Competitor analysis is a powerful tool that offers critical insight into your competition’s digital marketing efforts. On the surface, this can seem like a waste of time and effort. After all, you should be focusing on your own strategies rather than worrying about what others are doing, right? While it is true that you should be putting effort into your own campaigns, there is much that you can learn from a comprehensive analysis of your competitors’ approaches.
Top Benefits of Competitor Analysis
Rather than blindly copying what similar businesses are doing, or shooting in the dark without ever knowing whether certain keywords or strategies are helping others in your industry, competitor analysis gives you accurate data on your competitors. This data can be used to perfect your own campaigns, armed with all the information you need to make smarter decisions.
There are a number of benefits offered by competitor analysis, from improved operations to better SEO results. Some of the biggest advantages include the following:
Improve your SEO results
This tool is incredibly useful from an SEO point of view. Maintaining a high ranking often comes down to the keywords you use, how you use them, the pages you index and numerous other factors. Being aware of competitor strategies is one way to improve your own. When you are able to identify high-value keywords that you had not yet considered along with the backlinks, domain authority, page views, and overall strategy of your competitors, you have the chance to fine-tune your own strategies for better results.
Fine-tune your online ads
You can also get critical insight into your competitors’ online ads, to see whether there are any ways to improve your PPC campaigns. When you have a solid insight into the keywords your competition is using for online ads, and you can also see how those ads perform, you will be able to improve your strategies for better results. If ads have failed for any reason, you’ll also be able to learn from your competitors’ mistakes, rather than making your own, potentially costly mistakes.
Grow your social research
Although competitive analysis is especially useful for SEO and PPC, it is also useful for social media. By tracking the likes, retweets, shares, comments, and reactions of your competition’s social campaigns, you can identify potential campaign ideas and see what is working and what is not. This, in turn, gives you the insight to craft your own campaigns, avoiding or selecting topics or strategies that affect your success.
Simply put, investing in your business means investing in competitor analysis and other strategies that are designed to help you grow.