Ruling your industry with online marketing requires you to know the digital landscape, including who your top competitors are and how you compare across the web. How you market your company, compared to your competitors, will determine how you perform online. This includes getting leads and sales from potential customers. The growth of your company depends on how you compare, how you close the gaps, and how you get ahead of the competition.
Digital Marketing Competitive Analysis
We identify the Strengths, Weaknesses, Threats, and Opportunities from a digital marketing perspective. This includes actionable insights and custom, tailored, recommendations to close gaps and get ahead of your competition.
Digital Landscape Competitive Analysis
Our Competitive Analysis Will Show You Key Insights Into How You Compare To Your Top Competitors By:
- Evaluating your website and areas for improvement (with the mindset that you should view your website as a virtual sales rep)
- Determining search engine real estate and social visibility (for targeting users in their initial research and awareness stages of the buying process)
- Identifying digital assets used in the buying funnel (including downloads, blogs, videos, white papers, and more)
- Evaluating how you present your product, service, and value proposition, including what sales funnel you and your competitors are encouraging potential customers down (to identify ways to nurture more opportunities and leads into sales)
- Pinpointing online advertising strategies across numerous channels
- Assessing customer and employee satisfaction and feedback, including online reputation gauging
Why Is A Competitive Analysis Critical for Your Company?
- 81% of B2C shoppers conduct online research before they make a purchase
- 94% of B2B buyers conduct online research in the buying process
- 60% begin by using a search engine to find the products they want
- On average, consumers visit at least 3 online stores before making their purchase
- Even if you’re trying to drive in-store purchases, 74% of business buyers conduct more than half of their research online before making an offline purchase
What Is A Competitor Analysis?
Competitor Analysis means very different things in different industries. For a sports team, it means watching hours of videotapes of the other team, analyzing different players and understanding how they run certain plays.
In Digital Marketing a Competitor Analysis is an extremely multifaceted undertaking, looking not only at a competitor’s website but their presence everywhere on the web, the actions they are taking, the techniques they use, and how to counter them.
A proper competitor analysis should be a detailed and comprehensive report that with a summary and actionable tasks. The surface level analysis usually consists quick preliminary research, however, deeper competitive analysis requires tools and expertise that many business owners do not have. This is where a Competitor Analysis conducted by a digital marketing agency can be extremely useful.
This is the most obvious part of a Competitor Analysis. At the surface it’s simply looking at their website, seeing what works well and what doesn’t. This can be a great way to gain ideas for your own website.
Benchmarking against competitors is the perfect way to check if you’re doing better than them and can often help explain why you may have seen a sudden increase or drop in traffic or conversions. If a rival has had a new website created that is more advanced, faster, and easier to navigate than yours, then it may explain why your conversions have dropped.
Equally, if you suddenly experience a significant increase in conversions then you should seek out the answer as to why that is so you can do more of what is working. If a competitor’s website is down then you know that this change in fortune may only be temporary and can factor that into your action going forward.
The deeper level of analysis encompasses things such as load times, server response times and overall website responsiveness. Pages that are picture heavy may look beautiful but load slowly, putting a portion of potential customers off. There are often integrations such as Map Apps on ‘find us’ pages that seem slick but can double or triple page load times leading to a loss of customers.
Ensuring every page of a website is mobile friendly is another feature of a website audit. If you know your competitors are not hitting these key checks then it can tell you how to achieve easy wins.
This is not simply how easy you and your competitors are to find, but what is being found. A wide range of searches should be employed across multiple search engines. Mapping relevant search terms across multiple competitors, products, and locations is a time-consuming process but vital to success.
Identifying areas of improvement for your own business as well as areas of weakness in your competitors is a great way to increase your brand recognition and trust. There are a multitude of different factors that affect how Google ranks both your site and your pages, many of which are to do with the ‘back-end’ of your site that you might not be aware of, especially if you outsource your web development. Knowing if your competitors conduct backlink audits, have proper Sitemaps and ensure their pages are properly indexed can give you an insight into how reliable and professional their Digital Marketing is.
SEO and Keyword Phrases
SEO is like PPC, everyone has heard about it, and have a vague understanding of what it is. Identifying Keywords that are shared between you and your competitors is key, just as looking at the ones you don’t. Unfortunately, there will be times when you simply may not be able to rank for a keyword you want but having a thorough understanding of the Keyphrases can help you create a strategy to obtain “low hanging fruit” so you can climb the rankings.
The rise of ‘near-me’ search terms have been well documented but even without them, local searches make up a huge portion of product/service based searches. After all, what good is simply searching ‘Self-Storage’ without some kind of location filter? Knowing whether your competitors are taking full advantage of all Local Directory Listings lets you know where they stand and where you can get easy wins.
The majority of businesses know by now that they should have claimed and completed their Google My Business listings (used to be Google Places). Surprisingly very few businesses have engaged in any strategy to ensure their reviews are linked to these listings. A comprehensive review of all Local Directories will show where your competitors have left gaps that you can take advantage of.
Paid Search Audit
This is difficult to do without the know-how and proper set of tools but it’s possible to find great insights into the Paid Search habits of your competitors, estimate their budgets, and understand the balance they strike between Paid and Organic Search.
This is another area that it is difficult to effectively analyze without certain tools but on the surface, you can undertake actions similar to that of the Website Audit. Monitor the social networks of your competitors, see what they do well and what they do badly. Use this to establish your own Social Media Strategy.
On the deeper side of the analysis, we can look at large amounts of data to ascertain levels of engagement of their fanbase, whether it appears they are using certain strategies and if there are useful findings such as optimum posting times for your target demographics that we could apply to your Social Media Strategy.
This is by no means an exhaustive list of everything that should be in a Competitor Analysis but hopefully, it’s given you an idea of the things we can do for your business.
Request A Competitive Analysis
If you’re ready to grow your business and get ahead of your competitors, the first step is understanding the landscape, and that starts with a competitive analysis by Spade Design.
Stop wondering how you stack up against the competition. Stop wasting your time trying to reinvent the wheel. See what’s possible. Find out how you stack up against your competitors and make a plan to get ahead.
Contact us today to get started.