Analyse Your Competitors for a Successful Internet Marketing Strategy
Competitor profiling coalesces all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment. Competitor Analysis is an important element of the strategic internet planning process. Like any other successful marketing plan, an internet marketing plan also requires thorough and in-depth analysis of the competitors to be successful to generate the desired online business. It is an essential component of the corporate strategy and thus requires a very systematic approach to prepare a robust internet marketing plan.
Google alerts are good tools to keep a track of your competitors. These alerts notify you when something changes for your competitive keywords as well as when you and your competition are mentioned online.
Why Competitors’ Analysis?
Competitor analysis has various important roles in your internet marketing strategy. It helps you to:
- understand your competitive advantages/disadvantages relative to your competitors
- generate understanding of competitors’ past, present (and most importantly) future strategies
- provide an informed basis to develop strategies to achieve competitive advantage in the future
Questions to Be Asked While Analysing the Competitors
The following is a useful list to keep in mind:
- Who are our competitors?
- What threats do they pose?
- What are the online activities of our competitors?
- What are the objectives of our competitors?
- What internet marketing strategies are our competitors pursuing and how successful are these strategies?
- What are the strengths and weaknesses of our competitors?
Internet Marketing Manager