Digital competitive analysis is an essential part of developing a successful business strategy. By identifying your competitors' online tactics, you can take advantage of the advantages of your own business to drive growth and boost performance. In this article, we will provide guidance on conducting in-house competitor research so that companies can identify and capitalize on their key differentiators.
What is a competitive analysis in digital marketing?
Competitive analysis is the process of researching competitors and the strategies they deploy for marketing, pricing, product development, and distribution to gain actionable insights.
It helps digital marketing professionals to stay ahead of innovations in their sector and devise strategies that will help increase brand recognition, user engagement, and revenue generation.
Why should you do a competitive analysis in digital marketing?
Why do a Competitive Analysis? This type of research is incredibly valuable to any business because it provides insight into the competition and shows you how they’re faring in comparison. By carefully analyzing your competitors, you can discover what’s working for them and identify areas where you can improve upon their strategies to gain an advantage.
Your analysis can be narrow or broad, depending on what kind of information you want coming out of this process. For example, if you’re focusing on website optimization, then looking at what your competitors are doing with content, user experience (UX) design, and lead generation can help inform your own approaches.