“Don’t reinvent the wheel, just realign it.“Anthony J. D’Angelo
Competitor analysis is one of those things that many companies do while setting up their businesses but then they forget to follow up. That is, even if businesses do competitor research in the first place. In digital marketing when we set up the marketing campaigns or even our websites, it’s natural we want to stand out. We don’t want to do what has been done. We don’t want to copy our competitors.
Researching and understanding what your competitors are doing is a very important part of setting up campaigns and making them successful.
WHAT IS COMPETITOR ANALYSIS?
It is the process of researching and analyzing the marketing strategies and business characteristics of the companies operating in the same sector as you.
Competitor analysis is typically carried out to identify the strengths and weaknesses of other market players, define your company’s standing in relation to them, highlight gaps, and estimate your potential and opportunities to fill them.
Also read: best SEO techniques →
WHY COMPETITOR ANALYSIS IS IMPORTANT IN DIGITAL MARKETING?
A lot of businesses out there want to do their own thing and stand out, so they don’t get involved in the process of Competitor analysis. They want to reinvent the wheel. However, that is never a good idea. As Anthony J. D’ Anjelo said, reinventing the wheel is never a good idea, always try to realign what already exists, and then you can make changes along the way.
Competitor analysis is a great opportunity to put yourself in your customers’ shoes and look at your market and business from the outside.
It also helps you to understand what your competitors are doing right so that you can reframe the strategy and what mistakes to avoid.
In a digital marketing campaign, you can get an idea of keyword targeting and achievement of the different types of campaigns and strategies.
Now that we know why Competitor research is important.
HOW DOES ONE EVEN START COMPETITOR ANALYSIS?
Step 1: Identify your competitors
There are two types of competitors in a market:- Direct and Indirect.
Direct Competitors offer the same service to the same set of audiences as yours.
Indirect competitors offer similar services like you to a similar set of audiences.
Identify the competitors in each segment.
How to identify competitors → https://www.conductor.com/blog/2018/02/identify-competitors/
Step 2: Collect the data
The next step is to go on google and type keywords you usually target. You will get results on SERP (search engine results page) . from here you can understand who is ranking for which keyword and why.
Also, use social media to understand the strategies of your competitors.
Also read:- Competitor analysis tool to get you started ( https://neilpatel.com/blog/12-competitor-analysis-tools-that-will-improve-your-site-traffic/)
Step 3: Organize the data
Once the data has been collected, it is time to get it organized in spreadsheets for future references.
Step 4: Analyse the strengths and weaknesses
Now it’s time to analyze the data you have collected on your competitors and understand their strengths and weaknesses.
Competitor analysis is one of the most important parts of setting up a business and it has to be done regularly, to keep up to date.
If you are planning to start an online business, start a digital marketing campaign or even start a career in Digital marketing it is important to understand the concepts of Digital marketing. If you want to do a course in digital marketing you can check out.