Interactive marketing involves an investment of resources that requires a return to fund further investment into the development of the brand. As with any other smart investment, interactive marketing strategy requires a solid foundation to achieve success. The cornerstone of a solid foundation for interactive marketing strategy involves an in-depth understanding of a brand’s current online position within their industry and in relation to their competitors. Such an understanding is achieved through a comprehensive competitive analysis.
An interactive competitive analysis varies from a general competitive analysis in that it focuses on the brand as it exists online. Frequently, a brand’s most significant online competitors are not the same companies that are considered to be most competitive overall to the company. This is especially true in highly competitive verticals, where the shear number competitors change the competitive equation.
An interactive competitive analysis should focus on a combination of design, usability, functionality, and presence. To provide a clear and true picture, these areas each need to be approached from an objective viewpoint. A scoring methodology, with clearly defined criteria, can help to provide a higher level of objectivity when utilized by various team members, each making an individual assessment. The mean scores provided by this analysis provide a benchmark for each area relating to the brands online positioning. The benchmarked sites should also undergo a detailed S.W.O.T. (Strengths, Weaknesses, Opportunities, and Threats) assessment in relation to established standard for each area.
Utilizing these findings, a brand can re-evaluate it’s goals based on an objective benchmark. With reestablished goals and an understanding of current positioning, an interactive marketing strategy can be developed capable of reaching those goals. The initial benchmark can then be utilized to gauge progress and success throughout the interactive marketing program.
While an interactive competitive analysis is certainly not required to engage in interactive marketing, it can provide a more strategic approach to interactive marketing that generates a higher return with lower risk. This return/risk combination can frequently mean that the investment in a comprehensive interactive competitive analysis pays for itself in a relatively short amount of time.
If you are currently planning and budgeting for your 2009 interactive marketing efforts, an Interactive Competitive Analysis could be an integral part of your plans. All throughout the third quarter we will be providing additional guidance to assist with your planning process - be sure to subscribe to our blog, or download our white paper on Seven steps brands should take when planning their interactive marketing efforts. For more information on how
LeapFrog Interactive can get your interactive marketing strategy on the fast track, please contact us.
