How to do a competitive analysis to improve your digital marketing strategy?
Are you sure you know your competitors well? Have you done a good competitor analysis?
Lack of information about the competition is a common mistake that can hurt your digital marketing strategy.
According to a HubSpot study, 57% of companies do not know their competition well.
Are you among them? If so, don't worry, here we show you how to do a competitive analysis to improve your digital marketing strategy.
Why is it important to analyze the competition
Before going into details on how to do a competitive analysis, it is important to understand why it is crucial to do so. Analyzing the competition allows you to:
- Discover market opportunities
- Identify your company's strengths and weaknesses
- Know your competitors' marketing strategies
- Learning from the mistakes and successes of your competitors
How to make a competitive analysis in 4 steps
Step 1: Identify your competitors
Before analyzing your competitors, you need to know who they are. If you haven't identified them yet, it's time to do so.
If you already know them, it is important to update this list regularly. Remember that competitors may change over time.
Step 2: Analyze your competitors
Once you have your list of competitors, it's time to research them. This includes:
- Identify your value proposition
- Analyze your pricing strategy
- Know your distribution and promotion channels
- Evaluating your social media presence and content
- Analyze your website and SEO
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Step 3: Compare and contrast
When you have all the information about your competitors, it's time to compare it with yours:
- What are the strengths and weaknesses of your competitors compared to your company?
- What market opportunities are they taking advantage of that you are not?
- How can you differentiate yourself from them?
Step 4: Apply what has been learned
Once you have finished analyzing your competitors, it is time to apply what you have learned.
- What changes should you make to your digital marketing strategy?
- What marketing tactics are working well for your competitors and how can you apply them to your company?
Remember that it is not about copying your competitors, but learning from them and adapting it to your own strategy.
"There's always room for improvement. It's what keeps you alive." - Elon Musk
In summary, performing a competitive analysis may seem like an overwhelming task, but it is crucial to improving your digital marketing strategy.
By doing so, you can discover market opportunities, learn about your competitors' strengths and weaknesses, and learn from their mistakes and successes.
Remember that information is power, and the more you know about your competitors, the more effective your digital marketing strategy will be.
At Innova Marketing Solutions we can help you improve your digital marketing strategy and increase your sales, don't hesitate to contact us!
Schedule a call with us today and find out how we can help you reach your goals!