Online competition is an unavoidable reality for businesses wishing to thrive in the digital environment. You have to know how to take advantage of it. Online competitive analysis is indeed an essential strategic practice for understanding the landscape in which a business operates, assessing the strengths and weaknesses of competitors , and identifying opportunities to stand out in the market. In this chapter, we will explore the different facets of online competitive analysis and its crucial role in developing effective advertising strategies .
Online competitive intelligence
Monitoring online competition actually means carefully observing the activities and performance of competitors with any presence on the web. This monitoring makes it possible to collect valuable information on competitors' advertising strategies, their activities on advertising platforms, their current campaigns, as well as their actions on various social networks.
To do this, it is important to regularly monitor the competition's advertisements, social media posts, blog content, promotional videos and any other online marketing initiatives.
Evaluating competing advertising strategies
Evaluating competing advertising strategies , on the other hand, involves analyzing in depth the advertising tactics and messages used by competitors. This evaluation allows us to understand how they target their audience, which advertising channels are favored, what offers are put forward, and what are the key elements of their communication. The objective is to determine what works well for competitors in order to transform them into opportunities to improve your own advertising strategy.
Example : If analysis reveals that some competitors are successfully targeting a specific market segment using social media ads, then it makes sense for a business to choose to take a similar approach by tailoring its ads accordingly in order to reach this same audience more effectively.
Using Competitor Analysis to Stand Out
Competitor analysis provides a better understanding of the company's positioning in the market compared to its competitors. It helps identify the company's competitive advantages and areas where it can stand out. With this understanding, the company becomes in a better position to develop differentiated advertising strategies that highlight its strengths and strengthen its competitive advantage.
Example : If, after analysis, it is found that the competition emphasizes price to attract customers, a company can then choose to stand out by highlighting, in its advertising, the superior quality of its products or its exceptional customer service.
In conclusion, online competitive analysis is an ongoing and essential process for remaining competitive in an ever-changing digital environment. By actively monitoring the competition, evaluating their advertising strategies and using this information to stand out , a company can improve its advertising performance and strengthen its position in the market.