As a result, the level of competition in the online world has risen over time.
The most successful companies using digital marketing have adopted unique techniques to reach their customers. They have understood their market well enough to come up with just what the consumers need. Fortunately, all this information is available for their competitors to see.
If you have been trying to make it in digital marketing, a competitive analysis could finally get you to the level you are targeting. You need to understand your rivals’ strategies well and assess the factors that make them more successful than you. Besides, you should compare your brand to theirs and find out what you may have missed. Here are some tips on how to analyze your competitors’ digital market performance:
Identify Your Biggest Competitors
The only way to get to the top is to know what you are up against. Find out which companies are getting most of the attention online and compare their marketing to yours. Once you have found your greatest competitor, you can assess the aspects of their digital marketing that beat yours and come up with a plan to be as good as or better than them.
Stick to the Most Important Points
Competitive analysis needs to be comprehensive but relevant. You should focus on the areas that are most effective for other companies. Otherwise, you may end up with too much information to help you change your strategy for the better. Consider the following when conducting your analysis
- Frequency of Posts
If other companies are performing better than you, they are probably more consistent in their posting. They may have established a relationship with a regular audience that sees more of their posts than yours.
Posting frequently helps improve your brand awareness. It engages your audience and keeps them engaged. However, too many posts could cause your audience to lose interest.
Therefore, in your competitor analysis should, it may be wise to compare the frequency of your competitors’ posts to their audience engagement. This way, you can tell the most appropriate number of times to post in a day or week.
- Audience Engagement with Different Topics
Your competition may have found the type of content that your audience appreciates the most. You can assess the reaction of the audience to the different subjects that your competitors have addressed in their posts. Once you know what excites your fans the most, you can boost your audience engagement by focusing on those topics.
- Social Media Engagement
Social media can boost your digital marketing performance extensively. Most of your competitors have probably gained a large portion of their fans from these sites. Thus, analyzing your rivals’ performance on social sites can give you plenty of insight into how well they have established their brand online.
Compare your engagement on social media to that of your competitors to see your share of interaction relative to theirs. You can use this data to determine the topics to address more often.
Assess Your Competitors’ Strengths and Weaknesses
When analyzing your competition, keep in mind that their weaknesses are just as important as their strengths. Evaluating their strengths will only show you the aspects of your digital marketing that you need to improve. However, focusing on both their strengths and weaknesses can give you a more detailed outlook of their performance.
Your competitors’ weaknesses will guide you on what you need to avoid and more importantly, what you can use to beat them.
Get Yourself and Effective Competitive Analysis Tool
Competitive analysis requires the use of a tool that can get you all the data you need. Get a tool that will compare your digital marketing to that of your rivals and point out your site’s best and worst qualities. You should be able to access information on their SEO techniques and their traffic.
The Web has provided a myriad of competitive analysis tools from which you can choose. Find out what you stand to gain from each of them before you make your choice.
One highly effective yet affordable competitive analysis tool is LeadMirror. This tool will give you insight into the performance of up to 16 of your competitors. You can get daily updates on the changes to their marketing strategy to help you determine the trends in their modifications.
Furthermore, LeadMirror analyzes your competitors’ strategy from the simplest to the most intricate factors. It enables you to make adjustments to basic aspects that you could easily have ignored while centring on more complex issues.
For one, this tool provides you with keyword data. This data includes a keyword ranking graph as well as updates on when your competitors’ made changes relevant to the ranking. Thus, you can tell whether your keyword usage is good enough to put you ahead of your rivals.
Additionally, with LeadMirror, you can get information on the performance of your competitors’ domain URLs. LeadMirror uses the LinkSense tool to assess URL performance. This includes their page and domain authority.
Furthermore, LinkSense helps you track down the users of your links. Hence, you can tell how popular your content is among other bloggers. With this tool, you get to compare your rival’s overall URL performance to yours.
Moreover, LeadMirror offers you a comprehensive assessment of your SEO performance as well as that of your rivals. This is a crucial part of the competitive analysis seeing that it outlines your weaknesses and strengths.
Analyze your Competition Regularly
Once you get to the top, don’t settle. Remember that your competition can change their strategy as well. Make a point of constantly checking on them to make sure you stay ahead. Keeping tabs on your rivals may feel a little creepy, but bear in mind; they are probably spying on you too!