Researching and analysing the business marketing strategies of rival companies functioning in a market similar to the one in which your company operates is known as competitor analysis.
It is an imperative technique to ensure the growth of your company because it gives you a chance to learn from other’s experiences with nothing of yours at stake.
Thus, if done in the right way, with this, you can make huge profits by analysing and identifying the rival company’s strengths, strategies, weaknesses, areas of profits, and you can even learn from their mistakes, which can save you from committing similar blunders. Thus, it is always a win-win situation.
Owning or working in a digital marketing company in India is a serious business. The market is ever-changing. Every day, some marketing trends are becoming obsolete, whereas other new ones are setting in.
This ever-changing market can only be won if you are ready to adapt to the changes and embrace the new high demand trends and let go of the ones that seized to work. It is important to improve your digital marketing strategies with competitor analysis.
It is impossible to know about all the latest trends at an individual level and thus comes the need to analyse what your competitors are doing to win the market.
By analysing and following the successful winning strategies of your competitors and by avoiding the mistakes that they made, you can also grow your company and win the market.
Thus, it becomes important to keep yourself updated and this can only be achieved through competitor analysis.
Here are some tips that you need to follow to improve your digital marketing strategies with competitor analysis:
Know Your Competitors’ SEO Tactics and Strategies
Digital marketing is incomplete without SEO. With the help of SEO, you can improve your company’s ranking and online visibility and thus can ensure its growth.
All the competitor companies in your market make use of SEO to improve their visibility and thus analysing their successful strategies can benefit your company as well.
Let’s say, a simple Google search for “digital marketing agency in Gurgaon” can bring so many names on the first page of the search results.
All these are the competitor companies in your niche, and in order to rank higher than them, you have to analyse their SEO strategies – know their best keywords, successful pages, and analyse their search traffic.
Then, follow the techniques that brought them the best results. You can improve the rank and position of your company by following these winning formulas and strategies.
Analyse the Backlinks Used
Backlinks can be extremely valuable in improving a site’s domain authority and gaining trust. The used backlinks should be beneficial and should provide information relevant to the topic, else they can be deemed as spam. Thus, proper backlink research is important.
Various tools can be used to enlist the strong backlinks used by your competitors and to know about the average number of backlinks that those sites use.
Analysing the number of backlinks used and the authority of the linking sites that drive maximum traffic to your competitors’ sites can give you an exact idea of using the backlinks to improve your rank and visibility.
Competitors’ Online Ads Analysis
Advertisement is a serious business. If done the right way, a single ad can bring you millions of new customers, but a wrong move can cost you many more.
Considering the losses associated with a failed ad, it is advisable to look for successful ad strategies, which excelled in your market, and use similar well tested formulas and tactics to attract customers.
Analysing the online ad strategies like the keywords used, estimated paid traffic cost etc., which proved beneficial for your competitors, can also do wonders for your company.
In-Depth Analysis of Your Competitors’ Social Media Presence and PR Efforts
In today’s era, it is important to stay connected with your audience through social media sites. Thus, your company’s social media presence acts as a great factor in ensuring your growth and success.
Analysing your competitors’ social media presence can help you in finding strategies and tactics to improve your company’s online visibility.
You can analyse the social platforms where your competitors are most active and from where they get the maximum audience traffic.
Analyse their strategies, know about their posting frequency, engagement rate, number and types of hashtags used, and also know about their loopholes and weaknesses. All this can help you in building your online presence.
Thus, competitor analysis is imperative to improve your digital marketing strategies, and by analysing the marketing tactics and winning formulas of your competitors, you can follow similar techniques that proved beneficial for their business and can even learn from their mistakes. All this can help in ensuring your company’s better ranking, better online visibility, and eventually help in its growth.