How to Do Competitor Analysis in Digital Marketing [2021]

In the process of creating a digital marketing strategy, most companies conduct a digital marketing competitor analysis.

Digital marketing competitor analysis allows you to develop an understanding of the competitive landscape, your competitors’ best marketing practices, and the pitfalls to avoid. Using this data, you can craft your own online marketing plan and get the ball rolling.

In this article, we’ll explore the why and how of digital marketing competitor analysis and look at how to improve your own digital marketing strategy using the Semrush .Trends digital analytics tools. Let’s get started!

What is Digital Marketing Competitor Analysis?

Let’s start with the basics: What is digital marketing competitor analysis?

Competitor analysis is the process of researching your market to identify competitors, unpacking the characteristics of competitors’ businesses, and analyzing their strategies.

Competitor analysis is typically carried out to identify the strengths and weaknesses of other market players, define your company’s standing in relation to them, and highlight gaps and estimate your potential to fill them.

Competitor analysis in the digital marketing context has some unique characteristics because of the fast-changing nature of the online landscape.

Digital markets can evolve rapidly and technology allows businesses operating in the digital landscape to pivot in an instant. That said, unlike traditional marketing channels, digital platforms offer an abundance...