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"Are you wondering why competitor analysis is crucial for your marketing strategy?
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Don't miss out on this essential step in your marketing plan!"
bit.ly/3mOaAic
And get a free trial today with Webmaxy bit.ly/3ouz0xm
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There are hundreds of inbound marketing metrics you can use to evaluate the effectiveness of your business’s inbound marketing plan. But how many of them can really indicate how well you are doing in terms of business outcomes (sales & revenue)?
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Additionally, this dashboard is not intended to replace a full sales pipeline dashboard but rather to provide insights on how marketing is contributing to sales effectiveness and revenue.
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https://flyboardventures.com/blog/ways-competitive-analysis-digital-marketing/
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3. TABLE OF CONTENT
Step 1: Understand Your Industry
Step 2: Understand Your Competition
Step 3: Understand Your Buyers
Step 4: Understand the Digital Channels that will work for you
Step 6: Understanding Marketing Metrics & Goals
Step 5: Create Digital Marketing Strategy – the 5D’s
5. Purpose of Our Research
It’s worthwhile to analyze the state of your industry – whether as a prospective
new entrant or as an existing player in the game. One way to do this is with
Porter’s Five Forces Analysis.
This method of studying an industry considers – as the name suggests – five
different criteria and how high the power, threat, or rivalry in each area is.
Below are the five forces in the analysis:
6. Purpose of Our Research
1. Competitive Rivalry: This section asks how high the level of direct competition is in
your industry. Ask yourself what other companies offer the same product or service
that you do in the location that you do business in. While there may be another
company offering the same thing you do, it only matters how much of a direct threat
they impose on your share of the market for this analysis.
2. Threat of New Entrants: This area explores how difficult it is to start a company or
launch a product that could compete with yours. It also looks at barriers to entry –
whether those are resource-based, financial, or imposed by government restrictions.
3. Threat of Substitution: For this criteria, think of the alternatives to your product or
service. Keep in mind, these are not direct substitutes.
4. Buyer Power: Buyer power looks at whether your market is a buyer’s market or a
seller’s market from your company’s perspective. If your product is at the mercy of the
latest trend or a bargain-hunting coupon cutter, buyer power is high.
5. Supplier Power: Lastly, supplier power considered how much suppliers influence the
business.
7. Threat of
Substitution
Very High
High
Low Very Low
Threat of New
Entrants
• Add your threats
here
Very High
High
Low
Very Low
Buyer Power
Very High
High
Low
Very Low
Supplier Power
Very High
High
Low Very Low
Competitive
Rivalry
Very High
High
Low
Very Low
8. Analyzing Your Results
Analyzing Your Results
After you complete your analysis, take note of how often categories are
marked as “high” or “low.” If there are more lows than highs, this is good!
You have an opportunity to make an enormous impact in your market. If
your highs outweigh your lows, consider what concrete actions you will
have to take to overcome these potential threats and obstacles.
Whether you’re incumbent or a new business, these forces can change at
any time, so staying on top of industry trends and getting a high-level look
at your market is essential for long-term success.
10. Competition Research
Once you understand your industry as a whole, dive into where you fit into that
industry with a SWOT analysis.
A SWOT analysis looks at a company’s internal strengths and weaknesses and
the external opportunities and threats within the market.
Competing this analysis will highlight the direct areas of opportunity your
company can start building on or working to overcome.
11. Competition Research
Strengths: A company’s strengths are its internal pros. Strengths are usually unique to that
company, but can also be generally positive features that might be shared by another
company.
Weaknesses: Weaknesses are the internal faults that are within the company’s control.
This is not a time to mention the strengths of other industry players, but rather problems
internally.
Opportunities: Analyzing opportunities requires looking at the industry, market, and world
as a whole to identify chances for a company to grow the business.
Threats: Threats, like opportunities, exist outside of the company, but can be damaging to
its success and profitability. This is where we consider government regulation, the
influence of other companies, the economy, consumer trends, and more.
13. Analyzing Your SWOT Analysis
Use this analysis as a snapshot for your company’s performance or
potential performance. Don’t just compare the amount of strengths and
opportunities with the amount of weaknesses and threats – weigh their
importance to determine if you’re currently in a good place or if you could
be doing better.
15. Buyer Persona
While you need to know where you stand in your industry, it’s ultimately worth
knowing where you stand in the eyes of your customer and potential
customers.
