Analyzing your business and marketing strategy is key to the success of your company. Do you know what to look at when analyzing your results from your business development strategy?
Knowing how you measure up to your competition is important but don’t focus solely on those comparisons. Your competition might not be striving to reach the same goals as you are. They might look like they are doing better with certain things, like social media, but not really getting the better end results.
To understand where you rank in your industry (digitally), analyze your results and compare yourself to your competition by using these tips as a starting guide.
Social Media Followers vs Engagement:
Just because you or your competitor have a huge following on social media doesn’t mean the strategy is effective or the right approach. Some individuals go the route of purchasing followers. This is something I never suggest. These followers are just numbers on the board, and It is against the terms and services agreement for all social media platforms. Having many followers but no engagement can hurt your reach and impressions, therefore not giving the results you are looking to get from your campaigns. Analyze and compare the end results and the engagement on your posts.
Digital Campaign Results:
During your [R]eady step of the ENDREA Method™, you should have put together a plan to reach your goals. If your campaign results are exactly what you were hoping for, then great, you are ahead of most of your competition. If not, then why? Was your target off? Was your CTAs not strong enough?
You may notice your competition getting more ad reach or more clicks but that doesn’t mean their ROI is better. They may not be targeting the same goals as you. Compare yourself to your competitors’ digital presence but also take those thoughts into consideration.
Search Engine Optimization (SEO) Ranking:
There are many tools to help check you and your competitors’ SEO Ranking. When you compare your ranking with your competitors’ rankings, look at the keywords they are ranking high for. Are those keywords you want your brand to be associated with? Are those keywords targeting the right audience?
Take a look at other strategies that are helping them rank high. Are those strategies that you have incorporated but more recently? Time of having the SEO strategy in place could factor in your ranking compared to your competitor.
It is good to know how you rank in your industry against your competitors but don’t look at that as the end all be all. Your competitors’ goals, brand vision, and plans are not yours so don’t fall into the mistake of just competing with them.
The ENDREA Team can help you analyze and research your competition to assist in making sure you reach your goals. Reach out if you would like to discuss more.