How to Perform a Best-in-Class Competitor Analysis in Digital Marketing

1. How to Perform a Best-in-Class Competitor Analysis in Digital Marketing What do you know about your competitors? Do you even know who your competitors are? Do you know what they say, “Always stay one step ahead of your competition?” Yes, whether you own a general bricks-and-mortar store in your neighborhood or you are an online brand trying to build your business. You need to get that competitive edge over your competitors. In the era of digital marketing, where your authoritative online presence is crucial, the competition is also increasing. When you analyze your competitors and monitor their activities and what strategies they are using, you will know what you can do to beat them. Whether you have an in-house team of SEO professionals or hired an SEO company in Toronto, competitor analysis is a must thing to stay ahead in the race. It is known as competitive analysis. When you conduct a careful competitive analysis in digital marketing, you will get so many insights about your competitors, which you will use for your business. This blog will depict everything you need to know about competitor analysis and analyze your competitors successfully to reap those benefits.

2. Stay tuned! Who are your competitors? The first and foremost thing that you need to figure out is to identify your competitors. Once you know who your competitors are, you will be able to compare the data accurately. There are two types of competitors. ● ● Direct competitors Indirect competitors Direct competitors offer products or services exactly similar to yours. Also, direct competitors are the ones who are located in your area. On the other hand, an indirect competitor does not offer the same products as yours but could satisfy the customers' needs. When you go for digital competitive analysis, you need to take care of both types of competitors to get more insightful information. A thorough competitive analysis will help you to design a robust, highly efficient, and superior strategy. Decide Which Metrics You Will Track The second thing you need to decide is choosing metrics that you will track to analyze your competitors. These metrics will reveal so much to you about your competitors that you will be able to design your strategy accordingly. You need to keep a sharp eye on these metrics to get as much information as you can. Check how these metrics change over short and long terms and how your competitors are performing. It will give you a clear roadmap about your digital marketing efforts. For example, if your direct competitor is not spending a single penny on pay-per-click marketing, it means that the marketing strategy does not work for your target audience. You also don’t need to build a PPC campaign as it will not work for you. Some of the digital marketing metrics that you need to keep an eye on are ● ● ● ● ● Social marketing Post Engagement Website Traffic Keyword Rankings. Guest posting and other content marketing strategies

3. Remember that these metrics might change due to many factors rather than your competitors' marketing campaigns. Some of the factors that fluctuate these metrics are their value proposition, the growing demand on the market, and others. Choose the Marketing Channels Which marketing channels are you selecting? Ideally, the marketing channels that your competitors are using are the ones that you need to choose. It might include SEO, PPC, email marketing, content marketing, web traffic, video marketing, and others. Many of these channels are mixed up and intersect with each other. The digital media agency might give you more insights into how it works. For example, social media marketing might include influencer marketing. PPC ads might consist of web traffic. Video marketing is, most of the time, a part of the content marketing strategy. Consider Using Outsourcing You will probably not have a team of digital marketers as outsourcing the project offers many benefits. You don't have to buy those expensive digital marketing tools and don't have to pay to a whole team of digital marketers. Find a good digital marketing agency in Toronto with a proven track record and earned some good reviews online. It will save you some budget that you can spend on other crucial business operations.

4. These agencies have full-fledged digital marketers, social media marketers, content writers who know their jobs and responsibilities. They offer the best results. Analyze Competitor SEO Strategy Though you have selected many marketing metrics to analyze your competitors, focusing on their SEO strategy is the best thing you can do. There are many competitor analysis tools available to conduct an in-depth SEO analysis. The digital media agency you have hired must have these tools. What are the things that you need to look at: Website performance ● ● ● ● The number of visits they get on average. The loading time of their web pages. Comments they are getting on their blogs and other marketing materials Keywords they are using and their search engine ranking positions for those keywords Languages they use on their website ● Social Media Performance: ● ● ● ● ● Social media platforms they have accounts on The number of followers they have on different social media platforms The number of likes, comments, and reposts the posts gets on average Hashtags they use and how they appear on search results Type of content they share on social media platforms such as infographics, videos, images, etc. How frequent they post on different social media accounts ●

5. Take a look at the audience Just analyzing your competitors is not enough. You also need to take a look at their target audience. Once you know what their target audience is, you will be able to determine your strategy accordingly. Also, you will be able to compare audiences to find the differences. Some of the target audience basics are age, gender, sexuality, location, education, family status, interests, family status, strengths, weaknesses, needs, religious beliefs, etc. Make Your Final Conclusions Now that you have all the data derived from your competitor analysis, it is time to make conclusions. ● Are you happy with the data you have received or need some more time to gather essential data? ● Are you surprised with the data, or you expected something else? ● What are the main differences between your campaign and your competitors’ campaigns? ● What can you derive from this data? Is this data enough to help you design your digital marketing strategy?

6. These questions must be answered correctly when you have completed your competitor analysis. You can adjust your campaign according to the facts and findings you have concluded from the data you have received. Final Thoughts Competitor analysis is a must thing to get insights about what they are doing. You need to hire an SEO company in Toronto that can perform the best competitor analysis and come up with an insightful report to help you design a competitive strategy. After the competitive evaluation, you will be able to get a better picture of the market. Designing a digital marketing strategy after the competitive analysis will improve your chances to get more success. Contact Us Company Name: Chameleon Digital Media Address: 667 King Street West, 3rd floor Toronto, Ontario, M5V 1M9, Canada Phone: +1(416) 644-8597 Email id:info@chameleondigitalmedia.com Website: https://www.chameleondigitalmedia.com/