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Digital marketing takes a multifaceted approach to boosting a brand. A successful digital marketing campaign has multiple layers and is made up of several components, each contributing to enhancing your brand’s online visibility, lead generation, and more.  One such component is competitor analysis or competitive analysis. 

Researching to learn about the competitors in your niche can help you significantly. The top digital marketing firms in Dubai will do competitor analysis to gain valuable insight regarding your competition before brainstorming any strategy for your brand. 

In this blog, we will discuss the significance and benefits of doing competitor analysis. Let’s begin. 

What is competitor analysis? 

Competitor analysis refers to the practice of researching to identify your competitors in your specific field, learn and analyze their marketing strategies. A marketing agency in Dubai needs to conduct this research to gain insight into the strengths and weaknesses of its competitors, identify gaps, and look for opportunities.

A marketing team in charge of doing this analysis will look into your competitors’ online activity to determine what works for those businesses and what mistakes they make.

Once they have the data-driven insight, they will brainstorm digital marketing strategies to offer you a competitive advantage. Marketers can develop successful brand differentiation strategies by identifying opportunities and threats.

Competitive analysis provides clarity regarding areas that require attention and investment. Furthermore, when you engage in competitor analysis, you gain insight into positioning your USP efficiently. Analyzing your competition is not a one-time task but rather an ongoing process that you must pay attention to as you scale up your business.

Trust Yardstick Marketing to guide you throughout the process and create integrated marketing solutions. 

Competitive or competitor analysis has many benefits to offer. Let’s take a look at some of the most significant benefits here. 

What are the benefits of doing competitor analysis? 

Learn about your competitor’s strengths and weaknesses: 

Before planning your digital marketing strategy, learn about your competitors’ strengths and weaknesses. Since both you and your competitors are targeting the same audience group, learning about where your competitors stand and their weaknesses regarding their product, pricing, and marketing strategy can help you identify gaps that you should take advantage of. Similarly, learning about their strengths would provide clarity regarding their weaknesses. Through such analysis, a marketing agency in Dubai will brainstorm strategies to present your brand and its offerings to your target demographic as the best alternative to the available options. 

Learn about industry trends: 

To be relevant with clients, your organization must keep up with market trends. One effective way to achieve this is by conducting competitor analysis. It will provide valuable insights about your competitors’ strategies and help you stay ahead. But you must study them as a whole, not feel intimidated by the action of a single competitor, and mimic their marketing moves. You aim to take advantage of the latest trends and be present in the moment alongside your competitors, yet stand out from them. For example, if you’re using LinkedIn to market your business, look into the newest trends your competitors are following; this will help you understand how you can use it to your benefit.

If you want to learn about how to use LinkedIn for marketing your business, check out this blog here.

Discover new opportunities: 

Although the target market is the same, studying your competitors can enable you to spot opportunities that you otherwise would have missed out on. The analysis lets you take a sneak peek into the gaps in the market that your competitors have failed to identify. You may discover a specific group or subgroup in the target demographic that your competition has not targeted, and they can be your potential customers. Likewise, you can identify keywords or marketing channels with yet-untapped potential. You will also learn about specific customer demands and where your competitors are failing to meet those demands. 

Learn to avoid making mistakes: By doing competitor analysis, you can learn about the shortcomings of your competitors and spot their mistakes. When you hire top digital marketing firms in Dubai, their teams will look into the areas where your competitors have failed miserably and identify their mistakes. It will give them the perspective to create a marketing plan devoid of such errors. However, like it’s been mentioned before, competitor analysis is a continual process that needs to be updated.