How To Surpass Competition With Competitive Insights and Analysis| (5 Best Hacks)
Being a marketer, you want to be ahead of your competitors in terms of reach, engagement, and conversions. Isn’t it? With competitive insights and analysis, you can provide an extra edge to your marketing strategies. And you may even surpass most of your competitors in the market.
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Nowadays, most marketers analyze their own campaigns to know whether their advertising strategies are effective or not. But that is not enough! If you want to be ahead in the competition, you need to know how well your competitors are doing. Only that way you could create effective strategies and give a tough fight to your competitors.
Although analyzing the details of competitors can be really tough, especially when you are new in the marketing business. But, in this article, we are going to show you- how you can use analytic insights to beat your competition.
But first, you should know…
What Are Competitive Insights?
It’s not a surprise to see that more and more businesses are now relying on competitive intelligence (CI) for guidance in their marketing strategies. Of course, thanks to the introduction of data technology, it has become easier for marketers. In fact, nowadays, around 80% of online businesses have utilized CI to learn about more sales opportunities. And even if you are not investing in the CI, you can bet that other competitors are analyzing your campaigns to sneak on the traffic incoming to your retail site.
So, if you want to be aware of your marketing competitions, then you should analyze your competitors who are targeting a similar niche and audience network as yours.
Before starting your competitive analysis, here are a few things to keep in your mind:
- Select the right competitors (those who are leading in your niche).
- Know what are the current seasonal marketing trends that you shouldn’t miss.
- Check whether your rivals are also targeting a similar audience as you.
- Learn about their strategies to achieve conversions.
- Top products and services from your rival businesses, which get more traffic and conversions.
- Make use of the insights to improve your own marketing performance and bring more conversions to your business.
Find Your Competitors-
Now that you are ready to start your own marketing campaign, analyzing the campaigns of rival businesses can really help you to gain some insights. On social media platforms, you can easily find out about the top brands leading in your niche. However, it won’t help you know about the reach and traffic coming through their marketing campaigns. If you do your own research, you might be able to figure out a few insights. But it won’t be enough for you to learn about the specific needs and interests of your target audience. In such a case, what you need is the best ad analytic tool like PowerAdSpy that allows you to search for the top ad campaigns trending on Facebook, YouTube, Instagram, Google, etc.
Hidden Marketing Trends You Shouldn’t Overlook-
When doing marketing research, most marketers overlook the seasonal trends, which cause a peak and decline in the demand for services or products. If you can target your ad campaigns based on the current trends, it might also help you bring more web traffic to your website. So make sure to check the metrics over the current and past year’s marketing trends. It may help you to understand the behavior of your target audiences. For example, you may check out the peak sales season of your rival brands and try to find out the reasons behind those sales. By repeating similar strategies, you may also bring great results to your business.
PowerAdSpy tool has amazing features which let you filter out the best performing ad campaigns based on the marketing trends. There you have the option to search ads based on specific keywords, niche, competitors. Or you may even target domain names of your competitors to search for trending ads. Using such cools filters, you can easily find the winning ads that you can replicate and grow your business.
Target Similar Audience-
There is quite a chance your competitors are also reaching for the same audience that you want to target through your ad campaigns. All the more, by analyzing their insights, you have the opportunity to improve your targeting strategy. So, you may even invite a unique audience to your platform. In fact, most of the brands with similar products and services have a common group of audience who might be interested in both.
There is quite a chance that your rival may perform even better to sneak on your audience. In such a case, you want to win over the bigger piece of a pie. In that sense, you need to win over more and more unique audiences that are not in the reach of your rivalry brands.
Better Reach With Potential Customers-
The pure traffic incoming on the website derives from the success of the eCommerce platform. If the people are satisfied with the products or services, they will revisit that brand’s platform again. And they might also recommend others to try out products or services provided by that brand. So, when the people are reaching your website with some intent in their mind. Make sure to deliver what you have committed to in your campaigns. Otherwise, people may start losing interest in your product or services. It will help you to further enhance your reach with audiences.
If your competitors are better at reaching potential customers, they will have better traffic. However, to gain better conversions, they also need to be sure to target the relevant audiences. By checking the traffic journey of their website, you can learn about their well-directed ad campaigns that hit on the pain point of potential consumers and bring more clicks and conversions for their business.
Compare Your Conversions-
Now you know more about your marketing rivals and also learned about their reach and conversions. The next thing you should do is to compare their conversion rate with your own business. Obviously, if you are targeting a similar audience, there is quite a chance of overalapp. Using PowerAdSpy ad analytic tool, you can learn about the engagement and traffic coming on their website.
Also, depending on the range of demographic factors like age, gender, location, relationship status, the interaction of the audience may change towards a brand. By analyzing these things, you may even notice the change in the behavioral patterns of potential buyers. So, if you can target your ad campaigns using the following competitive insights, you have a chance to gain more and more conversions compared to your competitors.
Use Competitive Insights Tool To Get Ahead-
With the growing competition on advertising platforms, it has not been easier for marketers to secure enough engagement and conversions for their eCommerce business. However, thanks to the technology, now we have the tools like PowerAdSpy, which instantly find the top-performing ad campaigns rivalry platforms. Also, it provides analytical detail and insights using which you can make your campaign more successful.
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So what’s your take? Have you been ready to imply these competitive insights and analysis in your own marketing strategy. Please share your own experience with us. And if you have any queries, mention them in the comments section given below.