Post by account_disabled on Jan 23, 2024 2:28:44 GMT -5
Online competitor analysis is a little different from offline analysis because online is much more transparent and has many more analysis tools that can help you understand how competitors are promoting and what growth strategies they are using. In addition, on the Internet it is much easier to compare prices and see real reviews of a product or service. So, let's learn how to properly conduct competitive analysis in a virtual environment. Why conduct competitive analysis in a virtual environment? For strategic decisions , you adapt to the market and identify growth potential. Reduce expenses - find opportunities to save. Increase sales and profits - optimize prices, identify trends. You minimize risks - you are connected with market changes, you can quickly take a position. Here's what you can figure out by carefully analyzing your online competitors: What is their promotion strategy : what communication channels have they chosen, what messages are they sending to the target audience, what communication policy are they following, and how are they persuading their audience through B2B or B2C messages. Sites on which they are promoted
here are 2 useful tools for tracking/analyzing the promotion of your competitors: Similarweb : Displays estimated traffic volumes, site ranking by industry and country, traffic sources for sites, keywords found by the target audience in search engines, country of origin of site visitors, how long they spend on the site, etc. SEMRush : Displays search engine positions, how much traffic they get from those positions, competitors, paid advertising, backlinks. 3.The most productive keywords for them in SEO and Google Ads. 4.Possible mistakes that you can avoid - You can analyze the reviews receive Country Email List from them on social media and Google My Business to understand what is wrong in their work and do better. How to properly define online competition? In a virtual environment, your competitors may be more numerous and varied than in an offline environment. Because online, visible brands have weight and relevance, presence in search engine charts, social media
engagement and followers, and consistent and qualified website traffic. So, these are the channels you need to analyze to understand your online competition. We recommend reporting to 4-5 direct, main competitors - the most relevant ones, as well as those that offer alternative products/services. The next step is to conduct a SWOT analysis against them. Online competitor analysis - SWOT analysis After understanding your weaknesses and the risks you face, we encourage you to take action to improve where you can. For each weak point, you can find ways to improve the situation and identify the person responsible in the company for implementing these changes. And for each individual risk, it is necessary to write procedures and explanations for their proper management. After that, study the competitor’s ad:
here are 2 useful tools for tracking/analyzing the promotion of your competitors: Similarweb : Displays estimated traffic volumes, site ranking by industry and country, traffic sources for sites, keywords found by the target audience in search engines, country of origin of site visitors, how long they spend on the site, etc. SEMRush : Displays search engine positions, how much traffic they get from those positions, competitors, paid advertising, backlinks. 3.The most productive keywords for them in SEO and Google Ads. 4.Possible mistakes that you can avoid - You can analyze the reviews receive Country Email List from them on social media and Google My Business to understand what is wrong in their work and do better. How to properly define online competition? In a virtual environment, your competitors may be more numerous and varied than in an offline environment. Because online, visible brands have weight and relevance, presence in search engine charts, social media
engagement and followers, and consistent and qualified website traffic. So, these are the channels you need to analyze to understand your online competition. We recommend reporting to 4-5 direct, main competitors - the most relevant ones, as well as those that offer alternative products/services. The next step is to conduct a SWOT analysis against them. Online competitor analysis - SWOT analysis After understanding your weaknesses and the risks you face, we encourage you to take action to improve where you can. For each weak point, you can find ways to improve the situation and identify the person responsible in the company for implementing these changes. And for each individual risk, it is necessary to write procedures and explanations for their proper management. After that, study the competitor’s ad: