December 12, 2016
Competitor analysis techniques are simple and easy to perform, but time consuming.
By Maureen McCabe
To succeed, you must outperform your competitors both online and offline. How do you do it? To attract new customers and retain existing ones ensure your company’s website and overall online presence outdistances that of your rivals. Running a competitor analysis is a key to understand how you stack up.
In Part 1, three steps are shared as the starting point for the analysis, after you have read Part 2, additional competitor analysis techniques which include detailed tips about how to search for your online competitors, then you will be ready to adjust your strategy accordingly to get a leg up on the competition!
1. Assess Your Online Reputation
Before you can compare how you stack up against the competition, you need to accurately understand your current situation. Do a search both Google and Bing to find your brand (company) and its products/services. Read what others are reading about your company online.
- How many reviews do you have? TIP: Look at each social media site and online directory.
- Do positive reviews far outnumber negative ones?
- What specifically do multiple customers say that they like and dislike about your company?
- Does positive content on your brand both outrank and outnumber negative content in the search results?
2. Conduct Customer Surveys
To gain yet further insight into your customers’ point of view, conduct one or more online surveys. Make sure the survey tool you use has a mobile-friendly format as some of your customers will complete it using their phone or tablet.
To encourage your customers to take the survey, it may be helpful to offer an incentive, such as a discount, free sample, or a draw prize. If you had a low survey participation rate and didn’t offer an incentive, resend the survey and offer an incentive.
Don’t be surprised if the feedback is more candid than you expected! Often people are more comfortable to freely voice their opinions versus sharing them directly with you or your staff.
3. Act Like Your Competitions’ Customers
To gain greater insight into how your competition is doing and to make it fast and easy to assess their performance on a regular basis, you can subscribe to their email list and follow them on social media.
Many competitor analysis techniques are simple and easy to perform, but they do require time and effort. Competitor analysis, however, is worthwhile because it forces you to think like a customer and upgrade your website in a “customer-centric” manner.
Need help conducting your competitor analysis? Contact McCabe Marketing today for a review of your website!
Check out these posts for more marketing tips:
Like what you've read? Please share this article, here: