There is a growing importance on competitive marketing analysis; it is challenging but essential for maintaining a successful marketing strategy. It is just as crucial to determine the performance of your competitor’s marketing campaigns as it is to examine your own business. Here is a guide to analysing your competition with advice on what to include in a successful competitive marketing evaluation.
Business Strategy
The most effective way to determine a competitor’s strategy is through competitor profiling. Identify the segments served, the market share, advertising campaign concepts, channels of distribution and promotional campaigns.
Website Comparison
A company’s website is the face of their online presence and is critical in understanding how they operate and what they are doing. Knowing their strengths and weaknesses will enable you to implement website strategies aimed at retaining your customers.
Target Market
Analyse your competitor’s marketing activities, content and advertising campaigns to determine their target market. Identify who your competition is trying to target and pay close attention if this market is the same as your target audience.
Social Media
A company’s ability to monitor, track and engage in their social media platforms can define their success in attracting new customers. Determine how actively your competition are using social media, which platforms they are using and for what purposes.
Content Marketing
To determine whether your own content marketing strategy is working, identify components of your competitor’s content and compare this with your business. Look at the type of content they are producing and its frequency, the audience they are targeting and what type of platforms they are using to promote their content, such as blogging or email marketing.
SEO
Search engine optimization is a simple area of competitive marketing analysis. Use search engines to analyse their keyword ranking and website authority by typing in their website and examining the results to determine how effective your competitor is in participating in SEO.
Evaluating your competitor’s actions will enable you to determine improvements for your business, plan for long-term marketing strategies and develop highly effective tactics for the future. Without competitive marketing analysis it can be hard for your business to survive the competition in your field.
If you need any help with your competitive marketing strategy or any other marketing technique, give Clarity Marketing & Communication a call on 1300 060 204 or submit an online enquiry.