Taking the time and effort to learn how your company or product will be
perceived in the market is a vital action all businesses must routinely take.
You will better understand:
• Facts about your target market.
• What matters to someone who would purchase from you.
• The demand for your product.
• The potential price points.
• Perception on competition
• Impressions of your branding.
16. Buyer Persona
Buyer Personas
Before you get to surveying your buyers, it’s helpful to define them with buyer
personas – semi-fictional generalizations of who your target customers are.
Understanding your buyer personas guides your survey construction to be
more tailored to your intended audience. If you haven’t established your buyer
personas yet, use this free tool to get started.
17. Write up a brief synopsis of this
buyer persona and why they may
be a good fit to be a customer.
If you’re making a buyer persona from scratch,
visit https://www.hubspot.com/make-my-persona
and insert a screenshot of your persona.
Their Name
Their Occupation/Title
Their Age or Location
Buyer Persona
19. We set out to find
out…(take it from
here!)
Your Company Goal
20. Digital Marketing Channels
Types of Digital Marketing Channels:
• Content Marketing: Blog, Quora, Lead Magnets, Guest Posts
• Search engine optimization (SEO): On-page & Off-page
• Social Media Marketing: Facebook, Instagram, Twitter, Pintrest, Linkedin
• Paid Social: Ads on Social Media Platforms
• Display Advertising: Banners ads on high DA websites
• Cold Email Outreach Marketing
• Influencer Marketing & PR
• Inbound Marketing: Marketing Automation & Funnel Optumization
Most businesses need a combination of these channels to build your effective
growth strategy. We like to break it down to Organic & Paid Channels for
further clarity on showing effectiveness of these campaigns.
21. Digital Marketing Channels
ORGANIC GROWTH
Organic growth channels brings in slow growth to a business but is the most valuable and
trusted source, especially when you are looking to build a quality lead pipeline.
Choose from these channels below (based on resources & budgets):
22. Digital Marketing Channels
Service What it means Growth Metrics Resources Needed Budget
Needed
On-page Optimization Making your website & landing pages SEO -
friendly & mobile friendly
• Increase traffic
• Decrease Bounce Rate
• Designer
• HTML Developer
• SEO Strategist
Keyword SEO Showing up your web pages and landing
pages for high volume search keywords on
google
• Increase Traffic
• Lead generation
• SEO Strategist
• SEO Team
Content Marketing Creating high quality content for blogs, social
posts, emails and ads on your blog
• Increase Traffic
• Increase subscriptions
• Content Writer
• SEO Strategist
• Designer
Inbound Marketing Nurturing Leads to conversion to retention via
marketing automation, funnel optimization and
retargeting
• Boost ROI
• Decrease CPA’s
• Increase Revenue
• Decrease Sales Cycle
• Build High Quality Sales Pipeline
• Inbound Marketing
Expert
• MarTech Expert
• Content Writer
• Designer
Social Media
Marketing
Promote your content via social media
platforms by create engaging, inspirational &
fun content to build your brand presence and
reach new audience group
• Build Social Proof
• Reach New Audience
• Build Brand
• Content Writer
• Social Media Manager
• Designer
Guest Posts &
Backlinks
Write for other high DA websites and get
backlinks to your website
• Increase organic presence
• Increase DA
• Content Writer
• SEO Strategist
Email Marketing Cold Email Outreach • Lead Generation • Content Writer
• Digital Marketer
23. Digital Marketing Channels
PAID GROWTH
This is the fastest source for lead generation and sales for any business. It is the
backbone of growth for all businesses to start seeing revenue growth.
