Have you ever wondered if your digital marketing campaign is making an impact?
You’ve come to the right place. This article will teach you how to use competitive analysis in your digital marketing campaign, why it’s essential to do a competitive analysis before starting any marketing campaign, and how to conduct one.
Expert marketers have used competitive analysis to their advantage. Furthermore, website marketing competitive analysis shouldn’t be too difficult for newbies. The most crucial aspect of competitive digital marketing analysis is knowing what you should be doing.
What is competitive analysis, and how does it work for digital marketing campaigns?
Competitive analysis is a process in which you research your existing and potential competitors to find out how they are doing. This will allow you to set benchmarks for success and see what might need improvement on your website or social media pages.
Using competitive analysis in a digital marketing campaign can help measure the impact of an online presence. It can help you determine how likely it is to be successful, what changes need to be made, and whether or not your company should invest more money into the campaign.
The best part about competitive analysis for digital marketing campaigns is that it’s not that difficult to do. All you need is a little time, patience, and access to a computer with internet access.
How to use competitive analysis in your digital marketing campaign?
Using a competitive analysis for a digital marketing campaign is a great way to see how much success you can expect from it. What’s more, even if the results prove unsuccessful, it will give you insight into what changes need to be made or what might have been done incorrectly.
The steps in conducting a competitive analysis vary according to the type of marketing campaign you want to analyze. But the basic steps involve the following:
Identify Your Competitors: You do this by typing keywords related to your website or social media campaign into a search engine and looking through the results. You can use several tools that will help determine all of your competitors, albeit for a price.
Choose Your Competition: Decide which companies or competitors you want to research based on the search results.
Gather Information – Use tools like the free Moz Toolbar and Google Analytics to gather data about your competitors’ traffic and social media reach. Tools like this will show you where they get their traffic, what’s driving that traffic, and how much of it they’re getting. You can also see which social media platforms they use most often, which keywords they’re targeting, and other publicly available information from their websites or social media accounts.
Analyze the Data: Look at data you’ve collected from your research, decide what to keep and dispose of. Then, use this information for your digital marketing campaign.
That’s it! It might sound like a lot, but this process isn’t so complicated.
Why should you do a competitive analysis before starting any marketing campaign?
There are many benefits to doing competitive analysis for your digital marketing campaign, making it an essential step in conducting one. These include:
Increasing Success: You’ll know exactly where your competition stands and how far ahead of you they are. It allows you to take steps to improve your digital marketing campaign as necessary, increasing the chance for success.
Identifying Areas that Need Improvement: You might find out that your competitors have already been working on or implemented something similar to what your website offers, meaning it’s already been done. That’s not to say that you shouldn’t try, but it might make your life a little easier if you focus on areas that are under-served currently.
Finding Ways to Set Yourself Apart: Use what your competitive analysis tells you about what your competitors are doing to properly set up your website or social media campaign. For example, if they’re targeting keywords you didn’t know about, use them to increase your own campaign’s chances of being found.
What are the benefits of doing a competitive analysis before starting any marketing campaign?
The main benefit is that learning more about potential competitors will allow you to develop a better strategy for success in digital marketing campaigns.
Every effective business must conduct a competitive analysis. In essence, competitive analysis is an investigation of your competition’s methods to determine their strengths and vulnerabilities compared to your products and services.
Understanding and utilizing the insights from a competitive analysis may assist you in locating brand health, community management, content planning, and other topics where your firm may enhance its position.
Here are five advantages that come from performing a competitive analysis:
Gain marketing intelligence: A competitive analysis helps you understand what customers are saying about your competitors’ products or services, pricing strategies, and new product development. You can also learn more about how they attract customers through digital marketing campaigns—such as social media, SEO/SEM, email marketing, etc. Your analysis of the information may help you to determine what your competitors are doing that works, and conversely, what doesn’t work.
Increase customer awareness: A competitive analysis can help you identify the most effective ways to communicate with your customers about your brand. Suppose customers are discussing specific issues or voicing complaints in places like social media communities (e.g., Twitter). Try to review this information to stay aware of customer sentiment. Use this information when marketing your products or services, which may increase customer awareness of the value you bring to the marketplace.
Identify referral sources: When conducting a competitive analysis, take note of websites linking back to competitor websites. This information can help you identify sites that might be willing to link back to your site, which can increase referral traffic.
