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key part of your digital marketing strategy. It helps you understand the digital strategies of your competitors so you can leverage your strengths and minimize your weaknesses to build and grow. Plus, you don’t need expensive third parties to help you do it.
So let’s look at how you can analyze a competitor so that you can use the USPs of your business to gain that all-important edge. In this blog, we will cover
What is a Competitive Analysis in Digital Marketing
Why you should do a Competitive Analysis
What does a Competitive Analysis include
The Different Types of Competitive Analysis
Competitor Analysis Tools
Why you should do a Competitive Analysis in Digital Marketing?
What is the purpose of exploit this and generate
competitive analysis? Well, the scope of your competitive analysis can vary depending on what you want to discover. What you analyze can be as broad or as focused as you like.
There are many benefits to conducting an analysis which include:
- Identify barriers and opportunities in a market
- Identify your value proposition and how it differs from competitors
- Highlight where competitors are not delivering or have weaknesses
- Target the most effective digital strategies in your marketplace
- Identify new customers and territories
- Uncover market trends
- See the potential for a new product or service
What does a Competitive Analysis include?
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digital marketing means that you analyze the different platforms of each of your competitors and see how they contribute to growth. Ultimately it’s about benchmarking against your competitors.Determine competitor types
Not all competitors should be treated the same. Split them into categories based on their level of competitiveness.Primary – These are your direct competitors that sell a similar product or service to your audience e.g. Target and Gucci.
Tertiary – These brands are related to you but don’t compete with your product/service or audience e.g. Red Bull and Patagonia.
Segmenting your competitors like this will help you see how they relate to your business.