How Competitor Analysis is Important in a Digital Marketing?
The importance of knowing what different organisation in your market are doing on social media cannot be neglected, as this will give you comparative context for your digital marketing strategy. So competitive analysis should be an essential part of your digital marketing strategy. With digital marketing drives ever-increasing, now is a time to put a strategic approach into action to gain a better understanding.
- Examine wider for broader results
It’s worthwhile to widen your competitive analysis research to learn from established brands that have a respected social presence.
A good tip is to analyse competitors that may not be relevant to your business as their successful social media techniques will help you engage your audience by providing useful insight.
- Analyse don’t copy
Competitive analysis is designed to analyse your keywords, social interactions, graphics and practices. As such, undertaking a competitive analysis of a similar business’ digital marketing strategy will help you make informed decisions on which keywords to target, and which digital marketing strategy will work out for your business.
- Competitive analysis goal
Your goal is to build a picture of how your competitors are building their social media presence. This can be quite a time-consuming task, as you will need to spend time reviewing their profiles, reading their content, and checking how their customers respond to their social media content posts.
- Marketing competitive analysis Benefits
It helps to uncover digital marketing opportunities to outperform your competition and differentiate your brand. It compares topics, tactics and social media channels driving market performance for you and your competitors. Gain insight into your competitor’s specific digital marketing campaigns and Fine-tune your digital marketing strategy.
- Competitive intelligence framework
Before undertaking a competitive analysis before your digital marketing strategy, you need to have the right framework in place so you can back up your digital marketing strategy. For that Pick the right metrics so the most marketers struggle to identify the right digital marketing metrics to track their performance. Determine whether competitors are posting more or less, Choose the right social media channels and Determine who your competitors are.
- Monitoring your competitors
To complete an effective competitive analysis it’s crucial to continually monitor the competition. It allows you to discover new digital marketing opportunities and gives you invaluable insight into what works and what doesn’t. Once you’ve determined your competitor’s keywords you can target these keywords. Analyse their rankings against keywords. Where competitors are outranking you, check their supporting content and website. Next track new links. It’s a good idea to track any new links your competitor is getting and there are good apps that allow you to do this. Next always check on your competitor’s social media activity.