Stay ahead of future trends: Keep track of what is trending in the marketplace and how competitors react. For example, social media marketing has been a popular digital strategy for many brands. If you notice that one of your competitors just started using Twitter or Facebook for their marketing campaigns, you may want to follow suit.
Find new sales opportunities: A competitive analysis can uncover weaknesses in your own company’s products or services. This information can guide future product development efforts, marketing initiatives, and more. If one of your competitors starts offering a similar service that your customers are asking for, it might be time to enter this new market.
How to conduct a competitive analysis on potential competitors?
Are you planning to implement new marketing strategies with a potential competitor? It is best to conduct a competitive analysis on their campaigns first. Here are the steps on how to do a competitive analysis with a potential competitor:
Step 1: Figure out what you’re going to analyze. Are you looking for products or services that attract audiences to their site? You can use different search tools to determine various points of analysis that you can do against your rival.
Step 2: Identify the competition you’re going to analyze. Decide which companies or competitors you want to research more based on the search results that you come up with in Step 1.
Step 3: Gather information about your competition. Tools like Moz and SEMrush can be used to find out more about your competitor’s social media accounts, Google search engine rankings, and the website traffic they are receiving. These services will also provide information on what keywords are being used by people visiting their site.
Step 4: Prioritize the results you’re seeing with your competitors’ marketing campaigns. What you prioritize is entirely up to you. Let’s say that the essential data points are keywords used on social media by your potential competitor. This market intelligence will help guide future efforts in your digital marketing campaigns.
Tips for using the information gathered from the competition’s website for your marketing strategy.
Use the information gathered from your competitor’s website and social media accounts to influence your digital marketing campaigns. Here are some of the most common ways that marketers use information gained from a competitive analysis:
Influencing decisions on paid search ads: When conducting a competitive analysis, you may see your competitors spending money on specific keywords for their marketing campaigns. You can use this information to decide on which words you are going to bid on.
Using content marketing to your advantage has become a popular digital strategy, so you must stay up-to-date with what your competitors are sharing. Keep an eye out for gaps in the market where you might be able to offer a new perspective or idea.
Influencing the direction of your company: A competitive analysis may uncover weaknesses in your own company’s products or services. This information can guide future product development efforts, marketing initiatives, and more. Keeping track of what your competition is doing will help to ensure that you stay ahead of them in terms of strategy and innovation.
How to Integrate Go High-Level Platform for your Competitive Marketing Analysis?
Did you know that Go High-Level Platform for Digital Marketing is a platform where all of the above is possible?
Go High-Level is an AI-powered digital marketing platform that gives your competitors customer intelligence, market research, and insights. It delivers accurate recommendations about how to improve your website or social media presence, as well as how you can better compete with your competition.
Go High-Level analyzes all of the competitive intelligence, market research data, customer intelligence data, visitor behavior data, and social media intelligence that is out there over the internet.
This unique platform then combines it into one dashboard for digital marketers to perform more accurate marketing analysis, generate sales forecasts, plan marketing events, and optimize their online advertising campaigns. Go High-Level is created by marketing experts to help marketers make better decisions in digital marketing.
The benefits of doing a competitive analysis before starting any marketing campaign are numerous. Not only does it allow you to see what your competition is doing right and what they’re doing wrong, but it can also help you work out where your strategy is lacking. It will also allow you to find gaps in the market that you might take advantage of and help guide future product development or marketing initiatives.
It is important to note that a competitive analysis does not offer a complete picture of your competition’s marketing campaigns. It would be best to look at social media comments and reviews, customers’ online behavior, website traffic, and more.
A competitive analysis is a great way to stay ahead of the competition. It also allows you to see what customers look for when they visit your competitor’s website or social media accounts. Use the information gathered from the competition’s website and social media accounts to guide future efforts in your digital marketing campaigns.
In short, competitive analysis is a marketing tool that allows you to gain insights into how your competitors are operating and their strengths and weaknesses. This information can guide future marketing initiatives, help inform decisions on paid search ads, and more.
You can also explore Go High-Level Platforms for all your digital marketing needs, including competitive analysis. Go High-Level provides actionable digital marketing data, powerful real-time insights, and valuable recommendations to help you gain more traffic, sales, and profits.
To learn more about how Go High-Level can help your business grow through the use of its AI platform, visit their website.