When you are in a business, you have business rivals. There will inevitably be competition between companies in the same industry. Analyzing and understanding your competitors will help businesses develop the more appropriate marketing and business strategies. So how to do a website competitor analysis? Let’s learn about the importance of the competitor analysis framework in this Weapon Agency article.
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Proper research online competitive analysis img: Creatopy
A website competitor analysis is an essential process by which a business identifies other businesses in the same industry, market segment, or business that offer similar products or services. Then, evaluate those competitors based on a set of defined business criteria such as strengths, weaknesses, etc.
An excellent online competitive analysis will help you better understand your competitors and your business. First, look out for the advantages or disadvantages of your business. It would help if you made changes more suitable for customers and companies.
In addition, website competitor analysis also helps you to grasp the market’s business opportunities and industry. Thereby helping businesses have more appropriate strategies.
When you are doing an online competitive analysis, you can know their strengths and weaknesses to discover niche markets.
To do an online competitive analysis accurately and effectively, you should follow these steps to have the best competitor analysis framework:
Website competitor analysis checklist img: Designer Daily
The criteria to determine the business’s competitors are usually based on the products/services that the competitors provide and the customer group that the competitors target in the same industry as their business.
You can identify and learn about your competitors through social media channels, google or press releases, etc. At this point, you are already create a perfect draft for your website competitor analysis report.
After identifying and listing the business’s competitors within the defined scope, your companies should evaluate your competitors based on market share, size of operation, strengths and weaknesses, and strategies that competitors apply.
A detailed and specific competitor assessment will be very helpful in orienting and making marketing strategies for the business. Especially, help you to answer the question “How to do a website competitor analysis ?”
After researching and evaluating competitors, it will be time to classify and filter competitors. Competitors can be classified based on competition level criteria such as direct, indirect, and potential competitors and or based on the criteria of geographical location or market share, etc.
The essential step in “How to do a website competitor analysis ?” is using a competitor analysis framework to help you make accurate and systematic assessments.
SWOT Competitor Analysis Framework: is the most commonly used model for competitor analysis. Based on the analysis of factors such as strengths (Strengths), weaknesses (Weaknesses), opportunities (Opportunities), and threats (Threats). We can have a detailed insight into the competitor’s stand on the market, so you can make appropriate changes and improve your products and services.
Michael Porter’s Five Forces: is a competitor analysis framework that helps evaluate and analyze five different aspects that could affect the competitiveness of a business. In particular, this competitor analysis framework can answer many characteristics of your competitors, such as the level of competition in the industry, bargaining power of customers, bargaining power of suppliers, threats of substitutes, and threats of new entrants.
Competitive Profile Matrix (CPM) – A Tool For Rivals Analysis: is a model that identifies a company’s competitors and compares the company’s strengths and weaknesses to devise appropriate marketing strategies.
Polygon Competitors Model: The competitive polygon model is a model that includes many competitive factors under a polygonal graph to describe the ability of a business to compete with its competitors.
Strategic Group Analysis: is an analytical framework that allows businesses to analyze competitors in clusters based on the similarity of implemented strategies.
After finishing the competitor analysis framework, you should have a report to summarize the information in a specific and scientific way. Based on the information obtained, your business will come up with appropriate marketing strategies, helping to strengthen your position in the market and expand your business market share.
Above is our share about analyzing your business’s competitors and ways to conduct a competitor analysis framework in the most specific manner. We hope that the information we provide is helpful to you in answering the question “How to do a website competitor analysis ?”.