How to use the competition's marketing budget to improve growth

Competitor analytics have never been more accessible as they are today. Analytics and software choices are readily available (and free of charge) for the marketer who knows where to look. With the array of tools at our disposal, it is all to easy to become consumed in an unhealthy obsession with competitor action; however, it would be an oversight to ignore this information altogether. Competitor analytics can inform our choices and promote utilisation of time for accelerated growth. As marketers, we can explore the choices of other companies to provide maximum ROI of time for SEO, content, marketing operations and software choice. Within this post we shall explore how to find and use this information to maximum advantage. 

Time

Utilise competitor activity to save on your marketing budget. Analyse the competition's marketing output to get a head start on what will be successful. Informed choices eradicate a costly trial process and can be tweaked as business requirements fluctuate. Create a bank of ideas in reserve for phases of growth and be aware of industry trends and approaches.

Content

Tools such as portent content generator are ideal to refresh past content topics

Tools such as portent content generator are ideal to refresh past content topics

Take inspiration for SEO growth by spotting trends in the competition's content. Use a tool such as Quick Sprout's competitor analysis for awareness of potential traffic fluctuations and success ranking. Take a twist on competitions posts with a title generator. Tools such as Portant provide a unique slant on content for times where inspiration is lacking. Use social content analytics such as BuzzSumo to analyse where competitor content is ranking on social media. Combine the findings of BuzzSumo and Growth Sprout for high ranking content that is successful on social.

Social

Analyse competitor engagement on social media. Take note of what the competition are doing successfully and spot areas of weakness to grow within your own accounts. It is advised to look at industry followers if growth hacking a start-up; however, be careful not to become fixated on what the competition are talking about or who they are following. Instead, use researched keywords to create targets within a growth tool such as TweetFavy.

Tracking tools

Ghostery tracking on ASos.com

Ghostery tracking on ASos.com

What software are your competitors using? Look at areas of your competition's marketing strategy and install Ghostery for software visibility. Use this intelligence to inform your process for trial selection (most SaaS tools offer a free trial for new users). Time saved researching can be spent trialing and growing your brand.

Competitor analysis certainly has its place within digital marketing. It is unhealthy to become consumed by competitor actions; however, why make mistakes from your own budget when you can use the competition's? A blog updated three times a week is on average more successful than those updated just the once; therefore, it is no coincidence that crafting fresh content is often the toughest section of an inbound marketing strategy. Keep an eye on the competition for a new approach when you're experiencing a lack of inspiration and take a unique twist on trending themes. Successful competitor analysis is knowing what the competition are doing and picking up tips to ensure your marketing is unique, tested and a great source for ROI without fixating on (or replicating) the work of others.