Competition forms part of our daily lives whether we like it or not and your business is no different. Regardless of your products or services, you need to perform a Competitor Analysis to see who you are up against. In Digital Marketing a Competitor Analysis is an extremely multifaceted process looking at more than just your competitor’s website. A good analysis includes identifying their entire online presence, the actions they take and the techniques they use.
Seeing as you will be competing with other businesses to find potential customers, ask yourself these questions. What can you do to get your product or service in front of the right people before your competitors? What do you do better than them? More importantly, what is the competition doing to stop potential customers from finding you?
An effective competitor analysis should be a comprehensive document outlining all the key elements. In this article, we will show you what to look for and why it’s so important to understand your competition. You can often do the surface level analysis on your own but you need certain tools and expertise to do a deeper competitor analysis.