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Competitor Analysis: Gain an Advantage by Understanding
Knowing yourself in online marketing is easy: a well-constructed set of database-backed analytical tools can reveal huge amounts of information about your own business. Knowing your competition is slightly harder, but not much. Thanks to the open nature of the Internet, it’s easy to gather real business intelligence about your competition and their strategies and forming a competitor analysis. Remember: any online tool for analyzing your website can be used just as easily to analyze theirs.
A competitor analysis is an in-depth review of a wide range of web data that reveals your competitors’ digital marketing strategies and tactics, enabling you to gain an advantage by learning from both their strengths and weaknesses.
Here are 5 key areas that an effective competitor analysis should include:
1. Website Content Benchmarks
A closer inspection of competitor websites can provide focus on how to gain the advantage in your market place, by identifying factors such as mobile ready content, frequency of new content as well as level of social media engagement.
2. Search Engine Optimization
Using online search tools, you can not only identify the key phrases that your competitors are targeting, but also pinpoint how to formulate your website content and link building strategy to gain maximum search exposure. This is an important step in competitor analysis to gain real business intelligence for your market.
3. Pay-Per-Click and Remarketing
Spending money on paid search without relevant search data can lead to unnecessary over-spending. A professional competitor analysis will act as a guide for your campaign, including calculating your cost of customer acquisition.
4. Social Media Engagement
Monitoring your competitor’s historical social media engagement can be very informative – it not only indicates which social media platforms attract your target audience, but also which content formats consistently drive the most engagement.
5. Lead Nurturing Calls to Action
Examining the architecture and style of competitor calls to action can give you a head start in better understanding and then leading new customers through their buying cycle and give you valuable business intelligence.
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 and gain valuable business intelligence, get in touch with your Napa WSI office at (707) 681-5096 or complete the form below.