Why do you need continuous competitor analysis in digital marketing?
Posted: Sun Dec 22, 2024 6:16 am
Your main competitors will most likely remain the same as when you developed the strategy, but their positions and the overall situation in the market may change.
These are the main reasons why you should regularly check your competitors.
To review the reference points
By monitoring your internal statistics, you know which channels perform best, but what if your competitors have managed to achieve better results? You need to know.
To keep you up to date with industry and market trends
There are some seasonal trends that repeat each year and there are peaks and troughs taiwan phone code in demand that you can only prepare for by monitoring the competitive landscape.
Make sure you stay alert.
To learn best new practices and mistakes to avoid
Sometimes it's better to let your competitors try out new channels than to go there yourself and waste your budget.
Learn from the experiences of other companies.
To update your marketing mix
From digital marketing campaigns, you can get some important news about your competitors, such as the launch of a new product, as well as get ideas for the development of your company.
To refine your goals
As the online market situation changes, you may need to adjust not only your strategy, but also your previously established goals.
How often should you review your digital marketing strategy?
Every industry develops differently, so you may need to update more (or less) frequently.
Typically, we recommend doing a competitive analysis on a monthly basis to monitor growing trends and adjust your campaigns accordingly, and on a quarterly basis to implement larger changes to your digital marketing strategy.
Please note that some of the tools highlighted in the article provide updates very frequently, for example, Organic Research displays new statistics daily.
You can check and analyze your competitors' metrics frequently or only when you're ready to make adjustments to your campaign.
These are the main reasons why you should regularly check your competitors.
To review the reference points
By monitoring your internal statistics, you know which channels perform best, but what if your competitors have managed to achieve better results? You need to know.
To keep you up to date with industry and market trends
There are some seasonal trends that repeat each year and there are peaks and troughs taiwan phone code in demand that you can only prepare for by monitoring the competitive landscape.
Make sure you stay alert.
To learn best new practices and mistakes to avoid
Sometimes it's better to let your competitors try out new channels than to go there yourself and waste your budget.
Learn from the experiences of other companies.
To update your marketing mix
From digital marketing campaigns, you can get some important news about your competitors, such as the launch of a new product, as well as get ideas for the development of your company.
To refine your goals
As the online market situation changes, you may need to adjust not only your strategy, but also your previously established goals.
How often should you review your digital marketing strategy?
Every industry develops differently, so you may need to update more (or less) frequently.
Typically, we recommend doing a competitive analysis on a monthly basis to monitor growing trends and adjust your campaigns accordingly, and on a quarterly basis to implement larger changes to your digital marketing strategy.
Please note that some of the tools highlighted in the article provide updates very frequently, for example, Organic Research displays new statistics daily.
You can check and analyze your competitors' metrics frequently or only when you're ready to make adjustments to your campaign.