Imagine this. It’s a new year and you are a small business owner. You are committed to taking your business to the next level and trying new marketing tools to achieve your goals. However, you are unsure of how much you should be spending. Should you run the risk of spending too little, causing yourself to be overpowered by your competitors with larger marketing budgets? Or what about the risk of overspending and a possibility of losing your leads to those who are quicker than you? This is where competitor analysis comes to play.
There is no exact science to what your business should be spending on marketing/ advertising, but through a thorough competitor analysis, you’ll have a good starting point.
You may be wondering what exactly is a competitor analysis? In short, it is a report that is a compilation of what your competitors are doing online. Such research outlines their strengths and weaknesses, but most importantly, the opportunities and potential your business has to be successful in the digital realm.
If you’re still wondering whether your business needs to invest in a competitive analysis in 2019, here’s another good reason. Unless your competitors employ a dark web wizard who is able to hide all of their online actions (which I guarantee they do not), they are leaving a small digital footprint from which we are able to draw and interpret data from. We are also able to compile estimated search volume and bid prices for specific keywords on major search engines. Not to mention, generate an intelligent estimate as to what your competitors are spending on a monthly basis for certain keywords.
Are you wondering how this helps you?
Well, with this data we are able to guide your marketing investment decision based upon what available marketing dollars you have. More simply put, we consider your available budget and suggest the route that is most beneficial for your business. This saves your business from failures such as getting caught in the middle of an unwinnable pay-per-click war with a competitor with a substantially larger marketing budget than you.
Ready to invest in your future?
Famous WSI Results is proud to offer a competitor analysis from now until 1/31/18 at half the cost! For $495, we will put forth our proven and tested practices towards giving your business the competitive edge it needs to take the next step in 2019.