Competition in business is an amazing thing. Competitors push you to achieve more. Also, they show us what we are capable of achieving. But it’s always a good idea to keep an eye on your competition and do frequent competitor analyses. This is especially true in the digital marketing world where things change so quickly!
Doing a competitor analysis helps you:
- To compare topics, tactics, and channels that drive market performance for you and your competition
- Find opportunities to differentiate your brand and beat your competition
- Gather digital consumer insights to make informed decisions about your digital marketing strategy
- Establish where you are in comparison to your competition, industry leaders, and market influencers.
Kenichi Ohmae said, “Without competitors, there would be no need for strategy,” So, to give you a head start on your competitors, here’s how to do a competitor analysis in digital marketing:
Choose the right key performance indicators (KPIs)
Analysing how your competitors’ audience is growing, how many times they are posting, and how their followers engage will give you incredible insights to build your digital marketing strategy.
Five simple steps to get started with a KPI framework
In order to get started with a KPI framework, ask the following five questions:
- What is your business goal?
- Do you have the relevant data and capacity to put together the framework?
- How can you improve your performance metrics?
- Who is going to be making use of your framework? Is it internal, or external?
- How are they displayed?
Your KPI framework will never be the same as the next person’s. This is because it is personal to your brand goals and your strategy requirements. Keep the next points in mind when creating this framework:
- Are they measurable?
- Do they drive towards the benefits you are trying to deliver for the consumer?
- Do they align with your brand’s objectives?
- Are they realistic?
- Can you regularly measure and report on them?