Every successful digital marketing plan requires competitive research word. It doesn’t matter your business requirements – ranking in SERPs, PPC, Social Media presence, social media marketing, email marketing, or a mere reading audience; competitor analysis always has a role.
Looking upon your competition now and then can help you with your business strategy. Every digital marketer worth their salt knows this.
Gaps in the content your competitors are putting out can reveal areas where you need your focus. As a result, you gain a competitive advantage and can even strengthen your brand authority.
However, it’s vital to remember that competition analysis entails more than simply determining which keywords they’re targeting.
Suffice to say; it’s also not as easy as copying a competitor’s blog content to increase website traffic.
Competitive research, as you may have guessed, is a time-consuming process. What’s more, it necessitates the expertise of a digital marketing professional.
A well-defined strategy is something your business needs to figure out who your competitors out there are and ways to outrank them.
I’ve detailed a few frequent competitor analysis catastrophic mistakes you can avoid by simply following my guide. I’ll also be listing out some helpful tips that can help you prevent them miles ahead.
Let’s get this started, shall we?
Drawing on the wrong competitors:
Any digital marketer worth their salt will tell you that studying your competition gives you insights on content gaps and brand-building opportunities.
The majority of them don’t tell you how you’re going to find those competitors in the first place.
What’s the first notion that springs to mind what you hear competition analysis? Your DIRECT COMPETITION right!
Well, you are not wrong because these are those businesses that sell similar products or services to your business and cater to similar demographics.
However, if you go past these businesses, you’ll notice that there are a plethora of websites, blogs, and businesses on the internet that are targeting your potential clients.
For your target keywords, these competitors frequently dominate the search engine results pages (SERPs).
Analyzing direct competitors will produce no results if you wish to rank for that specific keyword in the SERPs.
Instead, concentrate on your online competitors, i.e., the brands that consistently rank first in search engine results for your target keywords.
While you’re at it, double-check that your competitors are aiming for the same customer demographic as you. If not, replicating their content approach, website layout, and other parameters will not yield long-term results.
Heedlessly following competitors you find:
You must be knowing that you’ve won half the battle when you can identify your business’ direct and SERP competitors.
However, there is one major stumbling block you must avoid.
What if your competitor’s digital marketing plan isn’t working?
In these situations, copying your competitor’s strategy and campaigns could be destructive for your business.
That’s why it’s crucial to examine each competitor’s web content, inbound link profile, social media pages, and digital assets more closely.
Major red flags to look out for include spammy backlinks, sponsored reviews, and duplicate content.
Not brushing up on your chosen strategy:
Competitive research, like other areas of digital marketing, is a continuous process. If you don’t monitor your competitors’ websites regularly, they’ll most likely exceed your business in the digital sphere.
You’ll also be unaware of any new enterprises that may represent a threat to your brand.
That’s why it’s critical to keep track of, measure, and evaluate the results of your competition analysis plan regularly.
In your field, keep an eye out for new tools, market trends, and technological breakthroughs.
You have reached the fitting conclusion that your business gains insights into its online presence, website traffic, increased customer retention rate when you deploy competitor analysis.
But not everyone knows how to select the right direct and online competitors.
I can be of tremendous value to your business as I can do just that for your business without breaking a sweat.
Call me up or fill out the contact form today; I won’t just do competitor analysis for your business but will also help you improve your business strategy at regular intervals.