Competitor analysis is an important activity for any business looking to increase its competitive edge and market share. The best way to do this is by doing a comprehensive competitor analysis, which will help in identifying weaknesses as well as strengths of the competitors themselves.
The “digital marketing competitor analysis template” is a document that can be used to analyze your competitors. It includes information about the company, their digital marketing strategy, and more.
Many businesses begin competition research while developing a digital marketing plan and then abandon it. This is a mistake, since a timely update on your competitors’ online movements may often help you change your campaign in the middle and help it perform better in the end.
We’ll focus on the primary areas of competition analysis in this post, which you may need to review once your digital marketing plan has been up and running for a time. We’ll go through the main metrics to keep an eye on for each channel, as well as how to monitor them using Webinomy’s tools.
What Is Competitor Analysis and How Does It Work?
Let’s start with the basics: competition analysis definition. It is the process of investigating and assessing the marketing tactics and commercial features of organizations in a certain market.
Competitor analysis is used to determine the strengths and weaknesses of other market players, define your company’s position in respect to them, and discover gaps and assess your ability to fill them.
In digital marketing, who should you look at as competitors?
Your direct and indirect rivals — those that provide the same (or similar) solutions to the same (or similar) audiences — are usually included in a competitor study.
The following should be included in your online competitor analysis, as well as a third set of competitors: your brand competitors who compete for the same people as you. They don’t have to offer them a comparable product or service to gain their interest, but they do need to capture their attention.
This is a difficult task, but may the smartest contender triumph!
Why Do You Need to Do a Competitor Analysis on a Regular Basis?
Your key rivals are likely to remain the same as they were when you devised the strategy, but their positions and the overall market environment are continually evolving.
Here are some of the most compelling reasons to keep an eye on other market participants on a frequent basis:
You know which channels work best based on your internal data, but what if your rivals have achieved even greater results? You must be aware of this.
- to keep up with market and industry developments
Some seasonal patterns repeat themselves year after year, and there are peaks and valleys in demand that you will only be aware of if you keep an eye on the competitive environment. Keep your wits about you.
- To learn about the finest new practices and how to prevent common blunders
It’s sometimes best to let your rivals try new channels rather than wasting your money going there yourself. Take advantage of what other businesses have learned.
- to make changes to your marketing mix
You may learn essential information about your competitors, such as a new product launch, through digital marketing initiatives, and obtain suggestions for your own company’s growth.
As the internet market evolves, you may need to adapt not just your approach, but also the goals you establish for yourself.
How Often Should You Use Competitor Analysis to Evaluate Your Digital Marketing Strategy?
Because each business evolves at its own speed, you may need to get updates more (or less) often. Normally, we’d suggest doing competition research monthly to keep track of emerging trends and alter your campaigns appropriately, and quarterly to make more significant adjustments to your digital marketing approach.
You may monitor and evaluate the stats of other firms on a regular basis or just when you’re ready to make changes to your campaign.
The Key Points for Digital Marketing: How to Do Competitor Analysis on a Regular Basis
For marketers, competitive analysis may seem to be a tedious and never-ending process. We’ll guide you through the major parts and the process of getting insights from primary digital channels to help you stay focused.
1. Keep track of your competitors’ market positions.
If you want to ensure that your plan will help you outperform your competitors online, you must keep up with their newest digital marketing actions and compare your own success to theirs.
Let’s use Wayfair as an example of a competitor analysis. Wayfair is a home décor e-tailer that aims to catch up to its competitors’ online performance.
You may want to start by looking at the general market landscape for a better knowledge of the market. You simply need to input one website in the search area in Webinomy Market Explorer, and the program will do a thorough competition mapping for you.
You may use this tool to:
- Lay up the competitive environment in the form of a Growth Quadrant to make it more understandable;
- Determine the size of your rivals’ present audience and market potential.
- Get a real-time picture of your nearest competitors’ online market shares and how they’ve changed over time.
- Create a Custom market to explore marketing ideas and maintain a continual eye on the competitors that matter, and hand-pick your closest competitors based on traffic and market share figures.
Then, for a more detailed look, see the Benchmarking study for a breakdown of the market’s major audience-generation patterns:
This research outlines the channels you should consider adding to your marketing mix if you haven’t already, from the most effective traffic sources to social media sites.
By returning to this report on a regular basis, you’ll be able to rapidly notice any new traffic sources that you hadn’t considered previously. In our case, Reddit seems to be the underdog when it comes to traffic generation, but some rivals are already taking use of the platform.
Take note of any differences between your original digital marketing research — specialty overview, seasonal patterns, and the most long-term player.
2. Examine your competitors’ advertising and media placement platforms.
Then go to Webinomy Traffic Analytics to see which platforms might provide the greatest value from paid and organic marketing collaborations.
