It does not matter whatever you do; you will find several other companies who offer similar services and products to yours. The current digital marketplace is very crowded, and you need maximum insight and information to gain an edge over your competitors. All you need to do is show people that what other companies are offering is not enough. Technology and software have made it possible to know more about competitors. So, this guide will focus on everything that you need to know about competitive analysis in digital marketing. This article will tell you Everything you need to know about competitive analysis in digital marketing.
What is competitive analysis, and why is it important?
Competitive analysis is also known as competitive research. It is a field that specializes in the review and collection of information about competitors or rivals.
These are significant tactics that help you to find out what your rivals are performing and what is the threat they present to the success of your digital marketing company.
How to conduct a competitive analysis?
You can opt for a digital marketing agency for conducting a competitive analysis. Or else, here are few steps that will help you to perform a competitive analysis if you are a digital marketer:
Identify your top 10 rivals:
You need to know who are your top potential competitors.
While selling a service or product, it is most likely that you are competing with hundreds of companies that are following the same group of qualified leads.
If you want some help in identifying your competitor, Google can prove to be a helpful resource. You can simply search for the type of service or product that you are offering. And few of your most potential competitors will show up.
Analyze and compare the content of your competitor:
After identifying your competitors, you need to dig deep to get a better understanding of what kind of content your competitors are publishing.
Analyze their content to determine what are the opportunities you can have for outperforming your competitors. Check what kind of content your competitors are creating, whether it is blogs, or case studies, or premium content.
Check whether if some content is gated, and check whether there are YouTube channels, podcasts, or newsletters.
After locating their content, determine the quality, and compare it with yours. Check for how often they are adding, updating, or publishing new content, and see what the topics they are focusing on are. Also, check their bottom line and see that whether they are doing something that you are not.
Analyze their SEO:
If you see that your rivals have the same kind of content, updates it as frequently as you, and produce high-quality work just like you, you need to take a closer look to discover what they are doing differently.
It can be their SEO. While conducting a competitive analysis on the type of content your digital marketing competitors are generating, it is also beneficial to consider the SEO of that content as well.
Algorithms are updating, and search engines understand the search intent better. So, you need to beat the competitors at their own game.
For example, if your competitor is offering 7 tips for producing better video content, you need to offer 10 tips.
Have a look at their social media engagement:
The presence of a digital marketing company on social media is becoming more important than ever. It allows the companies to interact with fans and users.
Determine how your competitors are making use of social media and how they are incorporating it in their marketing. Check how effectively your competitors are making use of their profiles.
Check what kind of information your competitors ate posting and how frequently. Check out the engagement and see whether their posts garner clicks or not, how many likes are there, and what are the photos they are posting about their company.
In short, learn what they are doing and how you can do it better.
After doing a competitive analysis, you get a better understanding and idea of what your competitors do. Consider all the information you have collected, and identify the specific area which demands improvement in your digital marketing strategy. By doing a competitive analysis, not only will you be improving in terms of SEO, content creation, and social media presence, but it will also establish your company’s digital presence with potential customers, blog subscribers/users, and social media users. You should consider hiring an international SEO consultant to get help with online marketing strategy.