Why Do a Competitor Analysis for Your Online Business?

Competitor Analysis

The Complete Competitor Analysis Checklist

Any business owner will tell you they are continuously on the lookout for ways to maintain the leading edge on the competition. One of the ultimate ways any company connects with a customer is through maintaining a pristine website. However, if you realize that you are not generating the website traffic you want or clients are not reaching out to you, a good rule of thumb involves taking the time to do a competitor analysis. Implementing this step will help you develop a better understanding of the changes you can make to your website to grow your clientele.

What Is a Competitor Analysis?

Crafting a competitor analysis can help you perform your own internal audit for your company. To complete this type of audit, you will need to put together a complete analysis checklist. This checklist will help you identify your competitors and learn more about what you can do to garner the attention they receive. Here are the steps that you will need to take to complete your competitor checklist:

Narrow down your competitors

During this part of the process, you should put the competitors you identify into three main categories: direct competitors, replacement competitors, and indirect competitors. It would be best to gather all of the essential information you can find on this business by reviewing their website to learn more about their presence in the marketplace.

Take your analysis a step further

Now that you have identified your competition, you can now begin to gather more comprehensive details about their approach to their customers. What type of language do they use on their site? What is their marketing strategy? Can you decipher their advertising strategy? During this analysis, pay close attention to the features of the site that attracted you. This process will help once you begin to evaluate the information that you uncovered.

Review the information

Once you have made it to this phase in your complete analysis checklist, you can start to focus on categorizing your information and comparing what you have found to your current marketing and advertising strategy. What aspects do you like about your site that you may develop to better suit how your clients are searching for specific services? Can you clearly identify the elements of your site and strategies you can improve?

Put it into practice

It’s now time to put everything that you have gathered into play. You should take the time to update or add different pages on your site with meaningful content to boost your website traffic. Perhaps you can incorporate photos or videos into your site layout or improve your social media presence.

Importance of Identifying and Finding Your Competitors

One of the first steps to completing a competitor analysis is to identify your competitors. You can do this in several ways. Whether you decide to comb the internet for companies that offer similar services or you take advantage of speaking to clients about their favorite similar brands, classifying your competitors will go a long way in compiling your complete analysis checklist and improving your company.

How Blue Interactive Agency Can Help With Your Competitor Analysis

At Blue Interactive Agency, we understand the benefit of a competitor checklist. Our team will work closely with you to help develop a better understanding of your competition so you can begin to expand on your marketing strategies and outreach. Don’t hesitate to contact us today at 954-779-2801.