Are you analyzing your competition? If your business niche is competitive and you’re even moderately successful online you can be sure that your competitors are likely looking closely at you. The web can be very transparent in terms of being able to see how others are achieving success. That’s why new businesses can quickly rise to success and that’s why successful businesses need to be vigilant about competitive analysis --- so they can use the information to continue to grow and maintain their success online.
What sort of competitive analysis should you perform?
If you’ve defined where you want to rank in search engines and what sort of traffic you want to capture for your website, have a look and see who’s ranking for those words and phrases today. Look at several competitors and analyze their website design, their language, their approach, their strengths, and their weaknesses. Look at their marketing campaigns, subscribe to their newsletter, and dissect their online strategy.
- What’s their unique selling proposition?
- What could you do better?
- Is there a gap in what they’re offering and what the target customers want?
- Is there something you’re not doing that they are doing?
- What should you do to truly compete with your biggest competitor?
- What are people saying about that competitor? Can you use this information to your advantage?
Looking at others and then analyzing your own approach can be a great way to move forward strategically. People who shop online are looking for great customer experience. Does your website cater to that? People who shop offline often use the web to make decisions about which brick and mortar stores they’ll visit and which service companies are the best to contact.
Are you seen as an authority in your business? If so, chances are that this can give you a competitive advantage. So whether you have an online store or not, your website can do a lot for your success.
Competitive analysis can encompass a variety of analytical tools and business intelligence gathering techniques. It can help you whether you’re new to the Internet or you’re an established company looking to grow and then maintain your advantage and market share.
Want help analyzing your competition and formulating a strategy to launch, grow, or maintain your success? Contact Professional Web Studio. We can help you analyze the competition and strategize so you can leverage the Internet and do your best to surpass their success!