Competitive Analysis and Budgeting
Who wants a bigger marketing budget?
We all do. But we are often fighting for budget scraps. And every time we ask for more budget, we hear "NO!"
Want to start hearing “yes” more often?
Then let's adjust our approach.
Today's lesson discusses:
- What we can learn from competitive intelligence tools
- Using competitive data to build our own models
- How to project value of increased marketing budgets
- Make a compelling argument for bigger budgets
Tools we use in our video:
- Google Analytics Benchmark Reports
- SimilarWeb Tool for traffic source comparisons
- SEMRush for Search Spend Estimates
- SpyFu Tool for spend estimates
- MOAT Display Intelligence Tool
What do we do with this data?
Triangulate your data sources into three points:
- Your actual numbers from Google Analytics
- Your industry numbers from GA and Similarweb (anonymous)
- Your specific competitor numbers from SimilarWeb and SEMRush
Use this data to project your marketing budget by providing several, well researched options.
Low Watermark (What we are currently doing)
Medium Watermark (What our competitors are doing)
High Watermark (Being the market leader)
Show low-medium-high expense projections and project revenues for each budget.
Calculate profit potential and put together a profit model to share with your organization.
And start hearing yes more often!
Download the spreadsheet mentioned in this video here