Why do we do a competitive analysis in marketing?

It is one of the most frequently asked digital marketing interview questions. In an answer to this, you can say –

Competition analysis is believed to be the strategic element. It is a very critical part while chalking out a company’s digital marketing plan. It is very important to identify competitors and evaluate their strategies to determine their strengths and weaknesses. It is tough to establish a product’s USP (Unique Selling Proposition) without doing proper competition analysis. Besides, it also helps to decide on strategies for attracting targeted consumers.

How well do you know your competitors? Are they working on anything new? Do you know anything about the strategies they’re using for success? If you don’t then maybe you should. Conducting a competitor analysis is vital for not only matching your competitors, but giving you an edge.

When it comes to analysing competitors, the importance of being proactive rather than reactive is vital to your business success. Here at Kayo Digital, we are always looking for growth opportunities whilst keeping an eye on our competitors, and this is where an effective competitor analysis can work.

I hope you find this information helpful…see you on the next topic