If you want your business to become competitive and gain brand recognition in the digital space, you need to seek expert help from a reliable digital marketing agency Dubai. It is intelligent to know and apply a handful of simple tips to perform an extensive competitive analysis in digital marketing.
What Is the Meaning of Competitive Analysis?
It is simply a method to do research on the strengths and weaknesses of your competitors in your domain, sharing a common target market. You do research about their marketing strategies, product pricing, distribution plans, etc. to build insights to benefit your business.
Top Reasons To Do a Competitive Analysis
You might be wondering about the reasons to perform a competitive analysis. Some of the top reasons why you should perform it are:
- Identifying a better scope in the target market to grow your business
- Knowing how your business is different from the businesses of your competitors
- Leveraging a set of best combination of digital marketing strategies
- Trying to locate a new target market
- Predicting the market trends in your domain to remain prepared
- Establishing a clear benchmark in the industry to gain better recognition
The 4-Ps in the Analysis
You need to take into account the 4-Ps in your process of competitive analysis, and they are:
- Product: You need to understand what makes a product successful and what are the successful products of your competitors
- Price: It should be a priority to understand the pricing model of your competitors. Also, you should know what makes a price point fairly attractive to target customers
- Promotion: You must focus on knowing how your competitors promote their products or services, and what the innovative tactics are
- Place: It is also crucial to know the selling points of your competitors
Determining a Framework
You should be clear about a framework that would form the foundation of your research and analysis. For example, it is wise to use a SWOT analysis to understand the dynamics through which your competitors operate in the market.
Relying on Authentic Data
One of the most important tips that you should never overlook is to base your analysis on authentic data. The research should be based on concrete data. When you do it, it becomes simpler to gain valuable insights about how competitors operate in the target market. Accordingly, you can set your marketing and other business strategies.
Talk To SEO Experts
You can consult with a top-rated SEO company in Dubai to gather more information about different aspects of competitive analysis. They would provide the right guidelines that you can conveniently follow.
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