When you go for competition analysis on social media, you only find out how gory and brutal it can get. Every business is trying to be the best and the shark in their own area.
As a boon on the block or as a new firm which is just adopting the digital marketing strategy, it is important that you do a SWOT analysis to understand what is going to work for you and what not. That is important from a strategic point of view. Get it wrong and you are doomed for failure.
So, how do businesses analyse their competition?
Competition analysis is meant to make you aware of what is going on it the market. What is trending, what is failing, what customers are attracted to, what customers shun at the drop of the hat, so on and so forth.
When you are venturing into digital marketing competition analysis, the first thing you do is website audit. Website audit is basically a process which explains how the website is performing. Has it got a good traffic? Is it appealing? Is it user friendly? Is it organised and clean? Answering these questions will help you elevate your benchmark such that you build something better and off-beat which is competitive yet suits your brand image.
You could go deeper into the analysis and find out what is the response time like, or how does the entire website respond at a peak hour traffic. Integrations are major loop-holes and tends to drive away customers instead of retaining them. competitive yet suits your brand image.
