There are a lot of great reasons to see how you measure up against other companies in your chosen industry. Benchmarking yourself against competitors allows you to see how you compare in important areas like conversion and social media engagement. This allows you to identify any gaps between where you are and where you want to be moving forward with your digital marketing efforts. Here are several ways to see how you are performing alongside competitors to help you plan for the future.
Find Competitors in the Same Sector
In order to measure your brand effectively, you need to find the nearest competitor in terms of market sector. That means there should be some overlap in the pool of potential customers. Find brands that are as near to your own as possible in size, target demographics, and products and services offered. If your company targets a young, social media-savvy audience, make sure the brands you compare yourself to do as well. This will give you a more effective basis for comparison as you determine what works and what doesn’t.
Make note of the strategies your nearest competitors are using to find digital marketing success. Are they working? If so, adopt similar tactics, such as utilizing monthly email blasts to contact subscribers, for example. You can also tweak the strategies your competitors find to be effective, thereby gaining a competitive advantage.
There are several metrics you can examine when determining the digital marketing performance of others in your field. For instance, you can look at overall online marketing performance, or focus on specific areas such as email, search results, number of subscribers, conversion numbers, and social media outreach on various platforms.
Many online tools are available to help you measure your performance against that of competitors. You can use Google Analytics to test SEO keyword performance to get an idea of how your keywords are appearing in search results, as well as tracking many other aspects of your online marketing performance.
Smart Insights is another tool that allows companies to break down their digital marketing performance as compared to others in their sector. This service displays down the online marketing performance as a 5-point scale that is easy to read and understand, and it assesses the entire customer lifecycle as well.
Develop Strategies Based on Your Findings
Once you are aware of discrepancies between your online marketing performance and that of your competitors, you can work out how to close those gaps with carefully applied strategies. Use the information gathered in your research to implement new tactics, and have a detailed plan in place to track your performance as you make changes, for instance, a weekly assessment to track any changes. Set achievable performance goals based on projections you make from the data you gather, and don’t be afraid to change your strategy if it isn’t working.
For help benchmarking your company against competitors and developing an online marketing strategy, contact the experts at AMMA Digital Marketing for a free consultation at 800-466-0684, or send us an email to get started.