Begin by determining which sites your competitors’ shared audience frequents the most while browsing the web. Simply input up to five rivals in the Audience Insights tab:
Remember to use the Category filter to limit your search to platforms that are relevant to your audience’s interests and exclude obvious sites like Facebook and YouTube.
In the case of home décor, 13% of the audience visits zillow.com. But, before you decide whether or not to work with this real estate site for any type of advertising, be sure the platform is a suitable fit for your situation.
Enter your own and your possible partner’s websites into the tool, and the proportion of shared audience will be shown, allowing you to either broaden your audience reach (if you don’t share a substantial fraction of the same people) or obtain an additional touchpoint with customers-to-be (if you have a high audience match).
The Traffic Journey report may help you boost your audience acquisition plan even further by providing extra placement options for diverting the focus of your competitors’ audiences:
The study includes an in-depth customer journey analysis, which exposes which sites customers visit before and after arriving on competitor sites, which may help you rethink your marketing mix for more effective audience acquisition.
3. Learn about your competitors’ most successful marketing campaigns.
Another aspect of competition research that never changes is your competitors’ top offers/products and marketing efforts.
The Top Pages report in the Traffic Analytics tool displays the most popular pages on your competitors’ websites; with this information, you may locate your competitors’ most popular offers and campaigns.
Let’s look at HomeDepot as an example of a major competitor:
Their credit card solution seems to attract over 20% of the brand’s audience in terms of top offers:
A similar amount of people seem to be interested in HomeDepot’s Exceptional Buy of the Day campaign, which is a dedicated page where the firm offers special bargains on certain home décor items.
If all of the preceding procedures can wait until a quarterly review, this section should be addressed on a monthly basis, since offers vary and you should only concentrate on and start a counter-campaign against the ones that are gaining momentum among your target consumers.
4. Examine the SEO efforts of your competitors.
If competitors outrank you in organic search, they must be receiving more clicks, generating more leads, and making more money. There might be 200 or more causes for this, but it’s typically not that difficult.
You may track the organic search visibility of a target website with the Organic Research tool. We’ll continue our example investigation with homedepot.com and examine what’s going on in organic search:
At a look, you’ll notice:
- The total number of keywords with organic rankings (in the Google Top 100) on the target page is graphically shown;
- Monthly organic traffic from certain keywords is expected;
- In Google text Ads, the estimated price of the provided organic keywords;
- Branded and non-branded traffic estimates.
You may learn more about your competitors’ keywords that allow them to rank first in organic search:
- Find out which terms have been the most effective for them;
- Based on search traffic, get a sense of customer behavior.
- View the most popular pages discovered via organic search;
- Outline some preliminary suggestions for how to improve your campaign’s rankings and conversions.
Keyword Gap may also help you come up with content marketing strategy suggestions.
Up to five domains may be compared side by side in terms of keyword portfolios (organic, paid, or PLA) with this tool. Any newly found missing or untapped term might help you come up with fresh ideas for future content (or for tweaking current pieces) and, as a result, increase your chances of outranking your competitors for certain search searches.
Examine the findings in light of your own objectives and strategy.
You need to make sense of your data now that you’ve gone through the major phases of a recurrent competitor analysis.
- Examine how the activities of competitors and your marketing concepts align with your original approach.
You may realize that a six-month-old long-term campaign no longer corresponds to current market trends and demands. It’s certainly preferable to find out now than than in six months.
- Remove any suggestions that do not align with your company’s product, positioning, long-term objectives, or strategy.
If your competitor’s excellent insights don’t connect with your brand concept or plan, it’s best to put them on the back burner. And it is at this stage that the next point becomes critical.
- Inform other departments on competitive intelligence.
Competitor analysis may yield insights that aren’t yet actionable for the marketing team but will be valued by other departments, such as sales. Executives, of course, value whatever intelligence they can get.
Consider who among your coworkers could benefit from your results, and don’t be afraid to share your competition analysis report with them.
- Encourage and implement improvements to your marketing strategy and strategies (if needed)
If you’re halfway through a marketing campaign and it’s not doing well in comparison to competitors, don’t be hesitant to make changes or even reconsider your whole approach. At the end of the day, competitor research is done to find better pastures and move as swiftly as possible to them.
“Competitor data analysis” is a great way to find out what your competitors are doing and how they are doing it. This information can help you identify opportunities for growth in the market. Reference: competitor data analysis.
Frequently Asked Questions
How do you analyze competitors in digital marketing?
A: I have a database of the top digital marketing competitors in my industry. With this information, you can see whats working for them and their weaknesses to learn from your rivals mistakes.
How do you perform a competitor market analysis?
A: To perform a competitor market analysis, one must first identify the most important competitors in the industry. In this case, Microsoft and Sony are the most significant players within the gaming console market because they control approximately 90% of it.
How do you plan a digital marketing strategy for 2021?
A: This is a highly subjective question and there are many approaches that you can take to reach your goal. You may need to consider the target market, whether it be age group or location as well as various marketing strategies such as online advertising.
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