Importance of Competition Research: How It Helps in Planning Marketing Strategies

Importance of Competition Research

Competition research can really help you with your marketing strategies. At Xenia Consulting, we regularly do this as phase one of the projects with every client. It is particularly important for us to identify our content and messaging dashboards and understand who we are up against. I always feel that competition always teaches us wonderful things

It is for us to really use the opportunity to understand how the competition is doing what they are doing, what is successful, what is not successful. A study can reveal several ideas of what you may want to apply for your business.

If you can map and follow the right competition, you will always have some wonderful ideas to keep trying as a part of your marketing strategies. When we actually start looking at competition from a research standpoint, there are two or three major things that we actually focus on

#1 SEO

If you have some competition which is actually doing very well in terms of SEO rankings, it is important to understand how they have achieved that position. We do a lot of back-end research and understand what keywords the competition is actually using and how they are ranking for those keywords. What are the techniques they are using and where are they getting their backlinks from? What are the referring domains, which are bringing them traffic?

#2 Sitemap and Navigation

The website is one of your prime faces for your business and it is usually the final destination. It is very important to plan your website in such a way that you can give the best experience for your potential client, best experience in terms of usability and navigation. The best experience in terms of retention of interest, intelligent cross-linking of pages. All of this will ensure that you slowly and surely navigate the visitor to a stage where he will actually submit a form and convert into an inquiry for your business.

#3 Content

There are several messaging levers that you can use as a business it is important to understand what levers are important from your customer standpoint and what levers are already being utilized by some of your competition in some form or the other. What kind of content is your competition publishing, what kind of blogs, videos? Where are they publishing articles and press releases?

When you do all of this research, you will get a bunch of ideas to create your content stories, articles. From a content and messaging standpoint, it is important to understand what your competition is doing. It also helps to understand what channels they are using for promotion and how?

When we engage with a new client the first phase of our engagement is typically of four to six weeks duration where we engage deeply with a client and understand several aspects including a detailed competitive research.

If you want to plan a digital marketing strategy for your business do reach out to us, and we will be happy to help you

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