Don’t jump off a cliff, even if you think your competitors are magically reaching prospects just over the edge. In reality, your firm’s path to success probably doesn’t follow the same road as your competitors, even if you share similar prospects.

Keeping an eye on the competition is a fine art. The two most important elements are collecting real data and exercising good judgment about when to mimic or innovate on competitor actions.

Here’s a guide for anxious lawyers on how to successfully research, appropriately monitor and smartly take action based on your competition.

Figure out who your firm’s actual competitors are.

When we ask firms who their competitors are, we get really interesting answers. 

Some point to their peers who are dominating the SERPs. Other name peers they used to work with (even if they don’t rank well) or firms that they aspire to be like. 

Before you can win, you have to accurately assess who your competitors are.

Identifying your true competitors goes beyond merely looking at who dominates search engine results or who you used to work with. Your top competitors are the ones your prospects perceive as viable alternatives. 

While you may admire a large firm with a prominent online presence, your ideal client might not care. In fact, they might prioritize personalized service over brand recognition.

Another crucial consideration here is legal services and DIY solutions like LegalZoom. Your competitors may actually extend beyond traditional law firms if your prospective audience finds low-touch services like LegalZoom more compelling. 

Understanding your prospects’ decision-making process is essential for effective competition analysis. Think carefully about any priorities that may keep your prospects from hiring your firm. This is especially important with transactional firms; a criminal defense client likely doesn’t have the luxury to defer hiring counsel, but a young couple thinking about estate planning may decide to wait and spend elsewhere—in which case education is key.

At the end of this assessment stage, you should have a list of competitors and reasons why a prospect might consider your competitor a better choice.

Study what they do, but don’t get obsessed.

Staying informed about your competitors’ strategies is valuable, but becoming fixated on their every move? Not so helpful.

You must remember that you’re not getting the full picture just by looking at a competitor’s site.

Some of the firms we speak with are fixated on their competitors. A competitor starts offering a gated white paper, and all of a sudden the firm wants to follow suit. 

But SEO success is supremely nuanced. Online history and budgets, for example, vary dramatically. You don’t know what’s going on behind the scenes at another firm. What works for them may not yield the same results for you. We cannot assume that it’s a level playing field for all firms when it comes to ranking in the SERPs. If firm A pulls one lever and succeeds, it doesn’t mean that firm B will get the same results or have the same timeline.

You’re unique, and your marketing strategies should be unique, too.

As you’re studying your competitors, focus on understanding their tactics rather than unquestioningly copying what they do. Once you understand their tactics, you can adapt them to suit your firm’s unique strengths and objectives.

Who, what, why, where, when and how to watch your competitors

WHO: Identify the key players in your industry, including direct competitors, alternative service providers and emerging disruptors. Pay attention to both established firms and newcomers shaking up the market.

WHAT: Analyze your competitors’ website content, social media activity, advertising strategies and client interactions. A side-by-side comparison with your own firm can be invaluable. Look for strengths, weaknesses, opportunities, and threats (SWOT) to inform your own approach. 

WHY: When you understand why your competitors are making decisions, you can adapt to your own needs. Are they speaking to prospects in a way you aren’t? Do they offer something you hadn’t thought to offer? Try to understand factors like market positioning, target demographics and growth objectives.

WHERE: Monitor channels where your competitors engage with clients and prospects, such as their website, social media platforms, industry events and online forums. Keep tabs on both online and offline activities to gain a comprehensive view.

WHEN: Limit yourself to scheduled and appropriate spying. Do a competitor analysis before you launch any new SEO campaign, for example. Then, establish a regular cadence for ongoing competitor analysis, such as quarterly or semi-annual reviews. This allows you to stay updated on industry trends and react promptly to any significant changes that your competitors are implementing.

HOW: To gather actionable intelligence, use keyword research, backlink analysis, social media monitoring and competitive benchmarking. You can hire a marketing firm to help gather, distill, and act upon competitor insights.

Ultimately, don’t become so fixated on your competitors that you forget what you do well. Instead, use competitor insights as a springboard for innovation and differentiation in your legal practice.

Review and next steps

It’s wise to keep an eye on your competitors, but you’ve also got to be honest with yourself. Are you researching in a constructive and curious way? Are you gathering data to help your firm improve? Or are you attempting to duplicate their success?

To grow your firm sustainably, you need a marketing strategy that’s as unique as you are. That means you need to 1) understand the value of what you offer when compared with your competition and 2) explain that value clearly and strategically.

[View source.]