{"id":18241,"date":"2021-07-26T11:15:47","date_gmt":"2021-07-26T09:15:47","guid":{"rendered":"https:\/\/www.papaki.com\/blog\/?p=18241"},"modified":"2021-07-26T11:15:47","modified_gmt":"2021-07-26T09:15:47","slug":"how-to-conduct-an-online-competitive-analysis","status":"publish","type":"post","link":"https:\/\/www.papaki.com\/blog\/en\/2021\/07\/26\/how-to-conduct-an-online-competitive-analysis\/","title":{"rendered":"How to conduct an online competitive analysis\u00a0"},"content":{"rendered":"

Competitive analysis is an integral part of any business development. This is an ongoing process that spans many different areas of \u200b\u200byour business strategy. Regardless of your business type, you can single out five key points in each competitor\u2019s analysis:<\/p>\n

Which are the competition\u2019s prices?<\/h2>\n

One of the most important points in a competitive analysis -either online or offline- is the comparison of prices. Check the competition\u2019s products \/ services offered and the pricing policy<\/strong> followed. Is the competition cheaper or more expensive than your business? Try to understand why. Price is an important factor for the consumer when he sees the products next to each other.<\/p>\n

Notice:<\/strong> this doesn\u2019t mean that you should drop prices just to be cheaper than the competition. This would affect your profit margin<\/strong> and lead to long-term business losses. However, you need to know the difference so that you can adjust accordingly. For your research, price comparison sites<\/strong> will also help you, as well as visiting physical stores. Things get more complex when you provide services. Even so, you should know the competition\u2019s price and benefit range.<\/p>\n

What market share does the competition own?<\/h2>\n

Definitely, in a competitive analysis, you need to determine the competition\u2019s market share. In order to achieve this, you must first know the market\u2019s total sales<\/strong> and then work out an approach concerning the competition\u2019s sales.
\nThe overall market\u2019s size can be found relatively easily, as data is available from institutions, chambers of commerce, etc. On the contrary, it is quite difficult to determine the competition\u2019s share, especially if you are not a professional and need to collect data.
\nIn digital marketing, we often use the data provided by Google related to the search term results<\/strong> that interest us, in order to understand the size of active demand.<\/p>\n

What marketing strategy does the competition follow?<\/h2>\n

The competitive analysis also includes the marketing strategy analysis. The strategy followed by your competitor can reveal something really interesting about your own strategy. Examine how strong the competition\u2019s presence is in the acquisition channels.<\/strong><\/p>\n