Thanks for checking in for your latest edition of online marketing essential information. Last time we established the need for a targeted market and unique selling point and identified what they can do for your business to give it the edge over the competition.
There was only one thing missing – how you can find out enough about the competition to gain the advantage. This is exactly what this email will focus on in three easy steps that anyone can follow.
1. First of all, determine what competitive analysis is
Well, it is literally what the name suggests – comprehensive analysis of your competitors. That is those companies and individuals that are offering similar products or services and thus will compete with you for the customers available.
Iin every market and industry, there are only a certain number of customers to which you can market your product, although the number is increased by using online marketing. As such, you should look to identify where those customers currently go and why.
2. Identify the competition
First of all, you need to identify the competitors you want to look at. It may be that you choose the top five, top ten or a much larger group of competitors. You can identify the market leaders by looking at the number of customers, profit margins or levels of sales they have. All of this data is readily available online.
When you have your list of competitors, you will need to examine them one by one. This can take a little time but the information you can gather is worth it.
3. Increase your knowledge and understanding
Next, you need to look at the websites and online marketing strategies of the competition. By doing this, you can determine the way in which customers relate to the content, products and services of competitor websites. What strategies are they using to encourage people to buy? Do they offer something different? What are the unique selling points?
By asking the questions above, you can increase your own knowledge of online marketing in a practical way. You will also be able to understand the process far better so that your own campaigns can be implemented successfully.
If you follow these three steps then you will be able to perform and understand competitive analysis. It will give you plenty of information to use in your online marketing strategies in the coming weeks, months and years.
However, you need to know exactly how to use competitor analysis to your advantage and the benefits that it can give you, which is exactly what will be covered next time.