In the rare case that you have a monopoly, you don’t need to keep abreast of what your competitors are doing (they don’t exist in the first place). Otherwise, there’s an urgent need to understand what other companies in your sector are doing and also to know how to analyze the competition. To that end, here are some strategies (adapted to digital marketing, of course) that can help you gain market share.
In dozens of previous articlese’ve mentioned the importance of analyzing the competition, namely to have a global vision of the sector; to control the market; to foresee problems and thus strengthen weaknesses; to get to know customers better; for inspiration and to continue improving. But how do you analyze the competition?
Choosing and analyzing the competition
From the outset, you will have two types of competitors – direct competitors and indirect competitors. You’ll have to choose between them.
Direct competitors are the ones that require more regular monitoring, as they are closest to your business. So it’s important to consider what your next-door neighbor is doing. Only then will you be able to see what’s wrong or be inspired to produce your own content. If your competitors have a newsletter, don’t hesitate to subscribe. If you create podcasts, spend time listening to them. In fact, this is the best way to make sure that what your company does is better than those in your sector.
Indirect competitors are those who offer a relatively different product but target a similar audience. They are not exactly threatening, they can even be complementary, and this is one of the main factors that should make you pay attention to what they do.
The ‘neighbor’s chicken’ metrics
The neighbor’s hen doesn’t have to “lay more eggs than mine”, but it’s important to have an idea of the “eggs” she’s been laying. In other words, the metrics it has achieved.
Website traffic is very important, as it allows you to understand where your competitor’s audience is coming from and helps you adjust your marketing strategies. The use of keywords and the way the competitor is ranked is also relevant.
Investment in new technology
You know when your neighbor buys a new car? Or an automatic vacuum cleaner? You want to buy one just like it, or better. After all, it’s a matter of honor. Now imagine if you didn’t know about this new acquisition. Would you be better off? Timerarily, yes, but only until you discover the technology it has at its disposal. This also applies to your competitors. In other words, it’s important to keep abreast of what’s being produced by those who compete with you so that you’re not surprised by how far ahead they may eventually be.
Take a look at our social networks
It’s important to understand your competitors’ line of communication and the content they produce on social media. After all, that’s where you can start to bridge the gap with your competitors, especially if you’re neglecting this type of platform. Otherwise, take the opportunity to get inspired and start shortening the distance in the way you promote your product.
There are more techniques and methods for analyzing the competition, particularly with regard to your online presence. Want to know more? Talk to us!
