As startups compete for more and more customers, mostly B2C, they need to find new ways to stand out from the competition. This is where competitive intelligence analysis comes in. It helps companies identify their competitors and the competition to find new opportunities and develop a plan for success against them.
Researching your competitors and the competition is an essential part of any competitive intelligence analysis. This includes identifying their strengths, weaknesses, opportunities, and threats, as well as understanding how they differentiate themselves from you. You may also want to research what tools or services they use, what channels they use for marketing their products or services, demographics of their customer base, and more.
What is Digital Benchmarking, and Why is it Necessary?
While marketing is all about generating leads, conversions, and revenue, it is also about understanding the competition. Digital benchmarking is a practice that marketers can use to understand their competitor’s online behavior.
This means understanding what content people are consuming online so that your company may formulate its marketing plan accordingly.
How to Find Your Competitors and Analyze Them
You can use tools like SERanking or Ahrefs to get detailed information on your competitors. There are many ways to analyze competitors’ content.
One of the most efficient ways is by using a software tool called “Brand mentions,” which provides information on what topics are popular for each company.
Most of the time, you will find that some companies have done more research on their competitors than they have themselves.
What is a Key Performance Indicator (KPI) and Why Should I Care?
A Key Performance Indicator (KPI) is a measure that reflects a company’s performance. KPIs can be used to compare different companies, divisions, products, services, and strategies. They are the easiest way to track progress and performance.
The most important thing about KPIs is that they help you identify what needs improvement in your business. For example, if sales are down for your company, it could be because of some product quality or customer service support problems.
What Are the Best Digital Marketing Metrics and KPIs You Should Be Tracking?
The best digital marketing metrics are numbers that are easy to calculate, track, and understand. Some of the most important metrics to track include: your traffic sources, leads generated, conversion rates, and sales.
There are also some other important KPIs you should be tracking, such as:
* What keywords do your visitors use to find you
* How many people visit your site daily
* How long they stay on your site.
* What channels and platforms do people visit before visiting your website.
These metrics will allow you to see where you need more work to generate more engagement and leads.
How to Conduct Digital Benchmarking for Your Company?
1. Define Your Goal
2. Identify Your Competitors
3. Measure The Key Metrics That Matter To You
Conclusion: Why Is Creating A Digital Marketing Benchmark Plan Important For Your Business?
To measure the success of your digital marketing efforts, you must create a benchmark plan to measure your current digital marketing performance. This will allow you to identify what needs to be done for optimization and what needs improvement.