As much as we want to believe we're the best at what we do, that's not always the case. There is almost always somebody, somewhere, who has a better product or service than you do. Or at the very least is working hard to build, create or invent a cheaper, more efficient alternative to whatever you offer. Being aware of this and avoiding complacency is a smart way to run a business.
Even if your product or service is the best right now, there's no guarantee it'll stay that way. Likewise, your brand might be running the best digital marketing campaigns, multiple pages ranking number one on Google for keywords, masses of social media engagement and conversion rates. But your competitors are out there and trying to do better. Competitors will be analysing what you're doing to be the best and devising ways to improve on it.
The formula is simple when it comes to the competition:
What you currently do + What they do better = The Best Digital Marketing Strategy
Look at the quantity of content your competitor creates, are they regularly posting content? Ask yourselves: are you creating enough content? Is your current content performing well? How could it be improved?
Review the quality and type of content your competitor is producing, are their blog posts long or short? Do they use imagery? Is their content being shared on social media?
Analyse your social media, look at the number of followers, the amount of content sharing, any reviews or feedback. Is your competitor more present on any particular media channel? If your competitor is performing well on Twitter but not LinkedIn, why is this? And could you utilise this to gain an advantage?
It might seem obvious, but look at your competitors website. What are the landing pages like? Its it responsive on all devices? Is it easy to navigate your way around their site? Does it look good? Making sure your website is user friendly is a key priority for any digital marketing strategy.
If you are looking at a local competitor then where do they promote themselves? Are they listed in local directories? If not this could be a way to edge ahead.
Facts and figures
If you can obtain numerical comparisons it allows a more specific degree of comparison. Product sales, clients, followers, re-tweets, connections and search engine rankings to name a few.
When it's all said and done, taking a hard look at how you stack up against your competitors, or even just a business you aspire to is going to help you make your company better. You'll stumble upon new ideas, become motivated by the competition and ultimately, have a more realistic understanding of what you need to do to succeed both now and in the future.
WSI offer competitor analysis as part of building an effective Digital Marketing Strategy. For more information get in touch today.