Know Your Rivals: Competitor Analysis for Digital Marketing Domination!

Know Your Rivals: Competitor Analysis for Digital Marketing Domination!

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In this video, I'm going to show you my three-step approach to competitor analysis so that you can beat even your largest competitor every time. Hey folks, welcome back to our digital marketing strategy planning series. Last time, I showed you how to use pain statements to get your target personas to only buy from you. Now, I'm going to show you how to use competitor research to beat out your competition by exploiting their weaknesses. The last one is exactly how I beat out my largest competitors every time. Subscribe and hit that bell so that you don't miss any new videos in our series.

Step One: Conduct Competitor Research

Don't be scared. Words like competitor research or marketing intelligence sound super sophisticated, but it's actually really easy. First, find your top three competitors that are offering similar products and services in the same market at similar pricing. Then identify the following:

  • What's their brand messaging? Check out their homepage or about us page.
  • What do they offer, and how do they have a unique way of doing things?
  • Where do they advertise? Think social media platforms, digital marketing blogs, publications, traditional things like TV and radio.
  • How do their customers feel about them? Check out their online reviews.

Step Two: Do a Marketing SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Write down everyone's SWOT, including your own. For your competitors, be as objective as possible, leaving out the emotion. For yourself, be as honest as you can while acknowledging where you are superior.

Step Three: Exploit Their Weaknesses

This is the fun part. Now focus on where they are weak and exploit the out of it. I don't care how large a competitor is because marketing budgets are always finite. That means even multinational conglomerates can't scoop up every single person in your target audience.

  • How is their offering inferior to yours?
  • Who have they left out in their targeting?
  • What platforms are they not a part of?

If all your competitors are on Google and not on Bing, then focus on Bing. If your competition doesn't leverage video marketing, then start there. If your competition is targeting segment A, then you target segment B. Go where the competition is not; attack where they are weakest. Got it?

This low-hanging fruit is how you're going to get the highest return while investing in the fewest marketing dollars. But before you can exploit their weaknesses and capitalize on this newfound opportunity, you're going to need a really effective USP in your marketing message. How you do this is in the next video. Subscribe, like, and share. Hit that bell. Thanks for watching. I'm Ted Lau. I'll see you in the next one. Bye.