Ever wondered how London cabbies learn so many complex road routes? They do ‘The Knowledge’ – the world’s most demanding taxi driver exam.
Shortcuts are not an option. On average, it takes 12 attempts to pass the test. Only hard graft, studying and analysing maps in every detail gets the job done.
But for Australian business owners seeking inside knowledge, there is an easier way to get an edge. Critical data that tells you a story about your competitors is right under our nose.
Recently, we conducted some research into digital marketing strategies used by five market leaders in one of the country’s most competitive industries – general insurance.
The results told a surprising story. With some incisive analysis and our deep knowledge of online analytics, we were able to make a few interesting conclusions about each company’s strategy. You can also gain access to this form of analysis with our Market Snapshot tool.
For example, one company had clearly made a commitment to invest heavily in social media marketing. While the raw numbers (below) showed social accounted for less than 20% of total marketing budget, this was still more than 10 times the amount invested by the competition.
Not surprisingly, the same company was receiving a smaller percentage of search traffic because it was spending a lower ratio of its marketing budget in this area. But its share of traffic coming through social channels was flying off the scale with more than 9 out of every 10 visits.
True, the company making a massive play for the social media audience didn’t get the best overall traffic results (see below). But has Company E identified a trend their competitors aren’t aware of or haven’t yet factored into their online marketing strategies? The data shows they are ahead of the curve in this respect and dominate the space.
We all know digital marketing is fast moving and rapidly changing. Having access to vital data like this presents opportunities to all the companies in the sample and it tells a compelling story.
Market Intelligence can provide a unique insight into your own business and help feed into crucial investment decisions. As this article demonstrates, it can also reveal valuable information about the strategic direction of your key competitors.
If you’re interested in discovering what role Market Intelligence can play in your business and how we can help you acquire it, we’re keen to start a conversation.
- How Big Is Your Online Market?
- Top Social Media Marketing Trends 2015
- What is Social Media Marketing?