Conducting a competitor analysis is crucial for all areas of your business. Your competitor analysis will require some basic audience intelligence gathering.
Here are some simple ways to get you on the right track:
- Make a list of 5-10 competitor businesses (If you aren’t aware of who all your industry competitors are, a simple Google search of keywords and location related to your niche will reveal a lot, focus on the first 10 organic results, because they’re obviously doing something right)
- Explore their social media presence and see how they are engaging with customers. How do your competitors use social and what seems to be working for them?
- Sign up for their email newsletters to see analyze how they reach their customers.
- Do these competitors share the same target audience as you? If so, what content seems to resonate with their audience?
- When they run online promotions, is there a certain tactic, strategy or social media channel that they use to hook customers?
- Are there elements of their existing online marketing strategy that you could adapt to your own?
- While you’re doing this, check out how competitive your pricing is for the same products and services so you know you are market competitive.
How do you currently keep in touch with your online competitors?