In last week’s blog post – which you can read about here – we presented 5 steps to help you develop your business through the use of digital marketing. Today we are going to look further at Step 2: Know Your Competition.
As mentioned last week, you should be aware of what your competitors are doing. This way you can stay up to date with what it is that could be stealing your prospective, and even current clients. This is not to say that what you are doing is poor by any means, only that your competitor’s marketing could potentially be better targeted or structured. From this analysis, you will be able to determine what works for you and businesses similar to yours (and what doesn’t!), and formulate your next steps from there.
A useful tool for competitive analysis is competitor benchmarking. In 2012, theorists Chaffey and Chadwick defined competitor benchmarking as “the term used for structured comparison of digital marketing approaches of an organisation’s services within a market”. Or more simply put, who’s doing what in your business sector, and how successful is it?
Here is a structure you could use and adapt to suit your business if you wanted to give this a try:
- Choose a platform to review that both you and your competitor have (website, Facebook, Twitter, YouTube, etc.) – you may end up doing several platforms, but it’s easier to do one at a time
- Look at the purpose and objectives of this chosen platform –give a basic overview of what each page/profile aims to do and determine who you think is doing it better
Remember to stay objective – the analysis is designed to benefit your business so don’t be afraid to critique yourself if necessary.
- Review the target audience – are you targeting the same market or not? Does this make them more of a threat?
- Review the brand identity – what does each platform do to show who they are as a brand? You could look at logos and colours here as these things really help determine who the business is aiming to target
- Look at the content for each platform – is it clear and laid out well? Are there images and links? If it is social media, is it promotion focused or engagement focused?
- Tracking and measurement – for websites, how long is the path to purchase/enquiry? Or for social media, how many likes and shares is each post getting?
- Engagement and frequency of conversations – does the brand use questions in their communications? Are they contactable in multiple ways? Are their contact details easy to locate on all platforms?
It is important that after each step, you compare the two platforms so that you can develop an analysis that shows where your business’ digital marketing is thriving and where it could be falling short. You will be able to very easily identify areas to work on which could be extremely beneficial to your company in the long run. This said you may find that your digital marketing is already pretty successful and, therefore, that you don’t have to make any major changes (!). It also means you have a record of how your digital marketing fairs against your competition that you can reference if needed at a later date.
If you have any enquiries regarding your website or digital marketing, contact WNW Digital today!