Choose from these channels below (based on resources & budgets):
24. Digital Marketing Channels
Service What it means Growth Metrics Resources Needed Budget
Needed
Paid Social Running ads on facebook, instagram,
pinterest, quora, linkedin
• Increase traffic
• Lead generation
• Designer
• HTML Developer
• PPC Strategist
Display Advertising Banner ads on high DA websites via google or
platforms like taboola
• Increase Traffic
• Lead generation
• Designer
• HTML Developer
• PPC Strategist
Search Advertising Keyword search on google and bing • Increase Traffic
• Lead generation
• Designer
• HTML Developer
• PPC Strategist
Remarketing Retargeting leads via email, push and social
ads to get them to convert
• Boost ROI
• Decrease CPA’s
• Build High Quality Sales Pipeline
• Inbound Marketing
Expert
• MarTech Expert
• Content Writer
• Designer
Paid links & PR Promote your content via paid sources and
media
• Build Social Proof
• Increase Traffic
• Content Writer
• Social Media Manager
Influencer Marketing Product endorsement by industry influencers • Build Brand
• Build Social Proof
• Lead generation
• Content Writer
• Social Media Manager
26. Marketing Metrics
Digital Marketing KPIs or Key Performance Indicators are quantifiable goals
which help you to track and measure success. KPIs are a useful way for
Business owners to see the actual results of their digital marketing campaigns
Marketing Metrics Sales Metrics
Traffic Conversion rate from leads to opportunities
ROI Conversion rate from Qualified leads to sales
Conversion By Source, Medium, Channel Deal win rate
ROI reporting Leads
Cost Per Acquisition Average days to close
Customer Lifetime Value Monthly recurring Revenue
Followers, Likes, Shares, Comments Profit Percentage
27. Marketing Metrics
All digital marketing campaigns needs to achieve set marketing goals which
are generally derived from the business goals.
Marketing Goals Business Goals
Reduce CPA Increase Revenue
Improve ROI Increase Profit Percentage
Followers, Likes, Shares, Comments New Customers
Increase Organic Traffic Build Brand
Lead Score High Quality Pipeline
Customer lifetime Value Repeat Business
28. Data Point What Was the Most Important Data Point?
4x
Customer lifetime Value
If your digital marketing strategies are focused on
increasing your customer lifetime value i.e. repeat business,
it automatically sets you up for continuous growth.
30. Digital Marketing Strategy
Every Digital marketing Strategy Comprises of the below 5D’s:
1. Digital Technology
2. Digital Data
3. Digital Channels
4. Digital Metrics
5. Digital Devices
Let’s understand what each of these means and how together they build a
digital marketing strategy that will improve your digital presence and boost
conversions
31. Digital Marketing Strategy
Digital Technology: The most important part of the digital strategy is the
technology. Marketing today is driven by the right kind of technology and tools
to enhance and upgrade your marketing efforts that show highly effective
results. The first step is to choose your Marketing Technology aka MarTech
stack. Here are the tools you need:
• Customer Data Platform: CDP like Segment allows you to track a customer following
GDPR guidelines
• Marketing Automation: Platforms like Hubspot are great automation platforms that
helps you setup inbound marketing to increase your customer retention rates and build
a high quality sales pipeline. Hubspot also takes the headache off social media
management campaigns
• Customer Relationship Management: CMS systems like salesforce are most
imperative to start seeing quality leads and conversions
• Analytics & Metrics: Tools like Google analytics, Mixpanel and Amplitude helps in
giving you the right picture
• Digital Marketing Tools: Keyword search tools, Content analysis tools and various
other SEO tools needs to be shortlisted
32. Purpose of Our Research
Digital Data: Digital data normally consists of audience profiles and
engagement patterns with businesses. This aspect is captured by typography
setup within your chosen digital technology that focuses on building interactive
experiences across a wide range of digital channels and your digital channels.
Digital Channels: Digital channels are another component that involves the
analysis of the preferred platforms to target the audience. Evaluate from the
digital marketing channels explained above to build your digital marketing
strategy. A collection of paid, owned, and earned channels utilize to build
engagement with the target market through several ways such as advertising
e-mails, messaging, search engines, and social networks.
33. Purpose of Our Research
Digital Metrics: identifying business goals and setting up marketing
metrics to fulfill your goals is the honest way to see how your campaigns
perform.
Digital Devices: It mainly focuses on the target audience’s interaction and
engagement on websites and mobile applications using a combination of
connected devices. These devices may include smartphones, tablets,
desktop computers, TVs, and gaming devices. Hence its most important
to make your websites and landing pages seo-friendly and mobile friendly
35. 13 steps to create the digital marketing strategy
1. Build your unique positioning & messaging
2. Build your buyer personas.
3. Identify your business goals & marketing goals
4. Prepare the list of digital marketing tools you'll need.
5. Evaluate your existing digital channels that work for you
6. Audit and plan your owned media campaigns.
7. Analyzing your digital marketing strategy’s past success and failures
8. Identify Your Means (& Stick to Your Budget)
9. Measure and monitor the performance of your digital marketing strategy and to change
elements where needed.
10. Setup Inbound Marketing
11. Understand the Digital Sales Funnel
12. Focus on Blogging
13. Focus on Mobile Optimization & SEO Friendly Content