If competitive analysis is not already part of your digital marketing strategy, now is a good time to consider this highly strategic approach to gain a better understanding of what your direct competitors are doing to get results.
With a number of unique benefits, analysing your competitors’ ads, keywords, social interactions, and practices is not designed to copy what similar businesses in your field are doing but rather to see where you may have areas for improvement. As such, this approach is designed to offer guidance that helps you plan out your own campaigns, armed with all the information you need to make informed decisions on which keywords to target, which practices to put into place, and which strategies to consider for your own business.
How Competitive Analysis Helps Your Digital Marketing Strategy
If you have ever wished that you could take a sneak peek inside your competitors’ digital marketing strategy, there is a very simple and effective way to make this happen. Competitive analysis is easily one of the most insightful tools you have in your proverbial toolbox, offering a way to gain critical insight into what your biggest competitors are doing to stay ahead of the game. Some of the top benefits on offer include the following:
Gain insight into your competitors’ campaigns
One of the most useful ways to use competitor analysis is to gain critical insight into the SEM and other online advertising campaigns of your primary competitors. When you are able to see what keywords they are bidding on and how many ads they are running, you will be able to craft your own campaigns with a better idea of how to proceed.
Identify best practice strategies in your niche
You will also be able to pick up the best practices and trends used within your niche, to see what is working and what is not working as well. You may be able to identify areas for improvement or digital channels that you had not previously considered or identify potential issues to avoid at all costs. This gives you a well-rounded overview of your overall market.
Fine-tune your own strategies for growth
Finally, it is also an excellent idea to continually fine-tune your strategies. One of the biggest dangers of wearing blinders that prevent you from seeing what others are doing is that it prevents you from seeing where your own strategies are working or not working. To assess and audit your business you first need to have a realistic idea of whether your strategies add genuine value. You also need to know whether there are any areas you may not be putting enough effort or thought.
Used wisely, competitive analysis is without a doubt an excellent tool that can help you perfect your digital marketing strategies considerably.