Why is Competitor Analysis important?
Understanding your online competition offers unparalleled guidance in shaping a digital strategy and the direction for future activities to improve your business’ performance.
Looking internally at your Google Analytics is great and as an agency, we encourage this. But to create a working, robust digital strategy, a deeper level of research is needed.
Even with a great understanding of your own website, without monitoring your top competitor’s activity, you could fall behind quickly. Your site could show traffic and conversions are increasing, with users engaging with content. However, without comparison, these numbers and results may actually be insignificant compared with the growth of your nearest competitor or seen across the entire industry.
By performing competitor analysis it allows you to see what the main players in your industry are achieving as well as those closest to your business to set realistic objectives to then sculpt a strategy around. Considering the importance of carrying out a competitor review the earlier this is carried out the sooner it can feed in and influence the digital plan for your business, ideally while this is still in its infancy.