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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.
4 Ways to Gather Hard Intel On Your Competition
1. Create a True Competitor Analysis
You should have a file on every major competitor in your industry, which you add too whenever you uncover more information about them. Knowledge is truly power.
2. Go Undercover, Dig Deep
Visit websites. Analyze tone, content, call-to-actions. Take note of visual design choices. Look at the frequency of social media posting. Run keyword research tools to discover which keywords are being used to discover their sites. Run SEO analysis checks.
3. Learn from other Markets
Don’t stay solely in your own back yard. Look at major players in other industries, especially those connected to yours or with a similar target audience, to see how they are achieving success. You can often get great ideas this way.
4. Use Your Data
Everything you learn adds up to two key insights: A) Successful things others are doing which you should do as well, and B) Areas of deficiency which create new opportunities for you.
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
3. Pay-Per-Click & Remarketing
4. Social Media Engagement
5. Lead Nurturing Calls to Action
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.