One of the elements that will help you improve your own digital brand is to analyze your competition. However, this should be done systematically and without too much emotionality, so that you can clearly see what is going on. Here are some elements that will help you analyze the competition of your digital business, without too much trouble.
You can analyze the competition of your digital business in 3 steps
What is your real competition? How many competitors are there?
To analyze the competition of your digital business, it is important to think about which one is really confronting us. That is, sometimes we think that there is more competition than normal or that there is no competition (that our product is the most unique thing that exists). For this reason, you should first analyze the companies that operate in the same market as yours, since they are your direct competition. Subsequently, you will have to analyze the companies that, although they operate in your same market, target other types of customers, since they are indirect competition.
What is the size of your sales? How strong are they financially?
The most important thing when analyzing the competition of your digital business is observation. Think about the products and services that give what they sell and what is your core product. Also, try to review who their suppliers are and the main characteristics of the product, what makes them so competitive, etc. Think about their sales volume and how strong they are (or appear to be) financially. You can see this through the number of employees they have, as well as their promotions, prices and rates in the market.
What are your marketing strategies? What comments are there on your social networks?
Also, you can analyze the competition of your digital business through their social networks. Look at the kind of campaigns they run, online and offline advertising, as well as the content of their blogposts and web pages. In the same way, you should be aware of the comments made by users in the forums, as well as the questions they ask.
One of the ways to “beat” your competition is through solving the problems that customers offer on social networks. For example, if your competition sells shoes, and in their networks you see comments associated with a certain lack in their design, you can make a new design with this problem solved and start selling it to the same market niche.
It is important that you observe at all times what the competition is doing. Not only do you think about the aforementioned items, but also try to access their annual report, the expansion they have had from previous years, and more. A strategy that many companies apply is to look for a former employee of the competition who has not been on very good terms, in order to obtain information. Some see it as a dirty ruse, but others see it as a way to improve results.
Analyzing the competition of your business is a strategy that you must take into account, so that you can improve and stand out. Try not to fall into the typical self-centered attitude, thinking that your product is unique and irreplaceable. We are in a time in which all information is available and therefore, it is imperative to analyze all innovations based on the needs of a consumer. Taking steps haphazardly will only waste time, energy and money, and you will avoid discovering new niches and new products.
