How to Do Competitor Analysis in Digital Marketing?
A digital competitor analysis is a very important part of your digital marketing strategy. It helps you understand your competitors’ digital strategies so that you can leverage your strengths and minimize your weaknesses to build and grow. Plus, if you know everything can be done in-house, you don’t need expensive third parties to help you do it.
So let’s see how you can analyze a competitor so that you can use the USP of your business to gain that all-important edge. In this blog, we will cover
What is Competitor Analysis in Digital Marketing?
Competitive analysis in digital marketing is a process that researches to identify competitors’ strengths and weaknesses. It examines the strategies used for marketing, pricing, product development, and distribution in order to gain insight.
This will help you stay on top of trends in your field and identify digital strategies that will drive brand awareness, customer engagement, and most importantly, revenue.
Why You Should Do Competitor Analysis in Digital Marketing?
What is the purpose of competitive analysis? Well, the scope of your competitive analysis can vary depending on what you want to find. The analysis you do can be as broad or as focused as you want. For example, you may want to focus on optimizing your website. For this, you will look at competitors’ websites for their content, UX, and lead generation strategies.
There are many benefits of getting analyzed by him which include:
- Identify barriers and opportunities in the market.
- Identify your value proposition and how it differs from competitors.
- Highlight where competitors are not performing or have weaknesses.
- Target the most effective digital strategies for your market.
- Identify new customers and territories.
- Uncover market trends.
- See the potential for a new product or service.
- Establish a benchmark to measure your performance.
What is Involved in Competitive Analysis?
Competitive analysis in digital marketing means analyzing the various platforms of each of your competitors and how they contribute to growth. Ultimately it’s about benchmarking against your competitors.
Profile your Competitors’ Target Customers.
Understanding your competitors’ audiences will tell you a lot about the business. This will help you understand who they target and which digital channels they effectively use to do so.
The best way to find out about your customers is to see who the brand is attracting. you can tell by looking?
What are the Types of Competitive Analysis?
There are several types of competitive analysis, depending on your company and needs. Each one will focus on the niche area you want to analyze and improve on goals and KPIs such as increasing leads, revenue, and brand awareness.
These are the main types that major digital marketing channels focus on.
- PPC Competitor Analysis
A PPC competitor analysis involves finding out the keywords or phrases your competitors are bidding on. The end goal is to create a PPC campaign that delivers results and is better than your competition!
You can study what type of ads they are using and in which network or platform. Are they paying for expensive keywords or conversion-focused phrases? Or is their PPC focused on brand awareness?
- SEO Competitor Analysis
This type of analysis helps you determine which SEO keywords your competitors rank for. This will help you understand their area of focus and figure out how to compete in the battle for keywords.
Here are some techniques you can use:
- Compare the performance of the website eg. page speed.
- find keyword gaps.
- Compare Backlinks and Where to Get Them.
- Look at the strategies to see how they rank for more keywords – eg. Do they have a blog or resource section?
- Check Top Pages & Traffic.
- Social Media Competitor Analysis
Social media is a powerful tool for customer engagement and leads (especially as social commerce becomes more widespread) for any business. It is important to know where your audience is so that you can target them effectively across all social platforms.
Performing a social media competitor analysis will help you see which social networks your competitors are on and the number of followers and demographics they target.
You should also look at post frequency, when they post, type of content posted eg. Videos, blog links, etc. Also, check out their content themes or buckets so you can see the topics they discuss.
Competitor Analysis Tools
There are many competitor analysis tools available to assist you. This will make your data collection simpler, more accurate, and more efficient. Some examples of best tools specific to key areas are:
- SEO analysis
SEMRush – can do a site audit, show competitor’s keywords, and backlink analysis.
Spyfu – Researches your competitors’ most profitable keywords in PPC campaigns.
Google Ads Auction Insights – allows you to compare your performance with other companies bidding in the same auction.
- keyword analysis
SimilarWeb – Provides insights into web and channel traffic, uncovers keyword trends, and reveals engagement metrics.
- Social Media Analysis
Sprout Social – You can measure follower growth, engagement, hashtag trends, conversions, and paid content performance.
Facebook Ads Library – allows you to search for ads running on Facebook, Instagram, and other meta products.
Conclusion- In conclusion, competitor analysis in digital marketing is essential for any business. It is a great way to get an understanding of your competitors and their strategies, which will help you create a better digital marketing strategy for your own business. With a thorough competitor analysis, you can identify areas where your business can improve and capitalize on your strengths. For more information visit our website digijaguars.