By performing a competitor analysis you protect yourself against unpleasant surprises even before you establish your company. And if you already run a business it is helpful to keep an eye on the competition. In short, competitor analysis is one of the cornerstones of a successful business venture, especially on the World Wide Web. And for that reason we’d like to share with you today what competitor analysis is, what its purpose is, and which opportunities the internet offers.
The competitors who are listed ahead of you in search engines results are on the World Wide Web. To find them, go to Google and enter the most important search terms for your company.
Example: Buy Nike sneakers
If you work locally, then don’t forget to include the name of the city or region.
Example: Buy Nike sneakers Münster
A fully formulated question can also locate your competitors, because after all many users now perform searches using a smartphone. There voice search is usually the preferred method, using full sentences or questions.
Example: Where can I buy sneakers from Nike in Münster?
Indirect competitors can of course also be found in exactly the same way. To do this you may need to expand the search terms.
Example: Buy athletic shoes in Münster
Of course you can also search for and analyze your competitors using software. This can be done for example with the SEO tool Sixtrix. In its toolbox Sixtrix can identify all competitors for the search term “sneaker”, for example. How exactly that works can be seen in the provider’s competitor analysis tutorial.
Once you have found your competition, it’s time to analyze. Ultimately you need to figure out what those competing firms do better or not as well.
You should pay attention to the following points when doing the analysis of your competitors:
Many of these answers can be found directly on your competitor’s website. In addition to that you can do the following.
Now it’s a matter of drawing the correct conclusions from your competitor analysis. You can ask yourself the following questions about it.
Once these questions are answered, a strategy can be planned, that could for example look like this:
Thanks to an analysis of your competition you know which market they operate in and how strongly contested it is. You get to know your competitors and their offerings. In addition, an analysis allows you to discover your own strengths and weaknesses, and to develop your USP. Furthermore it helps you to better understand your customers’ desires and concerns and to react to changes in the market. And so your business will continue to exist in the long term because you’ll always know what’s happening around you.
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Dieser Artikel wurde am 07.June 2017 von Thomas geschrieben.
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