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How to properly analyze online competition

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Competitors should occupy an important place in a company's development strategy. The fact that you know who they are and what they offer to customers helps you identify the elements through which your products or services stand out. Monitoring competitors is important to predict what will be their next move. Take advantage of this information to improve the quality of your products or services.

There are many ways you can find out more about your competitors. Whether you choose to get these online data (company website, search engines) or offline. For example, if you participate in a job fair, they analyze their promotional materials (flyers, brochures, pens, agendas, etc.) and analyze what type of audience they are attracting. It also tracks the activity of social networking sites (how often posts, how many have the page, how many like and comments have posted, etc.) and see if they are involved in organizing events, what events they attend, what projects Sponsoring, etc. You can get the necessary information from other sources as well:

  • press;
  • questionnaires;
  • advertisements;
  • customers;
  • corporate events;
  • banners.
The most important information you need to get is:
- clients - what target audience they have, what products or services they buy from their clients, the environment of origin, etc.
- company - the type of products or services offered, what products are currently developing, what financial resources they own, the number of employees, the company's values, what promotion methods they use (TV, radio, social networks, blogs, newspapers, newsletters), how long is the company present on the market.

Do your competitors want to hire new people? Analyze the ads to identify which tools they use, what knowledge and skills they are looking for for a possible employee. Also, the position it employs is very important. If, for example, looking for human resources specialists may be an indication that they want to expand. Find people with skills and technical knowledge? They could develop a new product or new system. Learn to read between the rows and always be one step ahead of the competitors.

Once you've got all this information, analyze them and divide them into three categories: what are their weaknesses, what are their strengths and what strategies you have in common.


The weaknesses of the competition

Once you have identified the weaknesses of the competition, review these aspects of your business to make sure you are not making the same mistakes. To meet your goals, your services and products need to be constantly improved.

The strengths of the competition
You have to consider any aspect, from price and site to customer service. Inspire from their actions, but do not try to copy them. The first step was taken, you got an idea from which you can inspire yourself. All you have to do is turn it into something original that will help you grow your business.

Common strategies
Analyze each element of common strategies and set new, more effective ways to help you make some changes.
 
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