Knowledge is power
To benchmark is to “evaluate (something) by comparison with a standard”. It does not mean to copy or plagiarize or pirate. So rest assured that when our experts suggest you look to your competitors as part of your digital marketing strategy, we are not suggesting you do any such thing.
However, there is no one who understands the ins and outs of your industry quite like your competitors. They may be your rivals, but they can also be your allies. Knowing how you compare with them assists you to evolve your digital marketing campaigns and to outline your medium to long term strategy.
Through the looking glass
When potential customers are doing their online research, they often look at you and your competition side by side. Putting yourself in your customers’ shoes provides awareness on where you can improve.
Having a thorough look at the digital marketing efforts of your competitors can encourage you to try new methods related to content, design, or the brand communications used.
Today, 80% of online content is user-generated, which means that consumers are now collaborators in the marketing mix. And there is no reason to limit this alliance to only your clients and prospects. Conversations in which your competitors’ clients are engaged are equally applicable to your business, and can give you insights which you may not have gleaned from your own exchanges.
Questions frequently asked of your opposition are a valuable source of content and engagement when combined with your unique slant on the issues.
At the end of the day, your fiercest rivals have an integral role in holding you to a higher standard and pushing you to your limits. When the rivalry is mutual, your entire industry benefits and profits.