Who Do You Compete With?
Almost every business owner has at least one well-known “across-the-street” competitor. This is okay if it is just a friendly competition, but once it turns into a life mission to beat the opponent at any cost, it may blind you and make you overlook the real digital competition.
There are significant differences in the B2B and B2C arenas, especially in retail, where mobile and location-based strategies can bring competitive advantages and become the winning approach. For all firms, especially those in B2B business, competitive research must focus on digital competition. Some brick-and-mortar competitors may have a poor or non-existent online presence, and if this is the case, they should be eliminated from the competitor analysis process, even if this is the most despised competitor from across the street.
In order for us to come up with a list of your real direct and indirect online competitors, we first must identify, in an unbiased way, the strongest online players who are ‘stealing your rankings’ and scooping ‘your’ opportunities.
Through many real–life competitor analysis cases, we have devised a simple yet effective way to identify the strongest players in a specific industry.
Without going into too much tactical detail, this process involves thorough initial keyword research to identify the most strategic keyword phrases, then obtaining real search results through pinging search engines, and a summary of rankings using an assigned point system (10 points for rank #1, 9 points for rank #2 etc…). The point tally across a multitude of targeted keyword phrases returns the true competitive ranking and a list of the top 10 competitors. For more competitive industries, a higher number of competitors should be investigated.
Once we have identified who is it we are competing against we can move on with the in-depth research of their strategies and tactics.
What Do You Compete For?
Ultimately everybody competes for leads and opportunities. But things are a little more complex online. Your digital presence and your competitive strategy must address the needs of your potential prospects or clients at various stages of their purchasing decision.
You compete for:
- Brand visibility
- Content discoverability
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