1. Digital Marketing- Digital Marketing, also known as online marketing, refers to the advertisement and promotion of brands and products by connecting with potential customers online. Competitor Research in Digital Marketing helps in a detailed analysis of our competitors. Digital marketing involves various things such as email, social media, web-based advertising, and also text or multimedia messages as marketing channels.
2. Competitor Research- Competitor research is a crucial part of a digital marketing campaign. It refers to paying due attention to the competitors about what they are doing. Knowing what the competitors are doing can help position the company and its products and services within the market.
Competitor research involves identifying the competitors, evaluating their strengths and weaknesses, and assessing their products’ strengths and weaknesses. It helps find out the industry trends that may be of great help in the product development process.
When logged in to the competitor’s dashboard, the results generated from the competitor’s research are accessible for the whole team. Effective competitors lead to innovation, development and also helps in developing growth for the company.
3.How Often Should Competitor Research be Conducted- Competitor research should be a continual practice for an organization. Rather than having a specific time frame for conducting competitor research – this should be a continuous process that would help in constant reviewing and updating with new ideas and information.
While making a decision, an organization must keep its competitors thinking about competitors more often when considering expanding the company, its product base, etc.
It doesn’t mean to become very obsessed with tracking the rivals or the competitors. Instead, prepare a working document named a competitor dashboard that can be maintained, which should be kept accessible to all employees anytime they require access.
4. Importance of Competitor Research in Digital Marketing- Competitor research is significant for an organization. In digital marketing. It helps differentiate from the competitor’s services or products to make it appear as a unique brand in the digital market.
Following are some of the benefits of Competitor Research in Digital Marketing:
Proper price fixation (neither high nor low) of products and services.
Better market potential forecasting.
It helps in understanding the opportunities and being able to act quickly to grab those opportunities for better growth.
Understanding the tertiary market possibilities
Help the company in making smart developmental decisions.
It helps in being aware of the potential market threats.
Help in having an ability to forecast future market trends.
Allows in more customer acquisition.
5. Different Fields of Competitor Research & Analysis- Many fields and facts are associated with competitor research and analysis. Following are the six essential fields or prospects to focus upon for conducting fruitful competitor research:
SEO (Search Engine Optimization) –
Tracking of SEO performance helps an individual understand the competitors’ performance in various search engines such as Google, Yahoo, etc. It helps in finding out :
If there exists any competition of the keywords that are being targeted.
Where does most of the traffic to the competitor’s website come from?
How to grab those traffic to make the shift from the competitor’s site?
It helps in finding out which keywords have less competition.
Website Analysis and Review – While conducting competitors’ research, a company must keep a constant eye on its website. It can be somewhat like shopping on a competitor’s website or calling their customer service associate to have an overall view.
It’s essential to directly compare the competitor’s website with their website to find out the differences. It also helps to have an overall idea about their website, such as:
Is their website mobile-friendly?
What is the user experience of their website?
Does their website have a site map in it? Etc.
It is essential to note significant differences and similarities, which can transform into an opportunity or a threat in the future.
Content Review – A digital marketing professional needs to create content. But it isn’t easy to create unique content without knowing what type of content the competitors are creating or posting online. While conducting a content review of the competitor’s website – it’s essential to review the blog, videos, presentations, interviews, testimonials, advertisements, social media posts, etc., posted by the competitor.
It’s also essential to have a deep insight into the type, quality, word limit of the content posted by the competitor to gather complete knowledge about the competitor.
Price Check – To become competitive in the market, it is essential to follow competitive pricing to have an excellent financial edge. The simplest way is to have the same price as that of the competitor to avoid competition.
Having a good knowledge of the competitor’s product price is very important to stand up in the competition.
Brand Positioning –
After having done all the research mentioned above, a clear idea could be obtained about the competitor’s brand, its quality, and its valuable presence in the market. Price Check can provide a good understanding of the brand of the competitors. It also provides an idea about whether the competitor’s brand is trying to attract luxurious and affordable prices.
Google Alerts – Google alert is a search engine tool for content change detection and notification service offered by Google Search Engine. It notifies the user by sending emails when it can detect new blogs, articles, etc, as per Wikipedia.
It helps in monitoring or tracking the brand name and also the name of the rivals.
Buzzsumo – It’s an effective tool for studying the competition more efficiently. Buzzsumo makes it easier to track the key metrics around the competitor’s activity. It helps monitor the competitor’s content performance by seeing how effective the competitor’s content is. As per Buzzsumo.com, it helps in answering questions such as which content works best? Which network’s performance is best? Who is sharing the content? Etc.
Moz– It’s one of the most popular SEO tools. Moz link explorer helps in accurately exploring backlink profiles of different sites. This tool also helps find out the domain authority of any place, and it’s also helpful in the website’s rankings.
Ahrefs– It is a well-known SEO tool for competitor analysis. It would help analyze the website for popular SEO-related issues and also monitor SEO health. This tool is often considered to be heaven for competitor data research. Alerts and notifications sent by this would notify about lost backlinks, web mentions, keyboard rankings, etc.
SEMrush – It is a keyword research tool. This helps by providing competitive intelligence by tracking the position of the researcher versus other selected competitors. SEM offers various solutions for SEO, PPCContent, Social media, and also further competitive research.
6. Competitors Research in Digital Marketing Tools- Many such tools are available for performing competitors’ research in digital marketing. Some of the most used tools are as follows:
Quora– It is an online forum that helps in competitive research for a company. This site helps to know the juiciest details about various competitors. This forum allows the researcher to keep an eye on the various discussions of the customers that are happening on it.
7.Step by Step Process of Conducting Competitors Research in Digital Marketing- There are a total of six steps for conducting competitor research. They are as follows:
Classifying the competitors– While conducting research, multiple companies would be available that would be directly or indirectly selling the same type of products. It is necessary only to identify only those who would prove to be direct competitors. Brands that don’t serve in the exact geographical location etc. should be left out.
Covering the basics– The first and foremost task in competitive research should be the straightforward approach. The first tab in the competitor dashboard should probably be such that it contains direct competitors, information on their core products, and pricing structures. This data can be found out by visiting the competitors’ websites. If any competitor is offering any special beneficial package for the customers, that should also be noted.
Digging Deeper – It means involving technicalities and involving software for the research. The tools mentioned above are the step to dig deeper into the competitors’ website performance, content posted, and SEO structure. Collecting more data would help provide more insight into the competitor’s business structure.
Asking the Customers – Market research by asking the customers about their perception regarding the alternative brands available in the market is another step in the competitor research process.
The survey can be done using YouGov and other survey provider companies. Regular existing customers can also be approached to find out their perception of other competitors’ brands.
Going under the Radar – For some businesses, such as if a company is involved in BRICS business, it can also be helpful to physically visit the competitor’s plant or premises to have a better knowledge about their products, etc. It is a beneficial process as it can quickly help the competitor understand the competitor’s approach and performance.
SWOT analysis –
It is the last step in competitors’ research. It refers to conducting a SWOT analysis of the competitor’s company by using the data that have already been collected. It would help to find out the strength, weakness, opportunities, and threats from the competitors and then plan accordingly ahead in the business possibilities and opportunities.