You may have considered a digital marketing audit at some point. You may assume that this is much the same as competitor analysis in the grand scheme of things, or you may even think that one of these is more important than the other, making it a waste of time to invest in both.
At a glance, both of these tools focus on insight. Both use measurement and data to help guide your campaigns. While they both serve a similar purpose, there are a few major differences that make bring digital marketing audit and competitor analysis into their own. Keep reading to find out more.
Digital Marketing Audit or Competitor Analysis?
The short answer to this question is both. While a digital marketing audit offers excellent insight into what is working and what is not, competitor analysis provides in-depth information into what your competitors are doing. You could look at it this way – audits look at your own processes and strategies, while competitive analysis looks at the strategies used by others in your industry. To give you a better idea of how each helps your business, here are some things to keep in mind.
For you to truly understand exactly what is working and what could be improved, you need a comprehensive audit. These offer invaluable insight into your various strategies across every digital platform – social media, content, SEO, advertising, email, mobile, and lead generation. Whether there are certain things that you are not doing, certain things that you are doing wrong or certain things that you had not yet considered, an audit is the most effective way to improve your processes and strategies across the board. Without the insight provided by audits, you are for all effects shooting into the dark, hoping for results.
As important as it is to know what is working in your own strategies, it is also crucial to be aware of what your competitors are doing. This comes down to analysing competitor keywords, ad campaigns, SEO campaigns, and various other campaigns that are being run by businesses in your industry. When you have this type of data, you will be able to find ways to improve your own strategies. When you are unaware of what your primary competition is doing, you may end up being left behind.
Investing in both audits and competitive analysis will ensure that you have a well-rounded overview of your own efforts as well as your competitor’s efforts. With this information, you will have the ability to improve your current strategies across the board and also plan new strategies that are designed to deliver maximum impact.
Used together, there is no doubt that a digital marketing audit and competitive analysis can take your results to a whole new level.