Getting the Best Out of Competition in Online Business
– When developing their online marketing strategy, most businesses will fail to analyze their competition. You cannot always be sure that you are creating a comprehensive marketing plan. Therefore, you must look around to learn what is missing and how your competitors may be performing better. Even if you are the market leader, there are lots of ideas that could be unique to your competitors. So how can you get the best out of your competitors when running your online business?
Evaluate Visible Competitor Information
Create a list of all your competitors and visit their websites. Note down all their strengths and weaknesses. Thanks to online tools, it is possible to get access to the traffic of any website. Explore the acquisition strategy of your competitors to get an idea how effective it is. Analyze all types of traffic sources including organic, direct, referral and others. This will give you a clearer picture of what is working for them and what is not, so that you can invest in all the effective strategies.
Besides the positives, the issues on competitor sites can also help you gain valuable insights so that you don’t take the wrong steps. Most importantly, look for landing pages and web pages which are not performing well. check the bounce rates for different pages.
Content Marketing Strategies
Content marketing is one of the most effective SEO strategies for driving organic traffic. Check if your competitors are using it and how effective it is in achieving results. Learn about their overall content strategy. find out what is getting them more social shares and where they are lagging behind.
Competitor marketing budget is one of the most difficult information to find. But you can get an idea of their online marketing budget for certain tactics like Google AdWords. Comparing their campaigns with yours can give you better insights into their digital spend.
In the age of the internet, getting information about competitors is much easier than ever. All it will require is doing some research online rather than going about corporate espionage.
Find out which keywords your competitors are targeting. Research their keyword prioritization patterns. There are many tools that can help you identify the best keywords. Ubersuggest is one of the best examples.
There are many advantages of evaluating competitors’ rankings. This will allow you to conduct deep comparison with your own rankings. The good thing is that it is not difficult to monitor. There are many tools that enable effective comparison thanks to their powerful filters.
Online Reputation Analysis
Another important strategy for competitor monitoring is to evaluate their online reputation across search engines. This can become complicated if your competitor has a global marketplace while you have specific geographical markets. You can also find several tools that make it easy to monitor competitor reputation. The reports can be customized to your preferences and received in your inbox regularly.
So follow these tips to learn as much about your competitors and what they are doing. While you will certainly learn about the strategies that could help your own online business, you will also learn what tactics to avoid, thus, you will not be wasting your time and money.