Your competitors are not just there to make life difficult for you! You can derive important lessons about internet marketing from their strategies and also find out what works in your domain of business and what doesn’t To draw up these lessons and to learn from the competition around you, you need to do a competitor analysis (analyze their methods and strategies). In this post, we have covered all those areas of internet marketing that you must be working on for your own website.
Google and some other sources offer you information about a particular website, the number of visitors and various other statistics that are significant pointers to the success of a website’s content. Key in the website address of your competitor and check the statistics as part of your competitor analysis program. Find out which web pages have received more traffic and the keywords that they have used. In the same vein, check for web pages that have not hit the bull’s eye. You have to avoid making those same mistakes! Read the website’s content to find out their marketing messages, the catch phrases and the calls to action.
This is another important matrix for your competitor analysis. There is a lot to learn from the social media strategies employed by your competitors. Follow them on Twitter and Facebook with some id that doesn’t give away your identity! Then closely observe what they are doing to engage their friends and followers. Your idea would be to understand how the users of social media are responding to the approach of your competitors. What are they doing right? Are they making crucial mistakes in the process? Ask yourself these questions while you observe their workings. Social media engagement is different for different domains. You need to learn the ground-rules for your domain.
Email marketing is another area to focus while doing competitor analysis. If you are into email marketing as well, there is no better way to figure out the email marketing strategy of your competitor than by subscribing to their newsletter! Study their newsletter or any other form of correspondence at length. Pay careful attention to their time of delivery, their use of words and the email template as well. Study how they are steering clear of spam words and how they are getting the newsletter readers to click and visit their website! You can implement all these lessons when your draft the newsletter for your own website.