Implementation of a web marketing strategy is now essential for the success of a business. Whether in the short or long term, web marketing gives you visibility and quality traffic to your site. However, an effective web marketing campaign is complex to set up and typically requires a thorough audit of its company, its market and its competitors…
Actually, one of the first key points when starting a web marketing campaign is to know and understand your audience and your market. It’s essential to know who your competition is, what marketing channels they use, and how you stack up to your market. In this article, that’s why we are going to share with you all our advice and different steps to start your web marketing strategy.
What is competitive analysis and what is it used for?
The purpose of a competitive analysis is to establish an inventory of your market and your position on it to drive your business toward success. It involves several important steps. For example we can cite competitor analysis, identification of KPIs of his company’s area of activity, and creation of a brand strategy compared to the information collected.
Competitive analysis allows you to create a complete web marketing strategy and find growth opportunities in your market. In fact, this exhaustive analysis will allow you to:
- Understand your competitors and your market
- Identify market opportunities and threats
- Find the most interesting marketing channels for your products
- Find out the most profitable techniques in terms of advertising (vocabulary, visuals, etc.).
What are the steps to be followed to conduct an audit?
Know your competitors
Identifying your competitors is the first step. It may sound quick and easy, but it doesn’t have to be. We must focus on direct and indirect competitors. Any business that can prevent a customer from choosing you is a competitor. You should analyze the companies that are most digitally mature among these companies to inspire you and conduct the most relevant audits among them. Only by correctly selecting your competitors will you get the information that is most relevant to you. Then we advise you to study in more detail about 5 competitors. This will allow you to prepare a complete balance sheet from several different perspectives.
collect the most important information
As a first step, you can collect some information about the company such as its creation date, number of employees, its turnover etc. Next, focus on your place in the market. What are the company’s most popular products/services? Who is its customer? What is its competitive advantage? This information will make it easier for you to identify opportunities and gain a foothold in the market.
How strong is the site?
The most important point for any web marketing strategy is to have a website. Whether it is SEO, SEA, Community Management… the goal is to drive you traffic, leads or sales to your site. That’s why you should spend time auditing each site and identifying their strengths. Do they publish content (blogs) regularly, are the prices of products/services attractive? Do they stand out with a clean design? What is their most important source of traffic? Ask yourself all these questions and get inspired by each of your competition’s strong points.
What is the advertising strategy of your competitors?
Lastly, you need to analyze the advertising strategy of your competitors. This is the most important point to audit in order to develop an effective web marketing strategy. You should thoroughly identify the webmarketing channels used by each of your competitors and prepare an assessment. All the normal channels of your competitors are probably the most profitable. However, don’t set aside channels that are only used by one or two competitors. In fact, the latter can be very effective because there will be less competition.
Which channels to audit and which data to collect?
As mentioned above, all channels must be analyzed. First, you need to audit the most used channels. Generally SEO, SEA and Community Management are used the most. First, list each web marketing lever used. Then you can proceed to the strategic analysis.
So what data should you analyze on each channel?
Some data is specific to certain channels while others are found on all of them. For example we can cite data to analyze as:
- Collected Traffic: Regardless of the channel analyzed, one of the most important data will be the traffic received by each webmarketing lever. Based on the percentage given to a channel, you will be able to draw conclusions. If, for example, one of your competitors gets 30% of the traffic through SEO, then the keywords that the company is located on are relevant. Also be inspired by its title and meta description tags that encourage clicks. For example you can look at the difficulty of reaching the most effective keywords and set an SEO budget to capture.
- Keywords: Whether for SEO or SEA, the choice of keywords is essential. Some may seem relevant, but may not convert for your business. For example, if there’s a lot of searches for a query like “your product + cheaper” but your competitors are offering more attractive prices, even though you’ll get traffic to your website, it won’t. Qualitative because they will turn to buy a competitor.
- Engagement Rate: Engagement rate is also a key performance indicator for the study, especially on social networks. You can easily calculate this and it will give you an idea of topics to address, tones to use, most popular formats…
- Content Marketing: You should also analyze the type of content your competitors use on different channels. What kind of content are they posting on their blog? Do they promote newsletters, webinars? What elements do they highlight on their site (customer feedback, case studies, return on investment, etc.)
And then ?
Finally, once you have analyzed all this information, you can group it together in an Excel table to have a global and clear view of your entire market. Rank all the information in this table and remember to do your own comparison. This will allow you to discover the strengths and weaknesses of your business and that of your competitors, but also find opportunities for growth. Remember, conducting a competitive audit takes time, but it is essential to the success of your business and your web marketing campaign.
About the Author
Marketify is a web marketing agency in Strasbourg. Our digital agency assists companies in their digital transformation through online advertising and data.