There are a lot of elements that go into your digital marketing investment. Google ads, email marketing, and social media campaigns all require prepared techniques that optimize your brand’s online presence. Digital marketing services in Philadelphia can enhance your approach, but there are steps that you can take to ultimately meet your marketing goals.
Before completing any sales tactics, digital marketing experts conduct market research to better understand business opponents and potential customers online. Competitive analysis is the first step in any strategy completed by a full-service marketing agency.
What Is Competitive Analysis?
A key element of digital marketing strategies and online campaigns is to understand competitors. A competitive analysis investigates your competitor’s services, products, and content marketing compared to your own. A trusted Philadelphia digital marketing company would recommend that small businesses conduct these analytical practices about once per year.
Online marketing solutions start with analyzing competitors. Whether SEO services or social media marketing are the end goal, it all starts with understanding the strategies of business opponents.
Why Conduct a Competitor Analysis?
The purpose of conducting a competitive analysis is to better construct your digital marketing strategy. Waiting for your competitors to make their next move is not always the best practice. This leads to assuming they market a certain way when that may not be completely accurate.
As such, your internet marketing benefits from understanding the competition. After all, creating an appealing web design and online presence takes no effect when it cannot stand out.
Three Steps to Complete a Competitor Analysis Just Like Digital Marketing Agencies
Completing an analysis of opponents doesn’t have to be a challenging task. There are three steps that you can take to assess competitors just like a digital marketing agency would.
1. Identify Competition
Firstly, you must identify who your competitors are. There are three types you should look for–direct, secondary, and substitute.
Direct Competitors
Direct competitors are companies that share a target market with your business. They offer similar products and services in the same general area.
Secondary Competitors
Secondary or indirect competitors find themselves in the same general category. However, they don’t necessarily have the same products or target audience.
Substitute Competitors
Substitute competition has the same target audience but provides different products.
Digital marketing companies would recommend identifying these three categories relative to your intended demographics. Upon doing this, the next steps for building a sound digital marketing campaign are uncomplicated.
2. Collect Information
To meet your marketing objectives and enhance business development, you need to collect information on your identified competition. Consider their products and offerings, as well as pricing. Then, examine their web development and digital presence. You can find information on social media, their website, and more.
Next, a digital marketing agency would analyze competitor tactics. What makes them unique? How do they market their specialties? Additionally, do they follow a campaign? The professionals would say, the next step is to understand their company culture. What is their reputation like? How big is the company, and who do they work with? Finally, you should identify their strengths and weaknesses. Doing so can help you find the right strategy for your business to stand out.
3. Establish Your Company’s Advantages
The last step is to use all the information to find your advantage. Consider what you do well when compared to your competitors and how you can reinforce those strengths. Top digital marketing agencies in Philadelphia, PA, can assist with this, but you know your business best.
The Bottom Line
Ultimately, analysis of competition can reinvigorate traditional marketing tactics, such as online advertising, before employing Philadelphia digital marketing services.