Digital Marketing Specialist Competitor Analysis – Guide to Evaluating the Competition in 2023

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Ever wonder how companies manage to maintain their market position? To navigate the market and be successful, takes dedication and time. There are several ways to get the information you need. A competitive analysis is one of the best ways you can evaluate your competitors as being one of the best local SEO agencies. This allows you to see how your competition is doing things. It also helps in identifying opportunities and keeping up with current trends by providing content marketing SEO services. It can also position your products and services so that they surpass industry standards.

The benefits of conducting a competitive assessment

Competitive analysis can help you identify strengths and weaknesses that will strengthen your brand and content strategy. These are some of the benefits:

  • Develop and fine-tune your Unique Selling Proposition (USP).

What is your “why”? It helps to see your brand’s uniqueness by comparing the product descriptions, partnerships, and other things they do.

  • Improve the quality of your products and services: 

It is important to focus on the customer’s expectations and needs. To gain insights into market gaps and how your competition is performing, analyze customer reviews and those of competitors.

  • Make your brand a benchmark

A gauge to measure the growth of your brand is one of the most valuable things you can do. Analyzing your past data can help you understand how your competitors view you in the market. This will help you to see where your brand can be improved.

  • Find gaps

It is important to find out who your competition hires. You should study job websites, job review sites, press releases, and other sources. Research and development are also important in determining the movements of your competitors.

  • Find out about threats

You can do a SWOT analysis on your brand and the competitors to see what’s happening in the market. You can check social media accounts as well as any press related to you or other brands.

Conducting a competitive analysis

It is important to do a proper competitive analysis. These steps will help you get started.

1. Find out the competition.

What are your competitions? There are two types of competitors: indirect and direct. Indirect competitors are those who are in the exact same business, with the same products, services, or geography. Indirect competitors offer products that may solve the same problem but are different from direct competitors.

2. Take a look at what your competitors are offering

It is important to take stock of your competition and their product lines, as well as the quality of their products or services. It is important to note their pricing and discount policies.

3. Research the sales strategies and results of competitors

It is important to observe your competitors’ sales processes, sales channels, revenue, expansion plans, etc.

4. Take a look at the prices and incentives offered by the competitors to help you decide

It is important to be competitive in the market. This could mean that your products are priced higher or lower than their competitors.

5. You should ensure that you can meet shipping costs for your competitors

It is important to make sure that your customers don’t abandon their carts. To keep your customers loyal, offer free shipping to them.

6. Analyze the marketing strategies of your competition

Which tools do your competitors use to reach their audience? Are they using videos? Blog? FAQ section? Case studies?

7. Analyse the content strategy of your competition

To determine their content, look at what the competitors are doing. You should pay attention to their grammar and tone of voice, spelling, punctuation, and how they frame and present their content. Also, consider whether or not they employ different writers.

8. Analyze the technology used by the competition

What customer service software do the competitors use? What technology does the marketing department use?

9. Analyze the engagement of your competitors

Have a look at your competitors’ social media engagement. How about their comments? What are their topics? Which topics get the most responses?

10. Analyze the marketing strategies of your competition

What keywords do the competitors use? What kind of content does the competition link to? Are they linking to their content?

11. Analyze the strategies and social media platforms used by the competitors

Are your competitors using social media to connect with their followers? Consider the platform, their followers, frequency and consistency of posting, and what goes viral. What type of content does the platform post?

12. To find out the strengths, weaknesses, and opportunities of your competition, conduct a SWOT analysis

Pay attention to what their competition is doing. What could they do better? Which areas could this competitor pose a threat to the market? Are there any other market opportunities? Look at the location of their facilities, equipment, and facilities. Are they registered trademarks? Copyrights? Patents? How about their economic viability?

Your competitors are hungry, it’s not a secret. This makes it more challenging to navigate your brand. Planning, research, and an in-depth look at your business are all necessary for competitive analysis. Because the market is constantly changing, you should conduct a competitive analysis regularly. If you don’t know what is out there, your brand will fail. These steps will help you align your brand with the right goals and outcomes so that it can compete with your competitors with a bulletproof marketing plan.

A partner such as Diligent can help you conduct a clear and strong Digital Marketing competitor analysis. Contact the Diligent team for more information about how to properly frame and implement a competitive analysis.

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