The importance of identifying your competition can’t be over-emphasized.
In any business, there’s always competition.
Identify your competitors, especially those who are a step ahead in the business and analyze their tactics for success.
Once you’ve identified your competitors, you can analyze what they’re doing and then take things up a notch in your own campaigns.
You need competitive intelligence – There is no point in recreating the wheel.
Before starting any sort of media buying campaign, it’s important that you do some market research and competitive analysis.
Over 90% of Fortune 500 companies practice competitive intelligence. Wouldn’t it be valuable for you to know what banner ads and landing pages your competitors are using? What about which traffic networks they are using to do their media buys?
It’s vitally important that you save time by seeing what is working and what banners are converting. Of course, you won’t want to copy your competitor’s campaigns, just use them for inspiration. This will allow you to build a campaign that’s similar to a campaign that is already working.
Here are 3 places where you can start to gather competitive intelligence on other media buying campaigns –
With these resources, you can discover what markets people are making money in and what offers they’re promoting. You can see their exact banners, landing pages and even go through their entire sales funnels.
Additionally, you can use these competitive intelligence services to research for profitable markets.