Accomplishing online marketing requires one to grasp the landscape, including who our top contenders are and how we can differentiate us from them, across the web. How you market your firm compared to your opponents will determine how you perform online. (performance including getting leads and sales from potential consumers). Eventually, the rise of your organization depends on how you accumulate up and what possibilities are available to face any rifts and go forward.
Our Competitive Analysis will discuss the ways of comparing oneself with their rivals by:
- Assessing your website and fields for development (with the mindset that you should observe your website as a virtual sales rep)
- Deciding search engine real estate and social visibility (for targeting users in their primary inquiry and awareness stages of the buying process)
- Identifying digital assets used in the purchasing funnel (including downloads, blogs, videos, white papers, and more)
- Evaluating how you exhibit your merchandise, service, and value proposition, including what sales funnel you and your adversaries are inspiring possible clients down (to recognize methods to nourish more possibilities and leads into sales)
- Pinpointing online advertising policies across various channels
- Assessing consumer and employee satisfaction and feedback, including online fame gauging
With an accurate competitive analysis from World of Blogs, we will identify the Strengths, Weaknesses, Threats, and Opportunities from a digital marketing perspective, including actionable insights you can take to meet any rifts and go forward with your opposition. We will provide custom-tailored recommendations for each section above in how you can develop your online presence and performance.
Why Is a Competitive Analysis Important for any Organization?
We have to consider the below things to understand this:
- 81% of B2C shoppers do online research before buying anything.
- 94% of B2B buyers conduct online research during the purchasing procedures.
- 60% start by utilizing a search engine to find the goods they want
- On average, consumers visit at least 3 online stores before making their decision on buying goods.
- Even if you are attempting to drive in-store purchases, 74% of business buyers conduct more than half of their research online before making an offline purchase. [Sources: AdWeek, Forrester, Accenture]
If you want to go ahead of your rivals, you must stop spending your time trying to reinvent the wheel, instead analyze what is possible. Contact us today to get started.
How to do a competitive analysis in four steps:
Determine the right metrics.
Many marketers strive to recognize the right selling and advertising metrics to track their production.
Key metrics for competitive analysis include:
Tracking follower increase on social media channels allows you to examine the increases and decreases in your brand’s digital audience. By comparing audience growth against competitors, you can spot where competitors are having a greater impact and improving going ahead of you.
We must check whether our oppositions are creating more content than us or not. You can optimize your brand’s merchandising strategy by identifying your competitive edges and maximizing the impact of your content calendar.
Content engagement shows you what your audience cares about based on the number of interactions a piece of content gets. Paired with content distribution, tracking engagement lets you compare the effectiveness of your content strategy versus your competitors.
Share of interactions
Share of interaction (SOI) graphs focus on the marketing performance on changes over time. SOI graphs are excellent for competitive analysis as a tool for visualizing head-to-head comparisons of your industry ownership of specific channels.
Choose the right marketing channels.
When assessing how to do a competitive analysis, one needs to ask themself, What are the key digital channels for their brand? For their adversaries? Keeping tabs on your marketing performance across both core and upcoming channels will prevent a competitor from sneaking into your content marketing blind spot.
Here is a list of marketing channels you could use in a competitive analysis:
- Earned media
Choose the right opponents.
Brands use competitive analysis to benchmark their marketing performance against leading adversaries, industry influencers, and aspirational brands.
Proving a firm’s marketing value with a competitive analysis report.
After collecting your competitive intelligence, you need to display your team’s performance to the higher authorities.
then you must highlight the key performance indicators that show how your brand is beating the competition. Growth in areas such as engagement, the share of interactions on specific topics, audience size, and website traffic, can demonstrate how your marketing team is helping the company to overtake its competitors.
Don’t forget to inform stakeholders on new or rising competitors in the marketplace, and how you plan to stay ahead of the pack.