“Knowledge is Power” – is a famous phrase which has been traced back at least to biblical times. And is continually being proved to be true in today’s ‘Digital Age’.
Every business or enterprise today competes with other enterprises, and increasingly this competition is online. It could be for sales, leads, attention, donations or just to be found!
There are three simple questions at the core of an effective online Competitor Analysis strategy. These should be answered for your main competitors as well as your own business, so that comparisons can be drawn. Relative positions are often more insightful than absolute numbers.
1. What do we need to know?
?For online competitors, this will vary but is likely to include :
- search activities they engage in
- quality of web site
- Google rankings
- scope and use of social media
- customer feedback
2. Why do we need to know it?
- To see when competitor strategy changes
- To identify strengths and weaknesses
- To improve our understanding of the market
3. What will we do with the information?
- Take action to address weaknesses
- Modify our strategy to improve our position
- Take actions to counter-act competitor advantages
There is a fourth question which is also worth reviewing -
4. What is the cost of not analysing competitors?
- Lose market share
- Lose initiative in the market
- Diminished online brand visibility
Businesses that market online without analysing and understanding their competition are doing it blindfold. But with online competitor analysis, they can develop a strategy from a position of strength.
If you would like to learn more about how WSI Chester can help you understand your competitors by producing a custom Competitor Analysis Report , why not call us today on 01928 787026.
