What is a competitive analysis in digital marketing?
In digital marketing, competitive analysis is a process which identifies your competitors’ strengths and weaknesses. It also gathers information about the strategies used by your competitors for business activities such as marketing, pricing, product development, audience engagement, and so on.
Why should you do a competitive analysis?
The scope of your competitive analysis varies depending on what you want to discover. The analysis can be as broad or narrow as required.
For example, you want to understand and optimize your ads to increase conversions. For which you would look at the ads posted by the competitors, understand the tone used in the ads, the persuasion route used in the ad, the reactions (or lack of reactions) on the ads, as well as try to gather additional conversion insights.
Benefits to conducting a competitor analysis include
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