Competitor research in strategic management and marketing is a careful assessment of your competitors’ strengths and weakness. This research provides both a defensive and offensive strategic context to identify potential threats and opportunities. It enables you to build alliances and relationships with people and companies who may be complementary to you, thus improving your overall strategic positioning. The basic premise of competitor research is that you must know what your competitors are thinking, doing, and working on. As you collect and compare the various aspects of their operations, you can formulate plans to counter such threats or opportunities, maximizing your chances for success.
Competitor research is also useful for the purpose of defining a clearly defined marketing strategy and branding for a company’s products and services. With the help of this information, you can establish a clear vision of your target market and choose the most appropriate marketing strategies from available options. Moreover, this helps in designing relevant tactics and methods to reach out to a larger audience and increase sales. You can also use competitor research and social media monitoring to make better decisions about product launches, re-branding and acquisitions.
Competitor research can help you determine targeted keywords for your website and ensure that your website gets listed in Google’s organic search list. It is important to understand what terms your competitors are using to build their websites. One way to do this is to conduct a Google keyword analysis for your target market segment. You can then incorporate these keywords into your own website and page content, so as to draw the attention of possible customers.
Competitor research can also help you learn more about your competitors social media presence and engagement. Take note of Twitter and Facebook accounts for example. Analyze the amount of traffic on each of these accounts attracts and determine if there is any correlation between the two. Interact with your competitors using these platforms. Pay particular attention to key keywords and try to determine if they have created any buzz about their business on social media.
The importance of analyzing your competitor’s internet marketing strategy should not be underestimated. After all, it will give you an insight into what works for them and how you can better compete with them. Pay attention to what words they are using, the tone of voice they use, and the overall tone of their social media campaign. Learn as much as you can about their marketing strategy and how you can best counter it. Pay attention to the keywords they choose, the titles they use, and the links they include.
Competitor research tools include such tools as Google Analytics, Technorati, OpenSIPS, Link Popularity, Weighted Averages, and more. All of these tools provide valuable information regarding your competitor’s website and social media efforts. Once you have the information you need, it is important to compare and analyze all of the data. Use all of the competitor analysis tools to determine if there is a noticeable trend, if there are too many differences between the sites, or if the differences are fairly small.
The last component of Competitor Research and competitor swot analysis is to determine your business strategy. The important thing to remember is that you should always be able to adapt your strategy to the ever changing face of the Internet. No matter what your company does, you need to remain innovated and creative. Make sure that your website and your social media efforts are always evolving. You should always stay ahead of the trends and never fall behind your competitors.
Competitor research tools provide an essential service for those who want to stay ahead of the competition. If you are unfamiliar with Competitor Research, you should find a company that offers a comprehensive collection of Google analytics tools. These tools can help you determine your competitor’s marketing strategies and learn more about the products and services that they are offering. A Competitor Research tool may be exactly what your business needs to stay ahead of the competition.