According to the studies conducted by Smart Insights, 50% of businesses don't have distinctly defined digital marketing strategies. Additionally, the studies also revealed that many companies miss out on business strategy, competitor analysis, preparing and distributing marketing documentation and reports.
Finding your competitors doesn't have to be taxing or intricate; a systematic and goal-oriented approach is the key to successfully implementing this process.
The Real challenges
- 1. How do you get to know your competitors?
- 2. How to plan marketing strategies?
- 3. How to head in the right direction?
It is especially true for any marketers to have a sound and comprehensive competitor strategy to leap ahead of their competition. Such turns out to be beneficial for adapting to the dynamic and continuously changing business environment and marketing trends.
Follow this step-by-step breakdown guide to make the process convenient for business:- Step 1: Classifying your competitors
To develop a competitive advantage for your business, first, you must identify your competitors by surveying the market.
But how do you do that?
Taking assistance from search engines like Google, Bing and Yahoo makes the process much more efficient and convenient.
Use relevant information to understand your business and industry's nature and seek out a search for competitors' names, products, services, etc., by using related keywords.
In this day and age, one needs to collect more descriptions of their competitor's businesses through social media handles, reviews and news mentions, associated communities and forums, and so on.- Step 2: Categorizing your competition
Many companies take sequential steps to categorize their competitors into different levels for allocating your time and efforts accordingly.
One of the ways to do this is by using the following method:
- A. Primary competition: direct competitors with the same product and market.
- B. Secondary competition: indirect competitors with a similar generic product but different target markets.
- C. Tertiary competition: again, indirect competitors, with a slightly different but complementary range of products to yours.
It is necessary to devote enough time to the first two steps to gather, analyze, and use information collected about competitors. The technical term for this process is competitive intelligence gathering.- Step 3: Analysing your competitors' online presence
After the identification phase, it's time to scrutinize your competitions' online presence, starting with their website.
Pay attention to factors like:
- Design and display of website
- Content for products, services, blogs, etc.
- Effectiveness of the CTAs (call-to-action); their placement and usage
- Convenience and efficiency of placing an order through their website
- Reviews, testimonials and clients they have worked with, etc.
Keep in mind, these can differ from business to business.
Also, write down the companies you find during your research to track metrics like organic reach and traffic to your competitor's website. You can use tools like Ahrefs (as mentioned earlier). You can also identify the positive points and use them to optimize your website while also augmenting knowledge about your competitor's website's shortcomings.- Step 4: Seek a pricing perspective
Pricing is one of the critical factors in making or breaking your competitive advantage as a business.
If you have trouble narrowing down your competitors, scan through their prices to learn a fair idea of how much they charge their customers. You can then use that data and apply it to your pricing strategy accordingly.
Remember to check your competitor's pricing models on different platforms like their own website, Amazon, and other online retail stores and market places.
Use this opportunity to drive distance between you and the competition to answer all the B2B clients. So, for instance, for a similar quality of service/product, you could charge a comparably lower price than your competitor or provide higher quality services/products at the same price. Following each of these areas will give you a clear picture to understand your competitive advantage as far as pricing is concerned.- Step 5: Evaluating their social media (presence)
Nowadays, many companies derive much business from social media due to a considerable portion of the population present on these platforms like Instagram, Facebook, LinkedIn, etc.
Examining your competition's social media presence and activity can provide you essential information about your target market; that too for free. And if your competition is good at their social media game, it almost acts like an open handbook for you to take the stuff that works for them and try to replicate that in your way.
- Relevant platforms for your business
- Type of content
- Frequency and time of posting
- Method of community interaction
- Online reputation etc., to obtain from studying your competitors' social media strategy.
Stay updated about any news and developments about your competitor's business.
Read the customers' business reviews about your competition, replicate the stuff mentioned in positive reviews, and provide solutions for negative reviews through your business.
But this isn't the finish! Now, you know a few tips and tricks to develop a strategy that shows you how to assess your website strengths, flaws, possibilities, and threats and convert these to create a triumphant design. Want to takeover your competitors by establishing a website for your business in 2021. Dont miss the chance to get services from best website designing company in Delhi.