As with any real-world marketing strategy, a thorough online competitor analysis is a critical part of designing any successful digital marketing campaign. Assessing exactly what your competitors are doing right (as well as what they are doing wrong), can give you valuable insight into what consumers respond to in your particular industry and is the best way of ensuring that your online marketing efforts outperform theirs.
What makes devising a successful digital marketing strategy so tough is that you’re not just competing with the countless other companies who provide the same product or services as you do, but it also involves competing with search engines themselves. Since a keyword search is the first port of call when doing research on any product or service for most consumers, you want to make sure that you’re near or at the top of that results list.
Here are two tips to help get you there and to make sure that your listing pays off:
Firstly, you have to compile a list of keywords. No matter how seemingly broad, anything you can think of that has the remotest chance of indicating interest in your product or services has to be on that list. Only when you have personally searched all the words and found where they lead to, can you start whittling down the list to the really relevant keywords.
Secondly, in order to ensure the success of your digital marketing campaign, you need to make sure that interest in your product is converted into a sale. It therefore helps a lot if you hire someone who can analyse your competitor’s strategy to find out what works, what doesn’t and what works but can be implemented more efficiently.
Although the above-mentioned are key components, never underestimate the importance of a thorough competitor analysis in designing an effective digital marketing strategy: in this digital age it could literally mean the difference between ultimate success and failure.