How diligent are you when it comes to competitive analysis? In a word, competitive analysis is all about identifying and monitoring your competition so you can gain a better scope of the market. As mentioned by HubSpot, competitive analysis helps businesses:
Identify gaps in the market: If there are clear opportunities for your business to expand its customer base, competitive analyses will allow you to identify these gaps and reach out to the untapped market.
Develop new products and services: It’s not always about being the first to do something, but being the best at it. Competitive analyses make it possible for you to discover new products and services that might be in high demand.
Uncover market trends: One of the best ways to stay updated on the latest technology and advertisement trends is to keep up with what your competitors are doing.
Market and sell more effectively – Once you have a better understanding of what works and what doesn’t for your competitors, you can implement these changes on your own marketing campaigns.
With this in mind, how can you effectively conduct competitive analysis for your own business? The answer is through call tracking. An advanced call tracking software, such as Phonexa’s, has the capabilities to give you insights on all the marketing blind spots you wouldn’t otherwise get. The steps to conducting thorough competitive analyses are easy if you have call tracking. We’ll show you how!
Step #1: Identify Your Fiercest Competition
Most business owners and marketers are already well aware of their biggest competition before they even started their business, but that’s where they stop. Often, the biggest competition are the older, more established companies that have already made a name for themselves. The problem with monitoring only these companies is that they might not be the most innovative or the most helpful to monitor. Since they have already established a recognizable brand for themselves, their marketing strategies might not work for you if your business is operating at a different scale. The solution is to identify the fiercest competitor on your current scale. If that doesn’t exist, then model the fiercest competitor for yourself. Think, “What would a company my size have to do in order to be considered the absolute best in the industry?” Once you’ve identified your fiercest hypothetical competitor, model your business after that.
Step #2: Compare Your Target Audiences
After identifying your fiercest competitor, use call tracking to identify your target audience for comparison. Call tracking can track the results for both your online and offline advertisements, so no matter what marketing channel you choose for your campaign, you will always get the full customer journey with call tracking. We’ll give you a glimpse of what this journey might look like for an online advertisement:
Call tracking comes with additional web analytics that will report on the amount of clicks and engagements your online advertisement receives.
Once a customer makes a call, call tracking will automatically record the first and last name, location, phone number, and purchase history of the caller.
As an all-in-one platform, call tracking is also integrated with our proprietary voice recognition system, VoicePLUS, along with our advanced IVR, to take any additional caller information that you might need.
The entire call will be monitored so you can know exactly how the call panned out, including details such as: the agent that handled the call, the number of transfers, the waiting time in between transfers, the customer service quality, and the result of the call.
All of these details and more can be viewed in real-time through an accessible online dashboard.
With these customer details, you can truly evaluate whether or not your advertisements are pulling in the right group of consumers. Compare this data with your competitors to see whether there are any gaps in the market that you could be capitalizing on.
Step #3: Compare Your Marketing Channels
The third step to competitive analysis is to compare your marketing channels with that of your competitors’. Call tracking is a brilliant solution to marketing optimization because it gives you the full view of your advertisement strengths and weaknesses. The most efficient and cost-effective way to measure your ROI and optimize your ads is by investing in a solid tracking software. Call tracking will do the hard work of gather smart data for marketers who often need to make quick, on-the-go decisions. Without a proper tracking solution, you might quickly fall behind the competitors who do have their own tracking software because their optimizations will always be on-point.
See how call tracking can benefit your business today by signing up for a demo of the unique software. Don’t wait until you’ve already fallen behind to start investing in the right tools! We’ve got everything you need to conquer the market right here at Phonexa.