Why it matters: These days, the competition is fierce in almost every market. Customers have many options to choose from, and outpacing your rivals is a constant battle. From new product or service offerings to campaigns and content – not to mention promotions and partnerships; keeping a keen eye on the competitive landscape is key.
A core benefit of market research is knowing what other players in your market are doing. More to the point, market research actually shows you how well these offerings are doing.
A competitive analysis framework is a great way to systematically record and track what your rivals are doing. It can help you spot opportunities, such as:
Develop New Marketing Campaigns and Creatives
See what customers like or dislike about your rivals
Help you develop your unique selling proposition (USP)
Good market research can be the differential factor that gives you an edge in your market.
In this scenario, I want to analyze the Sales Directors Email Lists competitive landscape for a social media management company. I chose Sprout Social to review as it’s considered a market leader.
See how much competitive intel I can grab in less than a minute
market research benefit – competitor analysis.
I Can See an Overview of Its Traffic
This includes the total visits, unique visitors, a link to its apps, and a breakdown of traffic by channel. With a quick compare, I see how these metrics stack up against others in the market. Later.com and influencermarketinghub.com are two players who consistently outperform sproutsocial.com – which means I can delve deeper into their successes, campaigns, and content next.
From the platform, I can see how many referrals they’re getting, and from where. Which ad networks and campaigns they’re running, and copies of the creatives being used.
Next, I look at the most popular pages on Sprout CNB Directory Social’s site. This shows several pages on the topic of small business social media are achieving significant growth – indicating my target audience is responding to these pages, so I should be covering or promoting content on a similar theme.
