Many companies start competitor analysis when they develop a digital marketing strategy and never get back to it later. This is an oversight, because in many cases a timely update on your rivals’ online moves could help you adjust your campaign mid-way and help it to perform better in the end.
In this article, we will draw your attention to the main points of competitor analysis that you may need to revisit when your digital marketing strategy has been up and running for a while. We will name the key metrics that we recommend tracking on each channel and show you how to monitor them with Semrush tools.
What Is Competitor Analysis?
Let’s start with the basics: the definition of competitor analysis. It is the process of researching and analyzing the marketing strategies and business characteristics of the companies operating in a given market.
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, and highlight gaps and estimate your digitalwebwala.blogspot.com
potential to fill them.
Who Should You Analyze as Competitors in Digital Marketing?
Competitor analysis normally includes your direct and indirect competitors — those providing the same (or similar) solutions to the same (or similar) audiences. digitalwebwala.blogspot.com
Online competitor analysis should cover the above, plus one more group of rivals: your brand competitors that fight for the same users as you. They don’t necessarily need to sell them a similar product or service, but they definitely want to get their attention.
This is a tricky challenge, but may the most intelligent competitor win!
Why You Need an Ongoing Competitor Analysis?
Your main competitors are most likely to stay the same as when you developed the strategy, but their positions and the general situation in the market is constantly shifting.
Here are the key reasons to check up on other market players on a regular basis:
- To review benchmarks
From monitoring your internal stats, you know which channels perform best — but what if your competitors have managed to achieve even better results? You need to know this.
- To catch up with industry and market trends
There are some seasonal trends that reoccur every year — and there are peaks and declines in demand that you will be prepared for only if you monitor the competitive landscape. Make sure to stay alert.
- To learn the best new practices and the mistakes to avoid
Sometimes it’s better to let your competitors test new channels than go there yourself and waste your budget. Learn from other companies' experience.
- To update your marketing mix
From digital marketing campaigns, you can get some important news on your competition, such as a new product launch, and get ideas for your own company’s development.
- To refine your goals
As the situation in the online market changes, you may need to adjust not just your strategy, but also the objectives you previously set.
How Often Should You Review Your Digital Marketing Strategy with the Help of Competitor Analysis?
Each industry develops at a different pace, so you may need to get updates more (or less) often. Normally, we’d recommend doing competitor analysis monthly — to keep tabs on growing trends and adjust your campaigns accordingly; and quarterly — to implement bigger changes in your digital marketing strategy.
You can check and analyze other companies’ metrics frequently, or only when you’re ready to make adjustments to your campaign.
