Importance Of Competitive Analysis
You should acknowledge the fact that digital marketing is one of the best way to market your product or services. But the competition is fierce. But it does have its perks. Facing a competition makes you want to make a better version of yourself or whatever is it you are competing for. It makes us more innovative and makes us think outside the box to achieve excellence. It makes us think about our weaknesses and strength. And gives us the goal which points should be improved. To make all this happen we need to collect data about our competitor. How they are selling and how they are marketing their products, their targeted customers and their characteristics etc. This will help us to create new tactics and strategies about how to market the products. In digital marketing, competitive analysis is used to collect all these data. This is a service provided by most SEO firms around the world. Now that we got an idea about the importance of competitive analysis in digital marketing, let us see how it is done.
How Does Competitive Analysis Help Us?
Profile of competitor
Through competitive analysis we can know about the intention of our competitor and what their final goal is. Through this information we can device new strategies to tackle this.
Advantages and disadvantages
One of the major reason to do competitive analysis is to know about the strength and weaknesses of our competitor. We can learn from the mistakes made by our unsuccessfull competitors. This is a major advantage for us.
Threats from the competition
Knowledge about the threats posed by the competition gives the opportunity to create tactics and strategies to tackle them.
Past, present and future strategies
Analysing the past and present strategies helps you to make better plans for your company. Knowledge about your position in the market in comparison with your competition allows you to make better strategies. This helps to market your products in the future.
How To Do Competitive Analysis
There are certain key performance indicators that we consider to do competitive analysis. It is important to choose the right metrics for the best results. Let us take a look.
Audience growth
Tracking the growth of your competitor on social media helps you to know about the nature of the target audience, age, gender, location and any other parameters.
Content distribution
By systematically advertising on social media, based on the analysis of the competitor we can target the potential customers. We can post more or less according to the time audiences are most active on social media.
Content engagement
Based on the analysis from social media we can know about what content does the audience interacts more for your competitor.
Choosing the right marketing medium
Choosing where to advertise make a lot of difference. The content should reach the potential customers. We should have an idea about the competitors marketing strategy on social media. So it is important to choose multiple platforms to boost your marketing. We can use platforms like
- Blog
Select the right competitor
It is important to choose the right competitor to analyze. If you fail in choosing the right competitor we will not get the results we are striving to achieve. Our competitor should be on the same level as we are.
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