Do you know why people and businesses topple? Because they
belittle their adversaries, or in some cases do not even know what they are
competing for and with whom they are competing.
If you have no idea where you stand in the market place and
who is your ultimate competitors. It will become impossible to make progress.
Competitor analysis is important to formulate the strategies that help you to
outdo and surpass.
If you are worried about how to figure out and analyze your
online competitors, this post is dedicated to you!
1- Recognize The
Competitor:
The first step towards analyzing your competitors is to
recognize them. These companies might not be on the surface therefore, try to
dig them out by conducting extensive research. Jot down the companies that
offer similar products and services, aim to target the same demographics and
psychographics, and deal with the same strategies. Do not ever trace only one
competitor, consider everyone that have relevance with your company. List the
competitors in the different categories as, Direct competitors, Indirect
competitors, and substitute competitors. Direct competitors offer the same
products and services as you. The indirect competitors are slightly different
but have some similarities with your company. The substitute competitors are
the ones who are totally different but serve in your territory. These are less
important to consider.
2-
Online tools for Extensive L earning:
Once you identify your competitors, you are on to thoroughly
analyze and understand the strategies, tactics, and policies of your
competitors. Look into their websites and social media pages to check their
activities, policies, and reports. Getting through public reviews can give you
great insights into where they stand and what is the potential gap between you
and them.
You can also use online tools to identify their standing,
their content, and the keywords they rank for. Identifying their keyword
prioritization can help you with what they are targeting. Analyzing the SEO
management of your competitor is very crucial. You can get help from any of the
SEO agency to interpret these details and help you to enhance content marketing
strategy. The best SEO agency residesin London. In this way, you will
get important information as the products and services, strategies, pricing,
and market value.
3- SWOT Analysis:
The SWOT analysis is the name of identifying the Strengths,
Weaknesses, Opportunities, and Threats. It is recommended that you must do a
SWOT analysis of your own business first. Then, conduct a SWOT analysis of your
competitors. This will help you in making a comparison and contrast between you
and your competitors. This analysis will trace the vacuum that you need to fill
to enhance your position.
4-
Insights of Your Customers:
Ask your customers about the competitors. They will give you
the right assessment and feedback about the competitors. Assess the users'
experience, creative strategy, content marketing, and Public relation of your
competitors through the eyes of your customers. You can also conduct an online
survey through a third party to get organic answers.
