How to Make Competitive Intelligence Work with Lots of Competitors. Check out these 5 tips to keep up with CI in a Hyper-Competitive Market.
How to use competitive tracking software to take your digital marketing strategy to the next level
Competitive Intelligence Academy: How to use competitive tracking software to take your digital marketing strategy to the next level
The digital marketplace is changing more rapidly than ever before. To stay one step ahead, marketers need to make smarter, faster decisions. The increased pressure means many organizations are turning to the agile methodology. This applies to both software design and marketing strategy.
The key component behind agile marketing is deciding how to prioritize your backlog with growth hacking. This involves evaluating your individual marketing projects based on what resources are necessary for them to succeed, as well as their ability to be scaled realistically. This step is very important to the process, but it’s also extremely time consuming. Marketers spend hours ranking and searching for new ideas to add to their backlog. What if you could automatically fill your marketing pipeline with a constant stream of concepts to test?
Imagine developing a headline, ad copy, or call to action based on measurable data, This would essentially eliminate the guesswork from the process. If you could know with some certainty whether your online content would be successful before writing it, it would prevent your time and resources from being wasted away.
All this and more is possible by adding data driven insights to your marketing toolkit. Having a way to use data as a shortcut is essential for marketers who want to automate repetitive tasks while conquering the competition. Here’s how to do it in 3 simple steps.
Step 1: Automate competitor tracking to gather new marketing ideas
Automating competitive analysis allows companies to meet their customer’s needs more efficiently. It enables smaller companies to compete head-to-head with global conglomerates and can provide your company with a competitive advantage. Tracking your competition enables you to shorten your marketing cycle. You can reduce the time you spend imagining campaigns and start building campaigns that drive results based on real data.
5 ways real-time competitive analysis helps you:
- Increase content engagement: Discover the most attractive topics in your industry before writing & distributing content.
- Identify opportunities to outperform the competition: Grow your company’s reach by targeting an expanded demographic with key messaging changes and respond to promotions faster by learning about them immediately.
- Discover new keywords: Do more with your PPC budget & bring in more qualified leads.
- Enhance your SEO & Search Ads: Optimize your website & landing pages based on consumer behavior.
- Confidently draw conclusions: Improve your overall marketing strategy based on real data, eliminating the guesswork.
Step 2: Connect your competitive intel to your project management tools
The key to all marketing experiments is a continuous cycle of planning, execution, evaluation and iteration. An online project management application, such as Trello, can help organize your marketing backlog and align your entire marketing team, from the digital team to your designers and copywriters.
Kompyte links into your existing workflow, by integrating with Trello. You can send tasks, ideas, insights, or experiments to your Trello marketing backlog directly from Kompyte. Let your competition do the tedious work while you start testing strategies based on data. Kompyte displays all your competitor’s online marketing changes in one place. Simply browse the platform and find ideas that you’d like to test in your own marketing strategy. Once you’ve found something that appeals to you, sharing it directly to your Trello boards from the Kompyte platform will allow you to carefully organize your ideas based on their various stages of completion.
Step 3: Test your competitor’s ideas and measure improvement
Finally, begin testing your marketing ideas. Take note of the various levels of success you attain, and keep track of the feedback you receive. Customer feedback for your marketing can be measured in various ways, including how often they’re hitting the “check-out” button. Focus on customer feedback and continue testing new content until you’ve found the best performing content for your company.
Linking Kompyte to Trello enables you to see where your latest marketing idea came from, and you’ll easily be able to calculate the value of competitive intelligence insights on your sales funnel. Simply keep track of which idea yields results by assigning unique URLs or offer codes. Remember, each company is unique and merely copying the competition will likely not yield the results you’re hoping for. Try different iterations of website copy or display ads until you find the best options for your company.
Traditional marketing has quickly become antiquated. Agile marketing, fed by competitor tracking software, is the future of marketing. Competitor tracking software belongs alongside an agile marketing practice. It allows you to skip a majority of the tedious initial tests and start enhancing your marketing efforts today.