Analysing your competitors can give you an insight in how to best compete and win online. With the right information at hand it can be used to help you make the best choices to improve your online presence.
Competitor analysis can give you a clear picture on your competitions strengths and weakness too.
By knowing your competitions strengths you can focus efforts in closing the gap and competing in the areas where they are strongest.
In the same way by knowing their weakness you can see the areas that can be improved
This can be applied to all of your online strategies such as
- How good does your graphic design compare to your competition
- Website content, who has the best most useful content that your potential customer want to see
- Are you competitors targeting Social Media effectively
- How many competitors are you competing with in web searches
- If you plan to sell online, what are your competitions most popular products
- What marketplaces is your competition using, and are they using these market place effectively
- Are there areas of online marketing that your competition are using that you have not considered
How can you play the game if you don’t know what the game is?
By knowing who your competitors are and what areas they are (or not) focusing on is the foundation of creating a plan to succeed.
A great saying that certainly rings true, ‘By failing to prepare, you are preparing to fail’. At the very least failure to obtain good competition research will undoubtedly cause a less targeted and less efficient approach, costing more in the long run in time and money.