You can start from scratch. Or you can look at your competitors, learn from what they are doing, and get a head start in defining your own marketing strategy.
Every top digital marketing company in UK goes with the latter route – and so should you.
Competitive analysis is an integral part of a highly effective digital marketing strategy.
If you don’t already, it’s essential you thoroughly analyze all the relevant competitors. Thereon, your marketing strategy should be outlined accordingly.
Here are three important steps involved in competitive analysis:
1. Assemble the right set of tools
Having the right tools to do competitive analysis is crucial.
Some tools are free, some are not. Some are simple and easy to use, while some others require you to have coding knowledge or a background in analytics.
The best way to find the right tools for you is by thinking about what you want to accomplish first.
Ask these questions:
What are your goals? What do you want to achieve by doing competitive analysis?
What type of data do you require? Do you need social media data and insights, or do you want to know more about your competitor’s keywords and search rankings?
How much time will it take? How much money can you spend on tools per month?
Answer these questions and find the right competitive analysis tools.
2. Identify your competitors
This is, of course, the most fundamental part of competitive analysis. You need to know who your competitors are.
While many business owners would usually know this, if you don’t already, there are tools that can help you with this.
In addition, you can do research manually; use search engines and social media platforms to discover the top and closest competitors.
3. Read their reviews, testimonials, and comments
There’s only so much you can learn about your competitors from the information they provide on the website. Time to dig deeper to get more insights. And what better way than to read their reviews, testimonials, and comments!
Negative reviews specifically can provide you with more insights, helping you identify opportunities in places where your competitors are lagging.
So, scour through the web to consume the user-generated content of your competitors.
Spend A LOT of time in research
The mentioned are just three fundamental steps of competitive analysis.
There are plenty more steps in the process, including even minor details like how many times a day your competitors post on social media platforms, what’s the length of their blog posts, and what type of websites do they get backlinks from. A good competitive analysis tool can give these details very easily.
In the end, what matters the most is how you use competitors’ data in crafting your own strategy. So, once you have all the data, plug it into your marketing funnel to achieve the defined goals. If you need help, consider getting help from experts at a reputed digital marketing agency Kolkata.
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