Are you doing a digital business or working for one? In these dynamic market conditions across the digital space, analyzing your competitors' efforts & results has become a necessity.
But the question is how to do it? Well, there are lots of methodologies prevailing in the market which research experts do but here are the top 3 things that worked for me!
1. Identifying and implementing a SWOT analysis on your competitors can help you frame/enhance your business model. In this analysis, you can monitor your competitors':
Product/Service quality and their USP (Unique Selling Point)
Customer support
Marketing strategies on a whole
Pricing strategy
2. Watching their conversion-centric digital space and tracking their content strategies to pull in the audience can help us understand them better and we can even figure out our missing puzzle! The digital spaces can be,
Purchase landing page
Social Media pages (Fb, Insta, YouTube, LinkedIn)
Referral portals like quora, blog portals, and more
3. Tracking their SEO activities and understanding their website traffic is the most important competitive analysis component in digital business. Well, this is the easiest part either. With loads of digital tools online, you can access these data in one go! The top KPI's to track on your competitors' are
Website traffic source
Top keywords for their organic traffic
Top-performing pages (Power pages)
Digital ads - highlights
Tadaa! Kindly share only if it helps:) Author: Nellaiappan K, Digital Marketing Strategist