A Complete Guide To Competitive Insights And Analytics For Marketers
Analyzing your own company's online traffic, conversions, ad performance, and other statistics is crucial, but have you overlooked your competitors? Regular competitor analysis enables you to profit on markets that your competitors ignore and discover new ways to reach your target audience.
What are the results of competing firms' landing pages and advertising copy? How often do they put their landing pages and other text to the test? Do they change their marketing and advertising techniques in response to the seasons? How do they do on the search engine results pages (SERPs)?
This information is available through competitive insights and analysis (and quite a bit more).
Let’s get further by knowing more about Competitive Insights and Analytics.
A competitive intelligence is the classification and evaluation of your competitors to identify their strengths and shortcomings concerning your own.
Let’s just say, it is not impossible but definitely not everyone’s cup of tea. Basically, the more you know about your competitors, the more you will enhance yourself as a marketer and you have a better chance of beating them.
The principle is straightforward, but the implementation is more difficult. Competitive analysis can be used on a variety of topics, measures, and disciplines. Some of them will be more relevant based on who you are, but the more thorough your competitive analysis is, the more effective it will be.
Why are you doing this?
When done correctly, a competition study will provide you with a wealth of quantitative and qualitative data to support your own business decisions (and no, I'm not talking about replicating your competitors' strategies to create a second-best product, though it can sometimes work).
It can, for example, assist you with:
Create (or confirm) your Unique Value Proposition (UVP).
Focus on aspects of competitors' products to prioritize your product development. the most important to consumers
Profit from your competitors' flaws to improve your goods. customers are dissatisfied
Obtain benchmarks against which you can compare your progress.
Discover market niches that your competitors aren't adequately serving.
Identify gaps between what your competitors offer and what your customers require to create a new product category.
Who can benefit from an analysis framework?
This method will benefit entrepreneurs, business owners, startup founders, product managers, and marketers. It includes business analytics, a product analysis, and a marketing evaluation, with the latter being a little more detailed. If you're only interested in one area, feel free to skip certain sections, or better yet, delegate some steps to specific teams if possible.
It makes no difference what kind of goods you're selling or how established your company is. You probably have a fully functional product, an MVP, or just a product idea to use in your business. Specific tools will be used to help and automate certain parts of the process. The majority of them are either freemium or offer a free trial, so all you have to do is invest in the research and gain competitive insights.
Why to do social media competitor analysis?
Competitor analysis on social media isn't just about learning about your competitors. It will also provide you with information about your own company and your target audience (which will most likely coincide with that of your competitors).
Here are some unexpected findings from a social media competitive analysis:
Benchmarks for your own company's performance, such as average followers, engagement rates, and voice share.
Ideas about when to publish on social media at the optimal times (since your audience is likely online at a similar time).
An understanding of the customer's potential pain points.
New (and better) content ideas that might appeal to your target audience.
Working knowledge of how to communicate with your audience on various platforms (i.e., casually or formally)
Suggestions for differentiating your brand
Finally, you will get out of a social media competitive analysis of what you put into it. You can either produce a one-time social media competitor report or hire someone to keep track of your competition as part of your team. The majority of companies do something in the middle: a quarterly or monthly report. The insights gained from any level of study will be priceless.
Finally,
Businesses must now, more than ever, have a handle on their competitive landscape and arm each of their teams with the knowledge they need to win. Due to the increased competitiveness in practically every market, an increasing number of organizations are investing in competitive insights. Businesses unanimously believe that competitive intelligence is vital to success.
