Brands can get marketing ideas from their competitor’s recent online ads.
Having a competitor analysis strategy in place can help brands actively review benchmarks, catch up with industry trends and update the marketing mix. Keeping a tab on competitor performance can help brands identify the best digital marketing channels while quantifying their audience size and market potential.
This article recommends analysing competitor’s SEO efforts can help brands discover successful keywords and get an idea of consumer behaviour. Marketers can further glean insights into competitor ad strategy and get marketing ideas by focusing on Google Shopping or display ads in their analysis.
Reviewing rival social media accounts can further help brands learn about their content and engagement strategy. The author suggests marketers should evaluate how their digital marketing strategy correlates with their competitors and communicate the insights to other departments.
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