Before the internet, there were a series of tools designed for comparing yourself to your competition. A competitive market analysis was a must for any company that wished to maintain themselves in the market.

As in the field of battle, if you don't know what your enemy is doing, then you are lost. Information is the weapon of our modern era. And the only way to have it in the world of business is with a competitive business analysis.

What Is An Online Competitor Analysis?

A traditional competitor analysis is a tool where a series of factors are pre-established. That way, you only need to fill in the required data or information and you will obtain a result of the analysis. Michael Porter has developed some of these tools, like the 5 forces analysis.

In the case of an online competitor analysis, it's almost the same thing, but adapted to the world of the internet. You will be able to measure the pros and cons of your competition. That way you can design and implement a strategy for attacking them and gaining their share of the market.

Purpose of an Online Competitor Analysis

The main importance of an online competitor analysis is that it is able to determine what are the strengths and weaknesses of your competition. That way you will be able to attack it in those points where it won't be able to react quickly enough. And, knowing its strengths, you can benchmark (compare) them with yours.

Another factor to be taken in account is how effective is the website of your competitor. Designing an adequate webpage isn't an easy task. It requires a good balance between content, images, colors, animation and sizes. Nobody wants a webpage full of text with no images. And no one wants a webpage where you can only see photos of the company but no information on their products.

Additionally, it's good to know how often your competition updates its content. Why? Because it tells you how much they care. An updated site with detailed content means that your competition places great emphasis on and invests resources in maintaining an online presence. But, if the website is outdated, or if the content doesn't have much to offer to the potential customers, then it means that they don't have a real interest in the online market. Either that or they are incompetent. Either way, no serious business should be done outside the internet, not if they want to maintain their position.

Continue to : Get the Most Of a Competitive Market Analysis

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Competitor Analysis and Marketing - Where are Your Competitors?

What Is An Online Competitor Analysis?

Purpose of an Online Competitor Analysis

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