Competitor marketing analysis can help you inspire and refine your marketing efforts
Competitor marketing analysis is an important part of the marketing toolkit. It’s more than just digging into the performance, choices and behaviour of competitors – it’s a transparent window that allows you to gain richer understanding of market trends and to then use these insights to drive your own campaigns to greater heights.
There are several reasons why it’s invaluable to invest into competitor marketing analysis:
- You gain visibility into what your competitors are doing within the same markets and demographics.
- You can see how competitors are performing within these markets and how they are approaching specific campaigns or trends.
- You can explore new audiences and markets based on the insights you find.
- You can build a richer view into your target audience and how they respond to different campaigns and approaches.
- You can improve, refine and adapt campaigns based on insights that help you make more targeted decisions.
- You can come up with unique and innovative ideas that are inspired by the insights you’ve gained and that allow you to beat new pathways, find new niches and create true creative excellence.
- You can learn new approaches and skills that can potentially be adapted to suit your business and needs.
However, it is not a about replicating someone else’s ideas. It is about data, insights, and visibility to create a cycle of continuous improvement.
One key area that often gets overlooked is what are competitors spending on their marketing. How much are they investing in their own search for market share.
Data is really the key to competitor marketing analysis insights
Data has become a buzzword and a commodity in its own right. DIt is data that will answer all of your competitor questions around the:
- How – how are competitors behaving in your market and towards your customers?
- Who – who are your competitors and who are they targeting? Who are they choosing for their agency rosterworking with and are they getting results?
- What – what channels are they using and what strategies are they adopting? What are they paying their agencies and what are they getting in return?
- Why – why are they using these channels and strategy, why are they in this niche or focusing on this segment, why are they more or less successful than you are?
- Where – where else are your competitors focusing? Where are they succeeding? Where are they failing?
You want to be on a level playing field with your competitors, especially when it comes to how much marketing spendyou’re spending on your marketing compared to them. You want to know if they are achieving impressive ROI with minimal spend when you’re paying more and achieving less. You want to ensureknow that you are not being left behind and that your campaigns and approaches are on a par with, or exceeding, those of your competitors.
Benchmarking is one very smart element of a detailedway of doing a competitor marketing analysis. UsingYou can use reliable and rich data to gain a very clear picture of your marketing spend versus that of your direct competitors and the industry. , and yYou can use this data to implement efficiencies that deliver very real results. If you can compare competitor spend in specific markets, and for specific deliverables, see exactly how X competitor is performing in X market with X spend, then you can refine your own spend and have indepth conversations, if you’re paying a lot more for the same value, address this with your agency regarding the ROI and metrics.
This type of data empowers you to makes sure you start your agency conversations on a level playing field, and it can fundamentally transform your costs through robust negotiations. RightSpend offers you access to a deep data lake that shows you exactly how an agency charges based on niche, target market, product and more. You will immediately know if you’re being charged a higher premium compared to based on your sector – finance, gambling, luxury products – and if your competitors are paying the same, or less, than you are.
Competitor marketing analysis: work from a position of informed strength
Knowing all these insights about your competitors and agencies and markets doesn’t mean that you have to negotiate your costs down to the bone. , although that makes sense if you want to optimise your spend. It just allows you to ask the right questions of your agency and to assess if this is a fair cost for what you receive. You have the power to optimise your spend and enhance your marketing ROI.
Understanding all these insights from the competitor perspective then allows you to curate richer, more effective and more engaging campaigns that can help you truly reshape your marketing impact.
RightSpend can helps you deep dive into the data to and find the insights you need to transform your competitor marketing analysis and your marketing results.
What is competitor marketing analysis?
It is a smart way of assessing competitor strategies, markets and approaches so you can make informed decisions about your own marketing efforts. It should form part of every marketing strategy as it informs ROI, decision-making, marketing budgets and planning.
Why is competitor marketing analysis important?
It will help you to customise your marketing plans and marketing budgetsning, assess your impact in the market, refine your own campaigns, manage your marketing costs more effectively, and gain important visibility into yourthe markets.
How do you do competitor marketing analysis?
You can use multiple tools and platforms but it’s worth working with a trusted third-party provider like RightSpend to undertake an in-depth and highly detailed competitor marketing analysis that looks at every element – including marketing spend, and delivers the data you need to make relevant decisions over the long and short term.