Competitor analysis is one of the most essential elements of formulating an effective digital marketing strategy. In addition, it also helps you to identify the elements that can help you gain a competitive edge in the market. The primary methods of conducting an effective competitor analysis are to go through the business websites of your potential competitors, recognize the patterns of their social interactions, the approaches of organic traffic flow increase and a lot of other factors.
Is it limited to just the online market?
One thing that you must necessarily remember in this context is that the competitors of your business are not limited to the online market only. Rather, there are a lot of rivals that exist and operate from the physical market. Neglecting them can be a gruesome mistake that you would love to avoid. The analysis of the business principles of the competitors from the physical market enables you to develop knowledge on the customer base they depend on and the reasons behind their lack of presence in the online market.
For effective competitor analysis, it is necessary to recognize the strengths and weaknesses that the competitors have as it helps to formulate enhanced strategies and identify the barriers that may hamper the operation of the company. Another task that can help you in the process is the categorization of the services and products strategically, assess the competitors that exist in the market on the basis of the list you just prepared. This research is beneficial for all the marketers who want to get the upper hand over its market competitors.
How to study the web presence of the competitors?
As mentioned already, one of the most effective ways of competitor analysis is to investigate the online presence of the business. By online presence, we refer to the official business websites, the page counts, the usability of the website, names used, use of blogs, and its ergonomic design. This is not all. Any other website entry that may be interesting such as the contact details, working hours, feedback forms, etc is some of the most relevant features to look into. The things to investigate include:
These are some of the most integral parts that must be considered in order to formulate an effective digital marketing strategy. In addition, this analysis also helps you to identify the uniqueness of the products, marketing plans of the competitors, and the target market that they are focused on. The market shares, strategies (past and current), and the business platforms that the competitors are using can all be identified easily through an effective competitor analysis. Further, you can also know about the substitutes of your product available in the market and devise advanced strategies to beat them.