Many top Digital Marketing Agencies in India conduct a digital marketing competitor analysis before they start strategizing and planning. Digital marketing competitor analysis helps you understand the competitors, their best marketing efforts, and their mistakes.
Competitor analysis is a practical way to compare your company’s standing against competing identities and brands’ other market player’s weaknesses and strengths.
What is digital marketing competitor analysis?
Conducting a competitor analysis is the procedure of researching the market to examine competitors, unpack the elements of competitors’ businesses, and analyze their strategies. It casts light on what other brands in the niche are doing to retain and acquire customers. Such analysis evaluates different factors to bring insights into what drives traffic to the competitor’s pages and leads to the ads.
Competitor analysis is usually carried out by a top Digital Marketing Agencies in India to identify the strengths and weaknesses of other market players, define the company’s standing about them, highlight gaps and estimate your potential to fill them.
Competitor analysis in the digital marketing context has different unique characteristics as per the fast-changing nature of the digital landscape to pivot in an instant. That said, unlike traditional marketing channels, digital platforms offer huge data and metrics which could be harnessed to gain insight into competitors’ strategies.
Results of Competitor Analysis
You and your competitor are fighting for the attention of the audience, and your leads would check similar sites while searching for the best solution. The competitive analysis must highlight areas and channels where the competition is untapped and too fierce for future growth. Never be lured into imitating what your neck-on competitor has been doing for years- focus on attainable wins.
Who are the focused competitors in Digital marketing?
Once you decide competitor analysis is required for the online marketing plan, you just need to figure out who the competitors in digital marketing are. If you have been running the business online business for a while, a few digital competitors may come to mind right away. But it is necessary not to rely just on the experience and intuition. One may be surprised by who you are competing with in terms of traffic acquisition.
Different kinds of competitors according to digital marketing firms in Gurgaon. Competitor analysis usually includes a deeper look at both direct and direct competitors. Then there were brand competitors. We will look at how to pinpoint competitors later, detailing various competitors:
- Indirect competitor- Businesses which offer different services or products, but target a similar customer segment, providing substitute solutions or potentially fulfilling similar needs.
- Direct competitors- Businesses which offer similar products or services and target a similar customer segment, competing directly with each other for market share.
- Brand competitors- Brand competitors are like direct competitors. The difference is brand competitors have established solid identities and customer loyalty, setting themselves apart through unique and reputation value propositions.
When we talk about digital marketing, traffic is everything you need to consider. Whether you are analysing advertisements on social media, referrals from other domains, or organic traffic from Google, your competitors are those websites that are drawing traffic away from the site to their own.
Ways used for competitor research
Tools to use and steps to take for comprehensive and actionable competitor research. From LinkedIn, Facebook, and YouTube, and paid channels, to organic performance with SEO and content benchmarks- every competitor’s manoeuvres in the digital marketing battlefield could be tracked and analyzed.
- Identify your competitor: Decide which competitor you want to analyses. You may go for direct or indirect competitors- brands which provide similar solutions to the same target audiences. Never forget such competitors, who offer completely different services, still target a similar problem which the idea buyer is facing- one must keep an eye on them
- Investigating competitor’s social media ads strategy: Before building the social media marketing strategy, it is worth investigating what others are doing.
- Benchmarking of competitors’ Google ads: SEO marketing services in Gurgaon track the competitor’s PPC efforts, you never have to run paid ads to access Google’s keyword planner though you have to create an ads account to unlock the tool’s free options.
- Evaluate competitor’s content marketing.
