Many businesses start looking at their competitors when they start making a digital marketing plan, but they don’t do it later. It would help if you kept an eye on what your competitors are doing online because, in many cases, that could help you change your campaign mid-way and make it work better in the end.
When your digital marketing strategy has been running for a while, you might want to look back at some of the things you learned about your competitors. We’ll tell you which metrics we think are essential to watch on each of your channels and show you how to use SEO tools like eye10.io to keep an eye on them.
Competitor analysis is a way to figure out what your competitors are doing.
Let’s start with the basics: what competitor analysis is all about and how to do it. You do this by looking into the marketing strategies and business traits of the businesses in a particular market.
In digital marketing, who should you look at as your competitors?
Competitor analysis at eye10 usually includes your direct and indirect competitors, people who offer the same or similar solutions to the same or similar groups of people as you do.
As part of your online competitor analysis, you should also look at your brand competitors, who are competing for the same users as you are. They don’t need to sell them the same thing, but they want to get their attention.
This is a complex challenge, but the most intelligent person will win.
Why Do You Need to Keep Track of Your Competitors?
Your main competitors are likely to stay the same, but their positions and the general state of the market are constantly changing.
This post will explain why it’s essential to keep an eye on other market players.
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To look at the benchmarks that were used
You know which channels work best because you keep an eye on your stats. But what if your competitors do better than you? You should know this.
This is why it’s essential to keep up with industry and market trends:
Some seasonal trends happen every year, and there are peaks and valleys in demand that you can only be ready for if you keep an eye on the competition. Make sure to be on the lookout.
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To learn the best new ways to do things and the things to avoid.
Sometimes, you should let your competitors try out new channels instead of going yourself and wasting your money and time there. Learn from what other businesses have done.
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To change your marketing mix
You can learn important things about your competitors from digital marketing campaigns, like when they launch new products and get ideas for growing your own business.
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To improve your goals
As the online market changes, you may need to change your strategy and your goals.
With your own goals and strategy in mind, look over the findings and think about using them.
Following the main steps of competitor analysis, you now need to figure out what you learned.
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Look at how other businesses and your marketing ideas align with your original plan.
Many people started long-term campaigns six months ago, but they may not work with the current market trends or customer needs. How about now? It’s much better to find out right now than six months from now.
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Take out any ideas that don’t fit your company’s offerings, positioning, ultimate goals, or strategy and don’t make sense for your company.
No matter how great the ideas you get from looking at your competitors. If they don’t fit your brand idea or plan, it’s better to put them on hold. This is when the next point is critical.
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Share competitive intelligence with other departments.
Competitor analysis can show things that the marketing team can’t do right now, but the sales department will appreciate. There is no doubt that any kind of knowledge is essential for CEOs.
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Make changes to your marketing plans and strategy (if needed)
If you’re halfway through your marketing campaign and, compared to your competitors, it isn’t working out well, don’t be afraid to make changes or even change the whole thing. This is why you do competitor research: finding new fields and moving as quickly as possible to them.
Conclusion: Competitor analysis is usually done to figure out the strengths and weaknesses of other market players, figure out where your company stands about them, and figure out where there are gaps and how much you can fill them.
