Why do Competitor Analysis?  Welcome back to your essential online marketing 101 crash course. We’re back with more information to help you put together an online marketing strategy that is effective and boosts your business regardless of your previous level of experience.

This time we are following on from the last email about competitive analysis. Now you know exactly what competitive analysis is (and that it really isn’t that complicated after all), it is time to look at the benefits for you.

Performing a competitive analysis is an ABSOLUTE MUST if you want your business to succeed, so grasp these benefits and use them to your advantage:

Understanding the competition…

 

Analysing your competitors is the only way you will be able to understand them and why customers choose them over other companies that offer similar products and services. You HAVE to gain an insight into how the competition works to get ahead of them so this is a major reason why it is necessary.

Identify best practices…

 

You can learn a lot from competitor analysis, including establishing best practices. Is there a particular marketing technique that can be used to your advantage? Is the design of the website conducive to increasing sales? If you see a technique or marketing tool that is working particularly well then use it to your own advantage. Although you should never steal something directly from another company, there is no harm in using knowledge of what works for them to make online marketing work for you.

Identify strengths and weaknesses…

 

Competitor analysis will help you to identify the strengths and weaknesses of competitor online marketing campaigns and this is a major plus. As soon as you have this knowledge, you can use the strengths and avoid the weaknesses, exploiting them wherever possible.

The ability to anticipate marketing strategies…

 

The reason as to why you should perform a competitor analysis may not immediately be apparent if you have limited experience in online marketing. However, when you begin to analyse your competitors on a regular basis you will find that you spot patterns and are able to put offers and other such marketing strategies in place to counteract your competitors and stay ahead in your field.

Of course, the benefits explain why you should undertake competitor analysis but they are not limited to those listed above. There might be other benefits that apply to a specific area of industry or market niche so keep an open mind.

As soon as you have the information you need from competitor analysis, you can look to formulate and implement online marketing strategies that will work for you.

All of the knowledge that you now have on your side will definitely give you an advantage but stay tuned, my friend, because there is so much more to come!