Understanding the competition is key to any growth marketing strategy.
Marketers can optimize every channel of their marketing strategy to increase sales by understanding how buyers interact with industry-related content and how it impacts their purchasing decisions.
Social media, technology and content audits can reveal a lot about what people like and dislike about a brand or their products. These provide insight into the consumer’s perception of each industry component.
These pockets provide insight into the common issues buyers face and the top pain points. They also show how products and services can be used to solve these problems.
The most successful growth marketing agencies today offer SEO, inbound and other strategies. They have detailed guidelines for data farming and social listening with the aim of optimizing growth stack conversion rates.
These insights are shared by the WEBITMD team in order to help marketers and businesses discover relevant competitor data when it comes down to improving their growth marketing results.
Increase Top of Funnel Traffic by Analyzing Social Media Data
A well-executed growth stack should include inbound marketing or SEO. It is important to drive traffic to the sales funnel if it makes sense for your sales cycle.
This will make SEO and paid media the best strategies to attract searchers and guide them through a workflow.
Audience targeting is essential for SEO and paid media in order to drive traffic. You must first identify the platforms that your competitors use to engage with social media.
Visual lifestyle brands, such as a surfboard company, would be found on Instagram and Facebook. A law firm, on the other hand, would have more engagement on LinkedIn or Facebook.
Once you have identified the platforms of your competitors, you can create a checklist that will help you identify what content customers are looking for. This will allow you to determine which type of content you can use to drive traffic to your paid media and SEO strategies.
These are some questions to consider:
* What topics are most liked and shared?
* What topics receive the most comments?
* Who are the people who engage with the content (buyer personas).
* How long is the article that gets the most engagement?
* What are the keywords opportunities?
* How are common joys and pain points being expressed?
* Which product/service features are most loved by people?
This information can be used for optimizing a variety of internal strategies in your growth marketing strategy stack.
Social media recon can provide tons of valuable data to support your growth marketing strategy. This includes creating Facebook-like audiences to target people who might be interested in your products and creating buyer-focused content to rank for different stages of the buyer’s journey.
Use Technology to Gather Information on Your Competitors
A variety of tools are available that allow marketers to gain insight into the tactics and approaches of their competitors, which can then be used to optimize their marketing strategy for growth.
Open Site Explorer is the best place to start. Open Site Explorer is a Moz tool which scans your competitor’s backlinks and finds their top web pages. Your ability to drive traffic through SEO is directly related to your rank ability. You can identify the top performing pages of your competitors and use that information to determine ranking factors.
You can refresh your SEO strategy by using the top performing web pages data, which will help you pinpoint target keywords and tag and title information.
Google’s ranking algorithm is very attentive to backlinks. Knowing which referring domains are associated with your competition will help you build your backlink portfolio with relevant and high-authority links.
Your ranking will rise as you improve the quality and quantity of your backlinks. Your ability to find your website online and to generate valuable traffic will increase dramatically if your backlink portfolio is stronger than your competitors.
SpyFu provides valuable insights into your competition. It’s valuable for PPC because it gives paid strategists information about how many clicks they get per month, their AdWords budget and which paid keywords they rank for. It also allows you to compare your organization with theirs.
SpyFu also provides organic data on your competitors, which can be used to optimize your business. We have only scratched the surface of the iceberg.
Nacho Analytics from SpyFu gives marketers direct access to the analytics of their competitors, which is extremely valuable for traffic generation via both PPC or SEO.
You can improve your content by learning what blogs and web pages your competitors are most interested in and convert from. This will allow you to optimize your content and outperform your competition, increase your rankings, drive more traffic into your lead nurturing funnel, boost your conversion rate, and get better rankings.
Look for the Gaps
It’s not about comparing what your competitors are doing. Instead, you should look for missed opportunities to improve your growth marketing strategies while still focusing on your target audience.
You should also use data from your competitors to find any gaps in your strategy and those of your competition.
You might find that your top competitor and you have backlinks to the same domains. Your blog is also focused on the same topics and uses the same context. However, your competitor ranks higher and drives more traffic than you.
You will see that the competitor links between their blog articles and the homepage.
This is the cluster model. It improves SEO and conversions rates. Because it provides structured content that Google can crawl easily, it also makes it easier for users to find what they want.
This would create a huge gap in any growth strategy. Marketers can reverse engineer the blog model of a competitor to create their own structure that is stronger and more buyer-focused.
Stay Focused on Goals
Avoid falling for the trap of getting lost in the maze of data. The best tools can be used to spy on your competitors. This will allow you to make fascinating discoveries that will open up new avenues for getting off-track.
You can take notes but remember that your goal is to increase traffic to the sales funnel and convert leads into customers.
Start by looking for data that can directly assist you in optimizing your efforts to improve your growth marketing strategy. Then, get more specific as you go along.