Online competition: know your market
Knowing the answer to this question and what they offer can help you differentiate your products, services and marketing strategies in your market. It also allows you to set your prices strategically and allow you to respond more effectively to your competitors’ marketing campaigns.You can also use this knowledge to create marketing strategies that take advantageof your competitors’weaknesses and improve your business performance. In addition, it allows you to assess any threats from new entrants into your market and your current competitors themselves.
What is essential to know about your competitors?
Monitor how your competitors run their business. You should observe:
The products or services and how they are presented on the market
The pricing strategy
What are the distribution and delivery strategies?
The devices they employ to increase customer loyalty and support service
Brand values and design
The capacity for innovation of business methods as well as products or services
Your annual report - if you are a public company
Your communication campaigns
And then?
Evaluate this information. It should tell you whether there are gaps in the market that you can take advantage of. From this you should conclude whether the market you are in is saturated in terms of supply, which should make you think about differentiation strategies . There is a very easy and effective way to group all the information together, through 2 points:
What you can learn and do better
If you are certain that your competitors are doing something better, you should respond and implement some changes. This could be anything from improving your customer service, evaluating your pricing and updating your products, to changing the way you position yourself in the market, redesigning your websites or changing your supply chain.
Try to innovate, not limit. Now that you have an idea: what can you improve and therefore add more value ?
What are they doing worse than you?
Explore the gaps you’ve found. These could be in your product or service offering, your marketing strategies or distribution tactics, or even in the way you perform more generalized tasks like recruiting and retaining employees.
Customer service can be the difference between how businesses operate in a highly competitive market. Strengthen your services in this area to take advantage of the weaknesses you identified during your analysis.
However, you shouldn’t be complacent about your strengths. Your offering may need to be improved, and your competitors are certainly looking at your business too. They may adopt and improve upon your good ideas .
Choose your competitors
When you begin your investigation, you may feel a little on page seo service overwhelmed by the amount of information and competitors you are able to identify. However, you need to keep in mind that from the list of competitors you have managed to identify, some will pose a greater threat than others.
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The first thing to focus on isyour closest direct competitorsin the search engine rankings (SEO). People use the internet to find businesses, so they look for the websites that are immediately above you in the rankings. We trust search engines to make decisions for us, so ranking higher will make search engines more likely to engage with your business than your competitors. By focusing on the websites that are closest to you in the rankings, you avoid over-analyzing all of your competitors.
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