If you want to be even remotely successful in marketing, you will need to perform competitor analysis for your business. The internet has made what used to be a reasonably expensive task much more efficient and affordable. This is done by using online marketing tools that give you direct insight into how your competitors operate. In this article, Julian Narchet, a marketing and mass communications professional, will explain how to perform this analysis and how to take advantage of online tools so you can stay ahead of the competition.
What is competitor analysis and how does it benefit my business?
Competitor analysis is a strategy where you research your competition’s products and marketing tactics. Put another way, it helps you figure out what your product’s unique value proposition is or why someone would want to make a purchase from your business over what the competition offers. Doing this gives your business the information that it needs to create an effective marketing strategy.
Various steps need to be taken to accomplish this. To name a few, you need to determine who your competitors are, identify their sales tactics, what they offer, and the results they’re getting. It’s also essential to gauge the level of engagement the competition is getting versus your own products or services. With enough time and effort, you can get most of this information by using tools that companies like Google offer for free.
Gathering this information in a reasonable timeframe may seem like a daunting prospect for a business starting out. The great news is that online tools have simplified a lot of the work that used to be performed manually.
How online tools help
Instead of going through the time-consuming task of doing all the work, you can now use competitor analysis tools to automate most of it in mere minutes.
Typically, it is as simple as entering your own company and your competition into their search engine when using these tools. It then does the analysis for you and outputs a massive amount of helpful information, like audience demographics, gender, locations, and much more. It will also display various conversations about your company on social media and give you an idea of how popular your business is with multiple audiences.
Using filters, you can do a deep dive into the specifics of where you’re most successful and with what people, where your competition is doing better, and see what stories are currently most impacting sentiment positively and negatively.
Competitor analysis doesn’t have to be a complicated process. Using these tools correctly will help you find the information your business needs to gain an edge over your rivals.
About Julian Narchet
Julian Narchet is a marketing and mass communications professional and a Communications Specialist at the University of Miami. He has extensive experience in customer service, market research, academic research, social media, public relations, and event management. He is passionate about making a difference in the lives of others through cooperation with non-profits and healthcare organizations.