8 “Small Business Competitive Analysis Tips” to begin developing a business that thrives and grows in 2016
Would you love to get a handle on the online marketing for your business? This is a first blog in a series of 25 where we will be sharing the most important items every business owner should focus on in 2016! As small business owners we have to wear many hats and keep our eye on every aspect of our business. We also need to keep an eye on the competition! Our tip today focused on evaluating your service or product and finding the competitive edge.
Normally competitive analysis is a statement of the business strategy and how it relates to the competition. We use competitive analysis is to determine the strengths and weaknesses of the competitors within your market. This helps you create strategies that will provide you with a distinct advantage especially regarding online marketing.
You want to look at what your competition is doing right and wrong. This gives you a competitive edge. You should build your online strategies around people and businesses that have already spent time and money trying different marketing ideas and tactics. You will gain the competitive edge and save time and money analyzing your competitor, then implementing the strategies that work quickly.
Review what your competitor is doing with their website. Evaluate how they communicate on social media. Look at the advertising they are doing, are they spending money advertising on social or Adwords? How is your competition keeping their edge? How can you use similar tactics to gain market share quickly?
Follow the below 8 steps below to Re Evaluate your product or service and hone in on your competitive edge!
- Review your top 3 competitor’s websites. Look at Home page, and product or sales pages, do they work and why?
- Look at how your competitor is selling products or services, advertising or social or are they relying on organic traffic?
- Are you better than the rest? What sets you apart in the online space?
- Look at what kind of website your competitor has and how they are using it.
- How do you educate and inform your customer? through social media or your blog or??
- Hone in on your value added product or service, how is it different than the rest or what do you offer that adds value?
- How is your competition using Blogging to gain domain authority?
- What links and citations do your competitors have and how can you build authority using the same sources?
Loved this tip? Make sure to sign up for our FREE Small Business Monthly Challenges! Each month we focus on a item to help your business grow and stay ahead of the pack.
Click here for the second email in this series.