DIGITAL MARKETING COMPETITOR ANALYSIS TEMPLATE GUIDE
Discover who your close competitors are and dig deeper into their digital marketing strategies
Uncover crucial metrics to learn how your competitors are performing
See what they're doing right and what they're doing wrong so you can learn from their successes and missteps
Use what you've found as a guide to create actions and goals that'll boost your brand's competitive approach
WHAT IS COMPETITOR ANALYSIS?
Competitor analysis is any tactic used to research the strengths, weaknesses, strategies, and characteristics of competing businesses in your industry. Done right, competitor analysis lets you gain valuable insights into other players in the market, as well as a deeper understanding of how well you stack up against the competition.
Understandably, it's a bit of a must in digital marketing. In an arena where countless businesses are competing for clicks, impressions, engagement, and sales, keeping tabs on what other brands are up to to see what’s working for them can give you a competitive advantage.
Think of competitor analysis not as a way to size up other brands, but to size up your own. By identifying the strengths and weaknesses of competing businesses, you can identify gaps in what you're offering, and come up with creative, tactical ways to plug them.
WHY CARRY OUT COMPETITOR ANALYSIS?
Still unconvinced? Here are a few more points to further highlight why competitor analysis is well worth doing...
- To ensure you don’t fall behind – whether it's in Google search results or Instagram follower counts, performing regular competitor analysis lets you see what rivals are up to, so you can stay one step ahead.
- To be the trendsetter, not the trend – reviewing competitor activity allows you to stay on top of best practice marketing tactics with key insights that'll help you set trends in your industry rather than follow them.
- To expand your marketing strategy – where are your competitors online, and what are they up to? By covering all the bases, you can get inspiration for your own marketing strategy, and make sure your brand pops up in the places that matter.
- To avoid mistakes and no-nos – seeing a competitor commit a digital faux pas may put a smile on your face, but it’s important to recognise that it could easily have been you. Competitor analysis gives you a better sense of what works and what doesn’t in your industry, from organic search to social media - and everywhere in between.
- To move the goalposts – when things change in your industry, you'll have to adjust your short and long-term goals too. Competitor analysis plays a key part in this, helping you to refine what’s important and scale your marketing strategy up or down in line with competitor activity.
WHEN SHOULD YOU USE COMPETITOR ANALYSIS?
It’s not enough to recognise who your competitors are and then forget about them. You need to keep both direct and indirect rivals on your radar at all times, so you can monitor their activity and use it to inform your digital marketing strategy.
If you want to beat competitors in the digital arena, competitor analysis should be a key pillar in your strategy. This means reviewing their activity on a frequent, tactical basis, across all of their core channels and platforms.
From display ads to site content, social media posts to PR wins, tracking where your competitors are and what they’re doing is key to gaining the upper hand. The message is clear: make competitor analysis a regular part of your digital strategy, and you stand to gain valuable insights and spot the opportunities to jump ahead of everyone else.