What is a competitor? For us it is an enemy within a corporation. For the corporations it is competition, the growth of a larger entity over a smaller one. What is a competitor?
In business competition is one of the most important activities to be considered in every step of decision-making. It is not enough that your product is better than your competitor, because if it does not offer something unique to offer, it is not good enough. What is unique to offer? The answer to this question is customer acquisition.
Competitor’s products are not similar to yours in any way. They may have similar features, but customer acquisition is very different. A good competitive analysis will help you identify the areas where your competitors’ products are weak and build on those strengths. On the contrary, it is an obvious weakness if your competitors products are superior to yours in every aspect.
Competitors may not be vulnerable on some areas. Some companies do not even offer trial available to their customers. On the contrary, competitors offer free trial available on their websites and often provide a detailed description about the product and why should I choose them over the others. As long as you are aware of the weak points of your competitors, you will be in a strong position to counter them with effective marketing strategies.
Competitor Analysis – Detailed competitive analysis can help you decide what strategy to adopt to achieve your goals. It will identify your strengths, weaknesses, opportunities and threats. The strategy canvas created by thorough competitive analysis will enable you to visualize the opportunities and threats to your market space.
A good idea to complement your competitor analysis is using competitor blogs and posts. Find out what other companies are doing to compete with your business. Check out how their articles are received by their target audience. If you find information that seems familiar, read it and consider incorporating it into your strategy. Use your insights to think about better ways to reach your customer and react to the changes in demand.
Once you have a clear understanding of your competitors activities, you should take necessary actions to counter their weaknesses. Some areas to focus on are: improving your customer service; building brand recognition; positioning your product category in a favorable position; and, increase visibility, awareness and relevance of your product. Once you understand your competitors activities, it is a good idea to map them out on a competitor analysis framework. The map will allow you to analyze each of your activities to identify where you need improvement.
Finally, keep in mind that it is important to monitor what your competitors are doing. Monitoring your competition can help you improve on your marketing approach, research and offer advice to improve your customer acquisition strategies. Make monitoring your competitors’ websites and posts a part of your overall marketing plan.
Do not make the mistake of comparing your competitor’s mentions to your own mentions. A lot of businesses make the mistake of comparing their post to your own, only to discover that their mentions receive more traffic than yours. To get more insight into what your competitors are saying, take a look at their sites and see if there is any content related to your product category on it. There could be something that resonates with your own content or a customer acquisition strategy that you have in place.
If you find that most of your competitors’ mentions are coming from social media platforms, then it is a good idea to engage these platforms. Encourage your customers to mention you on their social media pages. Posting on your competitors social pages can also help you in creating a network of like-minded people who share your same passions for your business. You can also monitor the responses from your competitors once you begin to engage them on social media.
While monitoring your competition’s websites, it is a good idea to notice where they place their links on your website. Check to see how many times the competitors to link to your site. If you notice that the number of links is more than yours, then it is a sign that you should be linking to them as well. Link building is one of the most important components to successful online marketing. If you have received a ton of traffic but have been ranking low for key phrases, it is likely that you may be losing out on valuable visitors. Look at the links that your competitors are using and incorporate them into yours.
It is a good idea to note which key phrases your competitors are using to talk about your product or service. By doing this, you will be able to incorporate these key terms into your own marketing efforts. Your competitors business will be linked to yours easily by placing the same key terms. What is a competitor? With these simple tools, you can quickly identify your competitors business and begin planning ways to beat them. Do not let your competitors get an upper hand.