How do you go about competitor analysis in digital marketing? The answer is ‘carefully.’
Quick View
- Who are your competitors?
- Isn’t copying competitors a bad, bad idea?
- How do you go about selecting competitors?
- What do you do in a competitor analysis?
- Google as a competitor
PLUS
- Now What to do with your competitor analysis?
- Forgot to mention
Who are your competitors?
I always ask the client this question. The Conversion Detectives digital marketing methodology offers an option to research competitors. Clients vary, some are spot on while others think they know. Why is that? Because it’s not always ‘bleed ‘in’ obvious.
Why is that Jim?
The web is a massive place, full of competition, most notably Google. O’ yes they are your competitor, more of this later down the post.
Well, for a start, competitors can cross over. There main business may be something complimentary to what you do, but they have a niche or side-line that crosses over into the market you are targeting.
Isn’t Copying Competitors a Bad, Bad idea?
Yes. But no. I wouldn’t call it copying; I’d call it an influence. The danger, of course, is you don’t know if that campaign, website, social profile is working for them. It is a good idea to research them for two reasons, the first being a piece of learning that can unlock new traffic, or establish new content ideas.
The second is you can benchmark where you are in the market. This is one of those elements in digital marketing that people overlook. You benchmark your own business of course, but when you benchmark against a competitor (to some degree) you can establish a gap, that gap leading to new ideas and revenue.
O’ there’s a third reason. We all think in a particular way. We try to be creative, (a big thing for me and my company, hence our podcast ‘Jelly Trumpet) but we need a jolt, another approach as Google and your competitors are always evolving.
How do you go about selecting the competitors?
Well, that would be telling. Certainly, the client will know the majority of them. We select top keywords and search, o’ then compare who ranks with their domain score. This rather a lot more to it, reviewing lots of sites, getting a ‘feel’ for the market.
What do you do in a competitor analysis?
So, we have a checklist, knowledge, experience and a great desire to uncover the good, the relevant and profitable for our clients.
I’ll let you into a little secret…it’s eye-balling and the use of a spreadsheet.
There are over 60 factors looked at in 10 distinct sections. It’s not just the website, it’s social, email, video and more. Plus how they are seen in the marketplace and more particularly in Google.
Just Google?
Yes. Why waste your time with the search minnows?
Google as a Competitor
How so? Well, they are undermining all you do. Contentious? Yes but what do you see when you search your keyword terms? That’s right, universal search, including knowledge boxes, all to keep you in thrall with the Google results page.
So, you have to come up with ideas to make the most of it. Although ‘Googling’ has entered our language, people (me sometimes) have become blind to what Google is. That’s to be expected and to break their monopoly on search isn’t going to happen. So, how are your competitors doing in search, what can you learn.
O’ a word about Google Ads
Google Ads are seen by many as a go to marketing tactic. Some clients are turning their backs on Google Ads, especially for their own brand terms. Search, he wrote ironically, for ‘something is rotten in online advertising’ and read the post by Rand Fishkin. Do look at the fact that Google ‘claims’ the last click and the conversion.
Remember if you dominate the Google Search Engine Results (SERPs) for your brand terms and a competitor is not bidding on your brand terms, can you get away without Google Ads? Perhaps, use it as a backup plan?
Now What to do with your Competitor Analysis?
Talk it over, mull over it. What can you take and TEST. DO NOT take it on and just copy. No. What can you learn?
Here’s some questions to ask yourself, based on the simplest of marketing models.
- How are they creating awareness (plus reach, plus engagement)?
- What do they do to increase consideration?
- Are there any factors we can use, to test, conversion from lead to sale?
Take the top three elements you think will increase your revenue.
Forgot to Mention
Pay particular attention to the copy on their website. Copy is a number one factor for conversion.
There you go, a simple starting point to competitor analysis.
Have fun,
About Conversion Detectives
Conversion Detectives is a full service digital marketing agency in Hertfordshire.
We find the best quality traffic for your website and convert more of that traffic into sales or sales leads.
Services
Digital Marketing Strategy | Creative Content Marketing | Email Marketing |
Lead Generation | Content Strategy | Social Media Marketing |
Video Marketing | SEO (Basics) | SEM |
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