Competitor Analysis: Your Roadmap to Online Success
Digital marketing has revolutionized how businesses can increase sales, and cultivate long-term relationships with their audience. A great way to accelerate this growth is by conducting a competitor analysis.
A competitor analysis is an in-depth review of a wide range of web data that reveals your competitors’ digital marketing strategies and tactics, enabling you to gain an advantage by learning from both their strengths and weaknesses.
Here are 5 key areas that an effective competitor analysis should include.
- Website Content Benchmarks
A closer inspection of competitor websites can provide focus on how to gain the advantage in your market place, by identifying factors such as mobile ready content, frequency of new content as well as level of social media engagement.
- Search Engine Optimization
Using online search tools, you can not only identify the key phrases that your competitors are targeting, but also pinpoint how to formulate your website content and link building strategy to gain maximum search exposure.
- Pay-Per-Click and Remarketing
Spending money on paid search without relevant search data can lead to unnecessary over-spending. A professional competitor analysis will act as a guide for your campaign, including calculating your cost of customer acquisition.
- Social Media Engagement
Monitoring your competitor’s historical social media engagement can be very informative – it not only indicates which social media platforms attract your target audience, but also which content formats consistently drive the most engagement.
- Lead Nurturing Calls to Action
Examining the architecture and style of competitor calls to action can give you a head start in better understanding and then leading new customers through their buying cycle.
In conclusion, effective marketing is all about ongoing testing, but testing can be accelerated through smart research, like a competitor analysis.
If you would like to conduct a professional competitor analysis for your business, get in touch with your local WSI Digital Consultant.