Unless you run a lemonade stand, your business has to be on the internet; that goes without saying. On second thought, actually, no. A nice website would spread the word about your craft soft drinks enterprise, and squeeze more revenue out of the leads.
Compared to offline marketing methods, online you can gain much more visibility for far lower costs. That creates dense competition. Add in the fact that you will go head-to-head with the most unexpected foes since you are competing not for clients here, but for traffic.
To answer the question in the title:
Well-reasoned competitor analysis will structure your whole internet marketing strategy.
You will be spared repeating others’ mistakes, know the best practices to copy (no shame in it), and find ways for your brand to stand out. A side benefit is a better understanding of your industry and your clientele.
Let’s get into it and figure out all of the pieces that make up the most comprehensive assessment of your online competition. There is a lot to chew over, but first things first — to proceed with our ethical espionage we need to identify the targets.Meet the Enemy
Start scratching the surface of the competition by googling your product or related keywords. In a few minutes, you can throw together a list for an initial analysis. Next step will be weeding out that list, eventually narrowing it down to four or five strong companies that are your real competitors. It is great to punch above your weight, but knowing your limits is important for success. So, compare your competitors to one another, rate them, and see how you fit in.