In this digital era, where brand positioning in the digital medium is a must, continuously updating with time plays a very important role if you wish to stand out. Competition in the marketing industry is also fierce, and everyone is fighting to appear on the top. With so many companies out there, particularly online businesses, it can be difficult to stand out from the crowd. But it doesn’t have to be this way.
By learning within the industry, you can identify the unique capabilities of each business and compete with them directly, instead of having your competitors waste your valuable time trying to figure out how you do what you do.
The digital marketing industry is highly competitive. Many businesses are trying to reach the same people you are and you all have the same budget to compete with each other. The good news is that there are many marketing options available because there’s so much competition that can allow your business to set itself apart from the others in your market. Out of these ways, understanding the importance of competitor analysis is very essential which can play the trick for you and help you stand out in the search results.
Competitor analysis is an important way for digital marketers that allows you to quickly and easily learn about your competitors. This way, you can analyze and improve over your competitors. Competitor analysis allows you to see where your competitors are falling short and how you can fill that gap with the right set of strategies.
Competitor analysis is not just about gathering information about competitors. It’s also about establishing how you’re different and why people should choose your product over the competitors.
During Digital marketing for business competitor analysis, it is critical to consider all relevant industry data. This includes the following things:
Identify Your Competitor:
The first step is to choose which competitors to analyze. In a competitive analysis, you will look at both straight and indirect competitors – brands that support the same audience through similar products. You should also keep an eye out for competitors who offer a completely different service but provide solutions to the same problem your ideal buyer persona has – they can be a source of inspiration.
How To Identify The Right Competitor
- Analyze and understand your products/services in detail. Provide a list of benefits/offers.
- Ensure that the client provided the names of competitors.
- Search for companies or websites that sell the product or offer services similar to yours (on the Internet).
There are four types of competitors:
- Direct Competitors: The competitors who provide the same products or services as you do.
- Indirect Competitors: These Competitors do not market the same product or service that you do but stand in the competition with you digitally.
- Substitutes: The competitors sell a substitute for what you sell.
- Client Given Competitors: These are the competitors that are mentioned by your client.
Based on the type of competitors you can plan for the type of analysis required for this. You can plan competitor analysis based on the following parameters:
- Keywords Targatted by Your Competitors
- Traffic Of Your Competitors
- Competitors Content Strategy
- Social Media Presence
- Structure of competitor’s Website
- Backlinks Of Your Competitors
The better you analyze your competitors the better you can form a strategy to outperform your competitor. Which can give you an edge over your competitors. By analyzing, understanding your competitor’s strategy you can imbibe the good things and use that as a strategy. Plan your competitor analysis well and make the most out of your digital marketing efforts.
KD Singh is a digital marketing consultant who has been in the industry for more than five years. He specializes in all aspects of Digital Marketing and his expertise ranges from SEO, SEM, SMO to Content Writing.
He loves exploring new places and meeting new people – this trait makes him an excellent team player as well as motivates him to do better every day. KD Singh likes reading books on leadership and entrepreneurship to hone his management skills. He’s always looking to grow his knowledge base so that he can be better at what he does. He completed graduation in Computer Science but aspires to do more.
He loves exploring new places, cultures, people, and food!