Performing a Competitor Analysis for Digital Marketing
In order to understand where you stand with your digital marketing, it might be worth your while to perform a competitor analysis. A competitor analysis will tell you exactly what they are doing in terms of digital marketing. You’ll be able to gain insights from their content marketing, social media, SEO, online advertising, and other strategies. Not only that, but doing a competitor analysis can help you gain insights that will help you more effectively marketing your business online because you can use some of the strategies for your own business. Here’s more information about what a competitor analysis for digital marketing is, and how you can go about doing one.
Definition of Competitive Analysis for Digital Marketing
A competitor analysis is where you use various tools to evaluate your the digital marketing strategies of your competition.. It is a comprehensive workup that will allow you to see exactly what they are doing online for their digital marketing. You should examine things like their website, content marketing, social media, whether or not they have an email newsletter, online advertising campaigns, and more. You can evaluate these elements manually, use software tools to help, or do a combination of both manual evaluation and software.
Why a Competitive Analysis is a Good Idea
Your motives for performing the competitor analysis could vary, though, and your motives could affect your overall strategy. For the most part, you want to see what your competition is doing well when it comes to their digital marketing strategy, but you should also evaluate what they might not be doing well so that you could know to improve upon the strategies for your own marketing. In other words, an analysis could potentially uncover opportunities, either by evaluating what they’re doing well, or by showcasing what not to do. The information you gather could also help you make key strategic decisions for your digital marketing and your business as a whole.
Steps to Performing a Competitive Analysis for Digital Marketing
So, how exactly do you go about performing a competitive analysis? Here are some steps that can help you get started:
- Determine your competitors. Which competitors do you want to evaluate? You might want to start by evaluating one or two, and then you can add more competitors to your analysis over time if needed.
- Analyze the websites. Your analysis should start by visiting the websites of your competition. Take a look at their navigation, content strategy, page structure, footer, and any other elements that intrigue you.
- Visit their social media. Next, you’ll want to take a look at their social media. Which networks do they use? What kinds of posts do they share?
- Determine search engine activity. How prominent are your competitors in the search engines? For this, you might want to perform a few manual searches to see how they come up, and you can also use tools to help you evaluate.
- Assess content marketing. You will also want to take some time to understand their content marketing strategy. What types of content do they publish?
- Find out their digital advertising. How are your competitors advertising? Are they running ads on social media, boosting posts, or doing PPC? Try to find out as much as you can about what they are doing.
As you can see, it is a good idea to analyze the digital marketing strategies of your competitors. This will help your own marketing efforts.
Categorized in: Digital Marketing
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