With any type of business, there’s a need to know who’s out there and how you compare. Having an idea of who your competition is, in addition to finding out how to beat them on various levels is just good old fashion business planning. With the world moving online at ‘light-speeds’, online business goes hand in hand with traditional (brick and mortar style) business, there are some similarities and some slight differences. You need to build a competitive strategy, especially when it comes to search engine optimization if you want to appeal to the potential millions of people looking for your products or services online.
In regards to a strategy, the key is figuring out who your competitors are and how to make their strengths and weaknesses work for YOU. The approach is figuring out how exactly you’re going to research your competitors and how you’re going to beat them for those coveted top search engine rankings. Also, your competition in the brick and mortar world might not be the same as your competitors online. Finally, it’s one thing to know your competition; it’s another to put that information to use. Not to worry: We’ve got you covered in this post.
With any business, you’re going to want to feel out the market. Who exactly are you competing with, and are they successful? All this is important information because it can then be used to give you an idea of how to run your own business. If a business is succeeding in your vertical, they must be doing something right. Another dynamite tip is then figuring out what these competitors are doing wrong so you can capitalize on what they aren’t doing, in the meantime avoiding their mistakes.
Say your business, ‘Wilcox’s Boat Repair’ is all about boats. You repair, restore, paint, and refurbish small, medium and sometimes large boats. To get an idea of who your competition is, sit down and brainstorm the types of competitors you think would be in your marketplace. Who are your competitors? Other boat repair shops. Other places that specialize in paint and body work. Other businesses that offer other simple boat repair services. Write every single idea you can think of, even the ones you think would only be slightly connected.
Below is a graph of your business and what you do that links your competitors to you.
Now your mission is to go and research all of these companies, while asking yourself some questions about these areas of your business.
- Tactics – How do these companies advertise?
- Similarities – What services do these companies provide that are similar to yours?
- Differences – How do their services differ from yours?
- Success Rate – How is their businesses doing, do they get more or less business than you do?
- Opportunities – What types of things are these companies NOT doing that you could be doing?
For now this a good start to your market research. Remember to keep in mind that you need to continuously research your competition, as businesses, and specifically internet businesses, are subject to changing their products, services and overall offerings. Every market and industry vertical differs, and you’re probably going to want to do a review of your competitors and research your industry at least once a quarter so you’re on the cutting edge for your particular products and services.
Thanks For Reading!
The Adventure Continues>>>
