When you need to identify your digital marketing competitors and learn how they are performing their business and determine if there are potential opportunities for your business to outperform them, you need a competitor analysis. By performing a competitor analysis, you are able to build successful business strategies to improve upon your competitors. Five Dog Solutions are experts in the field and are ready to sit down and discuss how the analysis will work for your company.
Benefits of a Competitor Analysis
Through competitor analysis, you are able to stay on top of the industry trends, so your products or brand not only meets but exceeds the standards. These are other benefits your business can gain from an analysis: You are able to see what the competition is doing right. Knowing this is critical for you to stay relevant and make sure your marketing campaigns and products are outperforming the industry's standards. From customer reviews, you will learn what is missing from your competitor's products, and decide how you might improve your own product to meet the needs. Help you learn what your product's value proposition is and how it is different from your competitor's. This information will impact your future digital marketing efforts. The analysis will show you how your competitors are failing or falling short with available opportunities. This information will show you how to improve on marketing strategies they have not taken advantage of. You will be able to establish a benchmark in which you can measure your future growth.
What You Can Achieve With a Competitor Analysis
Your brand can become more successful by performing regular competitor analysis. With the information gained you can: Discover new market trends Create new services or products Learn where there are gaps in the market Market and sell your services or products more effectively When you learn these four elements or any of the four, your brand will be on the path to greater achievement.
How the Competitor Analysis is Conducted
Often before Five Dog Solutions meets with clients, we will look at similar businesses in your industry. Typically we choose the ones performing the best or ranking high and analyze their website by performing an academy. The competitor analysis typically consists of: Learning who your competitors are. You need to know who you are actually competing against in order to collect accurate data. Just because a business is similar to yours, does not mean their strategies will work for your brand. Competitors will be divided into 'direct' and 'indirect' in relation to how they will affect your business. Learning which products your competitors sells or offers. The heart of any business is its service or product. The competitor analysis involves analyzing their complete product line, and the quality of those products or services. Included in this analysis is their pricing system and whether or not they offer discounts. Doing some research into your competitor's sales strategies and what their end result will be. This part of the analysis is a bit challenging as you need to know their sales process and how they are selling their services or products. You also need to know which channels they sell through, and if they have multiple locations or are expanding. Learning what your competitor's prices are set at, and if they offer any type of perks. This information is important as there are some significant factors involved with properly pricing your products or services. The main factor is knowing and understanding how much your competitors are charging. If you feel your services or products are superior to your competitor's, you might want to charge a higher price. If you do increase your prices over the competitions, you'll need a good sales team to explain this difference. Learning what competitive shipping costs of products would be. The number one reason a lot of customers leave choices in their shopping cart is due to shipping costs. You want to look at your competitor's shipping rates, and make sure you are meeting, and not exceeding those rates. Learning your competitor's content strategies. Looking at how your competitor's website is structured will help you determine the best digital marketing strategy for your services or products. Check if they using a blog or creating ebooks and whitepapers. You should also check if they offer webinars or post videos. Determine the technology stack that is being implemented by your competitor. If you know the types of technology your competitor uses, it can be critical to your company. It can allow you to increase momentum and reduce friction. One method of learning the technology stack in your competitor's business is to check their job listings and learn which roles they are filling, such as web developer or engineers.
Why You Need Five Dog Solutions to Perform a Competitor Analysis for Your Digital Marketing
Five Dog Solutions will perform an analysis of your competitors. Before beginning, we start by taking an objective look at your business, digital marketing strategies, sales, and other aspects of your company. We will also make sure your digital marketing strategy includes a structured website and uses the right keywords. SEO tools and graders are other vital pieces to a website to ensure your business targets and identify with the right customers. Our specialists are highly trained to get your website running to optimal performance.