How to Do Competitor Analysis and Improve Your Digital Marketing Strategy
In digital marketing, your strategy indeed matters but knowing what your competitors are doing holds even more value. When you know what other top performing players are doing in the industry, you can always adapt your strategy accordingly.
By analyzing your competitors’ digital marketing strategy, you can easily go ahead and optimize your campaign and boost the value of your ideas. This is how you can achieve your goals easily and do well in the market.
The purpose of doing competitor analysis is to have a complete view of their digital strategy audience, their digital marketing performance, their traffic, their target audience and so on. This will help you understand the existing market trends and act accordingly.
A lot of businesses just have a look at their competitors’ ads to seek ideas for their campaigns while some analyses their online mentions, social media presence, their backlinks, their online reputation and everything that matters.
✓Competitor analysis can be a great tool to understand and achieve your both short and long term digital marketing goals
✓You can analyze different channels and strategies and evaluate your own performance
✓Competitor analysis can help you re-assess your own digital marketing strategy and achieve success with your tactics
✓And you can outsmart your competitors only when you know how they approach their digital marketing strategy
Doing a thorough competitor analysis must involve some of these steps on your part, including –
1. Analyze the competitors’ site traffic
You will get many useful insights by analyzing your competitor’s website traffic and it will also help you understand how their online presence is doing at that particular moment. With website traffic analysis, it’s possible to get an in-depth view of your competitor’s digital marketing strategy, their monthly performance, changes to their results and so on.
With site traffic analysis, you can easily understand their most beneficial channels and then tweak your digital marketing strategy accordingly. It’s also important to keep the analysis focused on the nearest competitors and use their trends and changes to own tactic and strategy.
2. Analyze the competitors’ SEO tactics
SEO should always be a part of your digital marketing strategy, particularly if you’re taking as a long haul. This will help improve your business’ ranking and visibility in search results and lead to more views and more traffic to your site. And one simple way to improve your search engine ranking is by having any idea of your competitor’s ranking.
Follow these steps while analyzing your competitors SEO tactics –
✓Analyze their site’s organic search visibility on a regular or daily basis
✓Know your competitor’s top-performing keywords and also have an idea about their average monthly search traffic
✓Understand the most successful or best performing web pages of your competitors
✓Optimize your campaign and content using the right keywords
✓Rank higher in a quick time through analysis of potential keyword gaps
3. Analyze your competitors’ online ads
Inspiration does not necessarily mean investing a lot effort and time, particularly when it comes to digital marketing; sometimes just a look at your competitor’s ads is enough to run a successful campaign. When you analyze your competitor’s online ads, you stand to gain a lot of useful information which you can leverage and add value to own ads.
An analysis of competitor’s online ads can help in many ways, including –
✓You can know the number of keywords they are bidding on
✓You can understand the average traffic generated from those keywords
✓You can get aware of the projected paid traffic cost
✓You can know those seasonal changes in their ads
✓You can also know who are the competitors of your closest competitor
Clearly, analyzing your competitor’s online ads can fetch you helpful data which you can use to target specific market, improve your ROI, explore new channels, and reach out to new audiences and so on.
4. Analyze your competitors’ social media presence
Social media has become a key ingredient to a robust digital marketing strategy as it brings great prospects at low cost. With so much to gain by understanding the right social media, it’s important to analyze how your competitor is using social networks and then plan accordingly.
Here are a few things to look at with your competitor’s social media presence –
✓The social media channels they are using the most
✓Their post frequency and engagement rate
✓Their style and tone of voice
5. Analyze your competitors’ content marketing
It’s easier to make your content marketing strategy better when you already have an idea about your competitors are faring with their content. To analyze content marketing strategy of anyone on the web, you need to understand many things, including their online mentions, social media presence, the type of content they regularly publish, conversion rates and number of backlinks.
Such an analysis will help you understand your target audience and the ways to tapping into the opportunities that lie ahead. You can always devise a powerful content marketing strategy by using quality content and give focus to adding value to your potential audience. You can publish informational and visually attractive content and win the attention of your audience.
6. Use competitor analysis knowledge in your campaigns
It’s time to devise your own ad campaigns by using all the learning, information and knowledge of competitor analysis. You can always re-assess your objectives based on the analysis of your competitors and also compare your strategy with your competitors.
More so, you can use the knowledge to know your target audience, different channels and different strategies. This will always go a long way in delivering success with your online strategy and then you can achieve what you have set out with your digital marketing strategy.
You can also hire a top digital marketing company India and let it handle everything for you so that all your hassles are gone and all the best results are there for you to benefit from.
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