Is competition analysis important for your business progress? If you want to identify the strategies your competitors are using to promote their products and services online, and if you want to make your own services equally compatible or even better - competitive analysis is a must.
Online competition is both tough and in excess, therefore competitive analysis helps you assemble the strengths and weaknesses of your online opponents so that you can use them to implement a better plan and beat them in the game. No matter what niche you belong to or what your specific goals are, answering these five questions can give you a good idea of your online competition:
1. Who are your online competitors?
Many newly established online businesses have “we-are-different-than-the-rest” approach. You must understand that there may be many other companies online doing the same business as yours, and perhaps doing it successfully. You are not the only one! Therefore, the first step of competitive analysis is to identify your online competition so that you can keep track of their activities.
2. What are your unique business features?
After discovering your online competition, the one thing you have to determine is what separates you from them? What are the features your business is offering and theirs not? Once you have located these features, all you have to do is boast about them. For example, you can get a blog containing valuable business information for your visitors and get a step ahead of your competitors.
3. How are prospects finding your competition?
Are the prospects finding your competitors through search engines? Social media? Press releases? Offline marketing methods? Once you find the place your competitors are getting their customers from, you can easily set up a similar plan and capture maximum number of prospects for your own website.
4. Is there some kind of content you need to have too?
After thorough researching, you may find that your opponents are securing customers by providing them with effective content in the form of monthly newsletters, a blog or maybe a demo video. You too can follow the same footprints to expand your customer base.
5. What types of content can you offer that no one else is?
In order to nail the customers, an important tactic would be to offer something your competitors aren’t offering. This can be anything from an informative eBook to free product samples. Being competitive is all about remaining unique from the others.
The insights you gain after examining your online competition is invaluable to your business