Why competitive analysis is important before starting a digital marketing strategy
The importance of knowing what other organisations in your market are doing on social media cannot be overlooked, as this knowledge will give you comparative context for your digital marketing strategy.
With this in mind, competitive analysis should be an important part of your digital marketing strategy. With digital marketing drives ever increasing now is a good time to put this strategic approach into action to gain a better understanding of what your direct competitors are doing on social media to get results.
Examine wider for broader results
It’s worthwhile to widen your competitive analysis research in order to learn from established brands that have a respected social presence. It’s also a great idea to complete a digital marketing course which will cement your understanding of all social media aspects.
A good tip is to even analyse competitors that may not be directly relevant to your business or product as their successful social media techniques will help you engage your audience by providing useful insight.
Analyse don’t copy
Competitive analysis is designed to analyse your competitors’ ads, keywords, social interactions, graphics and practices – not to copy them. As such, by undertaking a competitive analysis of a similar business’ digital marketing strategy will help you make informed decisions on which keywords to target, which practices to put in place and which digital marketing strategy is most likely to work for your business.
Competitive analysis goal
Your goal is to build a clear picture of how your competitors are building their social media presence. This can be quite a time-consuming task, as you will need to spend time reviewing their profiles, reading their content, and checking how their customers respond to their social media content posts.
Have you ever wished you could take a sneak peek inside your competitor’s digital marketing strategy? Now you can and there is a very simple and effective way to do this.
Conducting a marketing competitive analysis helps you:
Competitive intelligence framework
Before undertaking a competitive analysis before starting your digital marketing strategy you need to have the right framework in place so you can back-up your digital marketing strategy with clear market-based research.
Here are a few steps to get you started:
Monitoring your competitors
To complete an effective competitive analysis before starting a digital marketing strategy it’s crucial to continually monitor the competition. Competitor analysis allows you discover new digital marketing opportunities and gives you invaluable insight into what works and what doesn’t when marketing online.
Here are a few tips to successfully keep a firm eye on your competition:
Read their blogs – Reading your competitor’s blogs is a good way to spark ideas for your own content.
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February 15, 2019 at 02:46PM