Competitor analysis offers an effective way to leverage your online marketing efforts. While this does not mean that you have to replicate every single strategy that your competitors are using, it does mean that you can get insight into what they are doing right.
Whether used to help you grow your social media results or improve your digital ads, boost your digital marketing strategy efforts or even follow best practices across the board, competitive research offers critical insight into how your competition is faring online. Simply put, it gives you invaluable data into how your competitors are bringing in business.
Why invest in competitor analysis?
Some of the top reasons to consider competitor analysis to give your business an edge include the following:
Increase your results in the search engines
In the case of SEO, knowing what keywords and strategies your competitors are using is an excellent way to increase your own results in the search engines. This is also known as reverse engineering. It is a great way to grow your reach organically.
Grow your online advertising efforts
Keeping track of what the competition is doing online can also help you improve your online ads, for both PPC and social media advertising campaigns. By using your competitor’s high performing keywords, you can enjoy the advantage of higher performing ads without wasting your ad budget on poorly performing keywords that may not convert as well.
Fast-track your content marketing
This type of insight also helps you grow your blog and website content, as well as your social content. By getting the inside scoop on which terms and focus areas your competitors are targeting, you will be able to find new ideas that you had not yet considered or explored. A well-planned content calendar in turn helps you grow organically in the search engine results.
Get inside information on your competitor’s priorities
Yet another major advantage of competitive analysis is that it gives you exclusive insight into what your competitors are prioritising. You may discover ideas that you had not considered, which in turn will help you tweak your own priorities.
The secret to truly getting rewards from this type of data is to ensure that you target your research as accurately as possible. This means being 100% sure who your direct competitors are, rather than those you aspire to be like one day. Look for businesses in your area who offer the same products or services as your business, or those who are targeting your ideal customer.
To learn more about how competitor analysis can fast track your marketing efforts, leave a reply below.