Competition is part of our everyday lives. Employment, and sport are competitive and even buying a house has an element of competition. Your business is no different. Whether its products or services, you will be competing with other businesses to win clients. What can you do to get your product or service in front of the right people before your competitors? What do you do better than them? More importantly what is the competition doing to stop those customers finding you?
Digital marketing has changed the way businesses create relationships with their audience. It’s far easier to connect and engage with people which in turn will increase sales and help your business grow.
Another way to help that growth is to conduct a competitor analysis. Understanding how you compare to your competitors will help you gain insights into things you may need to change or improve to help you on your path to success. Learn from your competitors strengths and weaknesses and use the information you find about their marketing strategies and tactics to help guide your own.
Here are 5 key areas that an effective competitor analysis should include.
1. Website Content Benchmarks
Looking at your competitors’ website is just the same as walking around physical premises. Take some time to browse and find out what’s on offer – look and see what their content is like. Does it tell the customers what they need to know? Is it fresh and relevant to their audience? More importantly, is it relevant your customers? Are they using social media to amplify their content and engage with potential customers and client and is it mobile friendly? All of these things will help you understand where changes may need to be made in your own content strategy.
2. Search Engine Optimization
Think of search terms your customers would use to find your products or services and then use Google or other online search tools to see whether you, or more importantly your competitors appear in the search results. There are also other tools that you can use to find out key phrases that your competitors are targeting. Use those key words and phrases to guide your content and build a consistent digital presence in the areas your clients are searching.
3. Pay-Per-Click and Remarketing
PPC and remarketing can quickly suck up your entire budget if not managed carefully. If you spend money on paid search without the relevant search data it can lead to unnecessary over-spending. A professional competitor analysis in this area will act as a guide for your campaign. If researched correctly you can find out how your competitors are spending their money. You’ll be able to establish the terms and the costs, working out which are too expensive for you to pursue. You’ll also be able to see which of your own phrase re not being targeted and maximise on the opportunities.
4. Social Media Engagement
Keeping an eye on your competitors’ social media engagement can be very informative. What platforms are their audiences most active on? What type of content is getting most engagement? This will help you see what works in your industry and what doesn’t allowing you to tailor your content on social media effectively and drive more engagement.
5. Lead Nurturing Calls to Action
Looking at the way your competitors get customer to take action on their sites (Calls to Action) will give you an insight into the paths your clients or customers are taking in their buying process. You may want to follow some of those ‘Calls to Action’ yourself and see if they could be improved. You may even find areas where they fall down, giving you a chance to avoid the same mistakes. Conversion is an essential part of your strategy so anything you can learn from your competitors that will help you lead your customers through the buying process and improve your own conversion rates is extremely valuable.
In conclusion, effective marketing is all about ongoing testing, but testing can be accelerated through smart research, like a competitor analysis.
If you would like to conduct a professional competitor analysis for your business, get in touch.