If you have been following our Digital Marketing Series, you shold now know the importance of customer personas
and what they represent. However, it’s just as important to know your competitors? By completing a competitive analysis
, your company can determine what makes your company distinctive and set a realistic content strategy that will allow you to compete and outperform your competitors online. A competitive analysis is a key part to a complete business plan and an inbound marketing strategy.
What is the Bitwise Competitive Analysis Process?
Ultimately, a competitive analysis identifies your competitors' online marketing techniques, and their digital strengths and weaknesses. Bitwise also likes to analyze digital authority, SEO and keyword focus and ranking, social media presence and user experience and interface design. It is a very in-depth process which gives an inside look as to what successes and failures your competitors have compared to you and what you can do to improve and fill in their gaps.
Why is the Competitive Analysis Process Important?
A competitive analysis is crucial to any business in the modern world. The complete competitive analysis process allows you to know your competitors’ digital presence and how you stack up againts them. By focusing on key digital factors, a competitive analysis puts you ahead of your competitors, so that you can better reach your target audience. With the Bitwise Competitive Analysis, we determine what makes your company distinctive and set a realistic content strategy that will allow you to compete and outperform your competitors online. By completing this process, you are better equipped to face your competition.
How To Write a Great Business Plan: Competitive Analysis; Jeff Haden
Small Business Encyclopedia: Competitive Analysis; Entrepreneur.com