Finally, a competitive market analysis will tell you where you should put your advertisement. An online competitor analysis will tell you the traffic volume of each important website,

and what composes it. If you are selling top notch computers, then your ads shouldn't be in websites designed for kids, but in those sites frequented by adults who have the money and the interest to buy them.

So, now that you know what is the purpose of a online competitor analysis, you should be able to understand why it's recommended to do this study before marketing your website. Remember that your competition can use the same tools that your organization may use for its competitive strategy analysis.

How to Do an Online Competitor Analysis

Since it is online, the first idea is to do it via competitive analysis software. Although these packages are not available for sale, there are providers who use them for making the studies solicited by their clients. For example, one of its functions is to use a subprogram for running a competitive SEO analysis. You only need to place the principal keywords and in a matter of seconds you will have the top web pages related to those keywords.

The second, and more informal way to do it, is by yourself. Since an online competitive analysis is done by people, why shouldn't you be the one to do it? The main reason against this argument is that those people who make the analysis are professionals who have years of experience, and know how to read the raw data. So, if you are going to take this option, then you should do it only if (a) you don't have the money for paying an online competitor analysis, or (b) you have had some experience understanding the market.

If you are going to do it, then you should consider the following factors: link popularity analysis (how popular is the site in the online community), analysis of keyword ranking (who are the most visited with a determined keyword), content analysis (how popular is the content in the webpage), and page rank (how many visits per day for a website).

At the beginning, it was mentioned that data and information are the weapons that modern day businesses have to use for surviving. But that isn't completely true. At the end, everything depends on humans. It doesn't matter if you have spent thousands or tens of thousands of dollars in a competitive business analysis. If your people don't understand it or don't know how to implement it, then it's lost money. Unfortunately, this scenario is not uncommon. Many companies have disappeared because of inadequate timing and lack of vision. Does anyone remember Wang Computers? Don't let it happen to you too. Complement your competitive market analysis with experienced professionals.

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How to Do an Online Competitor Analysis

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