Competitor analysis is very important to become successful as a business, a marketer, or simply a website owner (forum owner or a blogger). If you have a business or even just a simple website, chances are you have competitors. Having competitors means you cannot reach your goal or reaching your goal becomes very difficult. If you want to stay ahead in the game and reduce the risks of competition, it is important to analyze your competitors. Here are a couple of things you can do:
Evaluation
First, figure out who your competitors are. If you are running a webmaster community, another webmaster community is your competitor. Find about the products and services they offer (in our case, what kind of services these webmaster communities are offering), how strong their customer base is (how much traffic they receive), and how loyal their customers are (what is the percentage of their active users). Dive deeper into understanding your competitors. Learn about their customers, the market they operate in, the marketing channels they use, and the strategies they use to attract customers.
Synthesize
Start compiling information about your competitor such as company names, products, pricing, marketing tactics, and target audience. Now, analyze your own business/website, and make a comparison to identify strengths and weaknesses. By synthesizing the information about your competitors, you can gain valuable insights that you can use in inform your marketing and sales strategies.
Evaluation
First, figure out who your competitors are. If you are running a webmaster community, another webmaster community is your competitor. Find about the products and services they offer (in our case, what kind of services these webmaster communities are offering), how strong their customer base is (how much traffic they receive), and how loyal their customers are (what is the percentage of their active users). Dive deeper into understanding your competitors. Learn about their customers, the market they operate in, the marketing channels they use, and the strategies they use to attract customers.
Synthesize
Start compiling information about your competitor such as company names, products, pricing, marketing tactics, and target audience. Now, analyze your own business/website, and make a comparison to identify strengths and weaknesses. By synthesizing the information about your competitors, you can gain valuable insights that you can use in inform your marketing and sales strategies.
