“How is your company doing online?”That’s a pretty vague question unless you give it context. One of the best ways to know how your company is doing is to perform a competitive analysis. Keeping an eye on your competitors is an important part of digital marketing.
Your company may be growing sales and leads but how does that stack up to your competition. Are your competitors growing online at a faster pace? Are they investing more in specific areas? Do your competitors have a greater share of social media than your company? If the answer is yes to any of those questions, you may need to rethink your budgets and strategy.
Below are three simple ways to keep track of competitors in search engines and social media.
1. Competitor Social Engagement & Market ShareHow well is your company doing relative to competitors on Facebook? Are you gaining ground or losing ground? Insights, Facebooks’ built in analytics tool, provides a simple way to keep tabs on your competitors. Simply pick five related Facebook profiles from your competition and enter these into the Facebook Insights “Pages to Watch”. Insights is a great way to see how you measure up to similar brands in new likes, posts and engagement. Dig deeper into why these brands are doing well to help build a better strategy.
There are also several free tools from Simply Measured to help you track Twitter, Linkedin, Pinterest and more. Using all of these tools together can give you a better picture of what’s happening in social.
2. Competitor Paid Search FootprintIts difficult for a website to generate leads and sales with no digital advertising. Digital ads help drive brand awareness and grow sales. Ads and sponsored listings are taking more clicks from search engines and social media as new ad offerings from Google, Twitter, Linkedin and Facebook take up space on the page. Companies know this and are investing more in Internet advertising, up 32% in 2013.
Are you spending enough, too much or worse yet are competitors bidding on your brand name? One easy way to see is by running a competitor in Semrush.com to see their paid spend. From here, you can begin to see why some competitors are doing better or worse in search.