A competitive analysis is an in-depth review that measures a wide range of web data and interprets the digital marketing strategies and tactics your competitors are implementing. It reveals the strengths and weaknesses of your competitors and compares them to the marketing strategies and tactics you are using to promote your products or services. When you know more about who you’re competing against, you can develop a better more comprehensive marketing plan. We can help promote your business by assessing your market and find ways to gain a competitive edge.
Why a Competitive Analysis is Crucial
There are several reasons why a competitive analysis is crucial to a digital marketing strategy:
- Markets and competitive landscapes constantly change
- Businesses within specific industries change
- Most purchasing decisions are based on previous online research
- Transparent tracking and measurement of marketing metrics and spending
- Provides additional information to adjust your digital marketing strategy to changing requirements
- Highlights gaps you should address in your digital marketing strategy
Understand Your Competitor's Strategies
Reviewing a competitor’s content marketing, social presence, and SEO strategy can shed light on the marketing landscape of your industry. It also helps highlight the gaps you need to address in your own digital strategy. In addition, it can also allow you to better leverage your own strengths in the marketplace.
Find Room for Improvement
Checking to see what your competitors are doing can provide opportunities to learn and improve. Even when you think your business is successful, you need to look to your competitors to determine if there’s a better way to improve what you are doing. Check for opportunities you may have overlooked that your competitors are doing.
Did You Know?
The results of a competitive analysis can help you develop a plan for overcoming your competition. Consider
the following stats about the value of conducting a competitive analysis:
87% of companies say that their markets have become more competitive in the past three years
On average, most companies battle against 25 competitors
80% of business have at least a part-time employee working on competitive intelligence
91% of businesses see quantitative results from their competitive analysis efforts