Competition is everywhere, and it is essential in today’s fast-paced world. Since opponents are foreseeable, learn how to use them for your gain. If you seek to ensure your brand reaches its full potential, it’s vital to monitor your competitor’s tactics. How else are you going to be better than them?
A business doesn’t function in a vacuum. Multiple outside factors influence whether or not you will yield outstanding profits. That’s why you need to take the necessary steps to gain a competitive edge over other businesses in your industry. But that’s easier said than done. The ease of access to the internet has enlarged your opposition at an exponential rate. You’re no longer competing with a small group of regional or local businesses. In today’s age, you are more or less competing against enterprises and international brands.
How do we conduct a competitor analysis?
There are plenty of tools marketing agencies use to dig deeper into the content analysis and keep an eye on their competitor’s movements. So we’ve compiled a few creative ways:
1- Identify Your Competitors
The first thing you want to do in your quest to “become the best” is to identify your rivalry. Now, you may already have one opponent in mind. But there’s a chance that you have other competitors that regularly compete with you through Google.
With competitor analysis tools, you can find out everything about your competitors. It’s an all-in-one marketing tool. You can even pinpoint the brands that are copying your strategies. Other than that, you can detect the most shared and searched questions and topics in one click, giving you a broader approach to becoming the best.
2- Track Social Media Presence
Many companies are now active on various social media platforms. It provides a tremendous opportunity for you to track competitors and monitor what their online marketing tactics are.
You can keep an eye on your opponent’s activities by following them and analyzing their content. Among multiple measures, you can observe the posts and their social media tactics effectiveness. Suppose a specific type of content a competitor shares seeks high engagement levels. In that case, you may want to opt for a similar approach.
3- Sign up to Receive Email Updates
Based on a reliable survey from BtoB Magazine, almost 60% of marketers say that email is the most efficient route for generating revenue. Therefore, marketing teams should be monitoring the emails that opponents are sending to their customers and prospects. Consider subscribing to your rival’s website via a personal email address, gauge their promotional tactics and frequency of sending out emails.
By signing up to an opponent’s email list, marketing groups can learn more about the company’s nature. Primary factors of focus can be; seasonal campaigns, frequency of publishing content, business news, and types of content. Also, you can learn how your competition targets its audience.
4- Analyze Video Content
Since 81% of customer traffic is video-based, many brands now integrate videos and consider them an essential part of their content marketing strategy. Also, marketing agencies should check whether competitors are using video and search for interactions, such as shares, views, and comments.
Engagement is an excellent metric to gauge content performance. Browse your competitor’s website and subscribe to their YouTube channel to get a glimpse of their visual tactics and strategies. You can learn which type of videos they upload, how often they upload, and what’s their audience’s response. You can also read How to Create a Successful SEO Strategy for your Website
5- Monitor Variations to a Competitor’s Website
Another excellent way for brands to keep track of their competitors is to analyze their websites from top to bottom. If you notice any significant changes in messaging or design, start indulging.
For instance, marketers need to know if an opponent launches a new service or product while tracking their tactic. It is vital to evaluate the competitor’s complete content experience. What fonts and colors do they use on their website? Is it easy to find information? How do they structure their content?
Brands should be aware of how their competition delivers content and make sure they can provide their audience with an enhanced experience.
6- Identify the Best Keywords to Target
Choosing relevant keywords for your content can dramatically enhance your site’s chances of appearing in search results.
Many tools help marketing companies to monitor their competitors by displaying associated data, keywords on search volume, and the catchphrase expertise for top-performing posts. Additionally, the tool highlights the competition for every keyword.
Knowing which keywords are luring-in traffic, and have little competition, will help you determine related keywords to aim with each piece of content you design.
7- Attend their Trade Shows
Undeniably, following your competitor on social media will help you keep track of everything they’re doing. But attending trade shows and webinars will give you more to analyze.
When you visit trade exhibitions, be sure to pick up your opponent’s materials. For instance, if you are in the home furnishing business, appearing in a local home show is an excellent option. Check competitor brochures, product, and pricing line information so that you can stay on top of the current industry trends.
8- Research the Most Communal Content
Businesses can also learn about their competitors’ marketing strategies by looking at their best-selling content.
Several tools enable users to discover the most socially shared content. By entering a keyword, or subject, you will get a long list of content, ranked by popularity. It allows you to check if your competitors are doing well enough to appear on this list. And it helps you identify the brands you hadn’t considered before. All you have to do is input their URL to get a gradient of their most shared content.
Conclusion
In today’s cutthroat competitive era analyzing marketing strategies, generating leads, and building media lists based on what your opponents are (or aren’t doing) is crucial. With a robust monitoring strategy, you’ll be able to discover your weak points and turn them into solid suits. Besides that, analyzing your competition more extensively will help you determine their gray areas for you to benefit from in the market.
