Conducting a successful online marketing plan is of immense importance for your business because of its sheer susceptibility to result in a marketing disaster. The basic step in order to perform an accurate competitor analysis is to benchmark the top competitors on the basis of a few wisely chosen industry parameters. One other major concern is to bypass the costly trial and error method, for the web marketing plan you are going to switch into. In a nutshell, we are trying to save time & money while keeping your success rate high.
Online marketing plans are much different because of their sensitivity to tiny issues which may cause grave damage to the sales figures.
The most basic components of a conventional competitor analysis are marketing strategy, Marketing mixes, Financials, Product Portfolio, Human Resources and Corporate Strategy and Background of the competition around. Many of the conventional concepts, mentioned above are relevant and provide results if understood in relation to e-commerce environment and web marketing. In web marketing, competition is measured and ranked on the basis of X ray imaging of their online marketplace and its interaction with its environment. So page rank of your competitor on the search engines, the source and quantity of website traffic, sales revenue sources and streams and their link building strategy takes the role of some ‘must do’, while performing a competitor analysis. Additionally, we are supposed to gather some knowledge about the timelines of successful and failed marketing campaigns if any in the past and what they are up to in the future in this regard. During the whole process of competitor analysis you are bound to get a few details like-
1. Target Audience – Demographic details
2. The lead generation tactics- What is good with them?
3. Way of presentation of the anchor, lead generating texts, key words and the target audience’s most liked searches.
After all we need to understand that companies find their place on the ladder, using some most innovative techniques, which are implemented on their ad campaigns, also reflected in their marketing strategies. Using a competitor analysis tool and taking the help of professionals may prove to be a good idea if you are a newbie in the space. So get a professional help and rank higher.