Analyzing Your Web Competition – How to Outperform Your Competition

Analyzing Your Web Competition

A wise business owner will not say to himself that he is doing well in his business without taking a look at his competition.  He should frequently perform a competitive analysis.  A competitive analysis is an essential part of a marketing plan.  It is a process of identifying your competitors and evaluating their strengths and weaknesses compared to yours.  From this evaluation you can derive your product’s unique selling proposition or your competitive advantage.

When doing a competitive analysis, you can make a competition grid and answer some of these questions:

–          Who are your competitors?

–          What products or services do they have that are in direct competition with yours?

–          What is their market dominance or market share?

–          What strategies are they employing?

–          What are their strengths and weaknesses?

–          What threats do they pose to you?

–          What opportunities can they open for you?

Here are quick and easy things you can do to survey your competition:

1.      Search sites that are talking about your competition

Constantly search the web for information, news and other details about your competition.  Any info is valuable and can add to your competitive analysis.  You can sign up for Google Free Alerts Clipping Service.  When you sign up for the service, Google will automatically email you search results of the topics you want.

2.      Be active in chat forums

If you are alerted to mentions of your product or your competitors’ products in chat forums, online community discussions and blogs, make it a point to comment.  Build up your product’s reputation in these online chats.

3.      Observe their staff/employees

Read the profile of their employees and staff.  Take a look at their job opening listing.  This will give you an idea on where they are headed based on the people they are hiring or they have hired.

4.      Monitor their traffic

Log on to Alexa.com or Quantcast.com to track information like unique visitors, length of stay of each visitor, most viewed pages, and others.  This will give you a better idea on how they are faring in the online world.

5.      Take a look at their marketing strategies

Monitor their PR strategies, find out what works well and improve on that before applying it to your business.

You must monitor competition regularly.  If you are not aware of their latest products, their latest promos and offering, they can slowly eat their way into your sales and topple you over quickly.  You need to be able to prepare yourself.  If you follow these tips above, you can have a better advantage against your competition.

About the Author: Chiropractic Marketing Expert, Dr. Chris A. Hawn is an author and online entrepreneur. He is a consultant and chief contributor to RBraintrust.com. If you want to jump-start your small business, attract the right clients and generate more referrals, contact Dr. Chris Hawn today. He can be reached at chris@chrishawn.com

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