Running a business in digital times might be quite difficult and poses an important question:
Do You Really Know Your Competition?
Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It enables you to be competitive on the price front and help you to respond to rival digital marketing campaigns with your own initiatives.
You can use this knowledge to create digital marketing strategies that take advantage of your competitors’ weaknesses and improve your own business performance. Additionally, you can also assess any threats posed by both new entrants to your market and current competitors.
Look at competitors’ websites and find out how they compare to yours. Check any interactive parts of the site and see if you could improve on it for your own website. There is so much more business information available on their websites these days – from the history of the company to biographies of the staff.
Use a search engine to track down similar companies in your area. Websites can give you good tips on what businesses around the globe are doing in your industry sector.
Here is what to look for on competitors’ websites:
- Go through their websites, one by one, and figure out their strengths and weaknesses.
- Look at everything from design and content, to social networks and public relations.
Once you establish who your main competitors are it is time to set your objectives and prepare your SWOT analysis.
Every company has a unique set of strengths and it’s critical that you determine yours, as well as your competitors’. Hold a brainstorming session to perform a formal SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. This analysis will help you see how your strengths stack up against your competitors’ weaknesses and suggests ways to take advantage of marketplace opportunities.
Can you turn your weaknesses into your strengths? Can your competitors’ threats become your opportunities?
Find out what we do at Momentum to help you get all these answers and find your competitive advantage!
Next time we will tell you how a social media competitive analysis falls into the picture when analysing your online position and planning your digital strategy.
Feeling overwhelmed by this?