What is your competition doing? If you don’t know what your competitors are doing, you could miss huge marketing opportunities.
A competitive analysis is a great way to determine your market position. It will allow you to develop a marketing strategy to reach new customers.
If you have limited time, it’s easy to conduct competitor analysis. This information can help you determine what is working well and what might not.
If you’d like to speak directly with a specialist, you can reach us.
How can I conduct a successful online competitor analysis?
There are many steps you can take to get more information about your competition.
These five steps will help you create an online competitive analysis strategy. (also shown in video).
1. Identify your competitors
Who are your competitors? Maybe you can name a few. You might be able to help your customers if you make some adjustments.
Make a list of companies offering similar products or services to your market. If you’re new to competitor analysis, you can narrow the list down to the top 4-5.
It might be worth looking at the marketing strategies of similar companies in your area.
2 Online tools can be used to analyze strategies
It took a lot of research to learn more about a company. You would need to wait for items to arrive via mail or visit the headquarters.
It takes only a few keys for you to find information about your largest competitors.
View their websites to learn more about their leadership and values. For more information about their social media accounts, and the communication methods they use.
SpyFu or SEMrush can be used to analyze competitor websites. You will see which keywords rank highest for each page. You can also take a look at the content on these pages.
Being well-informed will make your business more prepared to meet the challenges presented by key rivals.
3. Compare them
It is important that you compare your competitors with your company. It is important to compare your competitors to your company.
It is best to do this side-by-side. Use one space to save on your company profile.
4. Do a SWOT analysis
Customers are always looking for ways to make their lives easier.
Online competitor analysis allows you to see your business through the eyes of customers. This analysis will reveal your business’s strengths and weaknesses as well as any potential threats or opportunities.
You can use the profiles of both your company and those of its rivals to identify the following:
- Strengths – What is your company’s greatest strength? What can you offer that your competition doesn’t?
- Opportunities: Are there emerging trends in your industry?
- Threats to Your Business: What are the trends and competitors that could threaten your business?
This analysis will show you the areas that need improvement and which areas you can use to enhance your marketing and branding efforts.
5. Identify your unique position
Despite similarities between your company and your competitors’, each business must have enough distinctions to make it stand out in the market.
A competitive analysis will give you a better understanding of your competitors’ offerings. Now it’s time to assess where you stand in relation to them.
Your company’s profiles and SWOT analysis can help you to identify what your company does well. A service that is special, such as customization or technical support.
Perhaps your business approach is more in line with customers’ social and environmental priorities or your prices are lower.
How do you compare to your competition?
A bubble cannot support a marketing strategy. Learn about your competitors To create a plan that stands apart, you need to understand the market.
Kobe Digital can provide valuable insight into the activities of other people in your industry. This information can be used to improve your strategy.