Transcript: You we specialize only in working with law firms now we work with other businesses over the year but we specialize only with law firms we have over 700 examples we have testimonials but that's all that we do so you know would you hire a plumber to pull your teeth no so that's all we do you... See more →

Key quotes:

• "A competitive analysis is a strategic tactic used to identify and evaluate competitors."
• "The purpose of a competitor analysis is to determine the competitor’s strengths and weaknesses relative to your own product."
• "The main objectives of this analysis are to: “If all you’re trying to do is essentially the same thing as your rivals, then it’s unlikely that you’ll be very successful.” — Michael Porter By learning what your competitors are doing and how they are doing it, you can take necessary measures to improve your company’s performance and differentiate yourself from rival companies."
• "Though the products are different, the purpose and target audience is the same Both types of competitors are equally important for successfully carrying out your competitive analysis."
• "Basically, SWOT looks at four different sets of data about your competitors: To make the most of this competitive analysis tool, you need to collect enough data to satisfy all four areas."
• "Analyze each competitor against your list of criteria, and answer all the questions relevant to refining your company processes."

Key quotes:

• "There are five different ways that you can use to woo and convert new clients for your law firms and to outperform your competitors."
• "There are different reasons because of which you need to measure the online presence of your firm The algorithm changes of Google occur every day in reality."
• "If the webmasters don’t follow these guidelines, your law firm website has the risk to be penalized in the search results."
• "This is why you need to audit your law firm website."
• "In order to attract the new clients for your website, you not just required to exist online."
• "These days, when someone searches for the law firm SEO services or any other service on Google, 55% of clicks take place on the organic searches."