Tracking Your Competition the Easy Way
Finding your way in the world of digital marketing can be quite a challenge, especially if you have limited experience in the field. Learning from your mistakes in a “trial by fire” approach is not the ideal way to handle online advertising. In fact, it can be an incredibly costly endeavor that prevents your business from reaching its true potential.
Instead of making all the mistakes yourself, we recommend tracking your competition. By taking a closer look at the advertising efforts of top companies in your industry, you can learn a lot about the digital marketing landscape.
We understand that “tracking” your competition sounds quite complicated. Fortunately, the experts at Insights ABM have found easy and effective means of tracking your competitors without breaking the bank. As a Dallas digital marketing firm that specializes in helping businesses build their online presence, we know what it takes!
Why Should You Track Your Competition?
There are many reasons why you should be tracking your competitors. The biggest one is that you can learn more about consumers in your target audience by doing so.
Cumulatively, businesses in your industry have likely spent tens of thousands of dollars on advertising. These efforts provide you with plenty of data about consumers and how they respond to distinct types of marketing. When you follow the competition, you can get a glimpse of the types of ads that work best for your industry. You will also find out which types of ads fall flat.
In addition, you might be able to identify underserved consumers in your industry. If all of your competitors’ ads neglect a niche market, consider targeting these consumers yourself. You can create a line of marketing materials that are directed specifically at this untapped resource.
Lastly, tracking your competitors gives you an opportunity to read their newsletters and blogs. There is nothing wrong with mimicking things that your competitors do well!
For instance, say that a competing business releases a blog series that was a big hit with their audience. Consider using some of the ideas in that blog and creating your own line-up of articles. As long as the content is 100% original, then you will not encounter any issues when publishing the content to your site.
Many business owners fail to use existing tools to track their competition. One of our favorite pieces of tracking software is Facebook Ad Library. This tool allows you to save competitors’ ads and compare them with other businesses.
Social platforms and Google all have similar tools. You can bookmark ads and track your competition. However, tracking your competitors through individual tools can be quite time-consuming. You will also need to come up with a way to keep all of the data organized.
That is why many business owners turn to online advertising experts like our Dallas digital marketing team. These firms have advanced software that allows them to track your competitors across multiple mediums. This includes Facebook, Google, Instagram, and more!
I’ve Tracked My Competition…Now What?
Once you have collected data from your fiercest competitors, it is time to put this information to use. Compare your business’ key performance indicators (KPIs) against the industry averages. If you are lagging behind in a particular metric, find out how your marketing strategy varies from the competition.
Your competitors will always be fighting for a larger share of consumers. This means that refining your digital marketing strategy needs to be a continuous process.
If you are still not getting the results you want, consider partnering with a digital marketing firm that offers performance-based advertising services. Performance-based advertising is a form of marketing that allows you to pay only when specific results are achieved. It’s a win-win scenario for your business!