How to Conduct Competitor Research Online
Competitor research in strategic management and marketing is an analysis of the strengths and shortcomings of potential and existing competitors. This analysis gives both a defensive and offensive strategic context to identify threats and opportunities. Competitor profiling is an important tool to use in competitive intelligence studies. It focuses on the study of various competitor strategies, products, and customer preferences. Competitor profiling is a discipline that uses both objective and subjective measurements.
Competitor profiling looks closely at what makes competitors successful and what makes them appear weak. In a high-level competition, for example, it may be necessary to know what a competitor does right and wrong so as to stay ahead in the market. Likewise, in a low-level competition, it may be more important to know what a competitor does right and wrong so as not to lose track of the trends in the market. A good competitor profile will take these things into account. A thorough and very in-depth competitor profile will take into account the competitor’s product, service, business strategy, and other key aspects.
Competitor profiling includes a number of different types of competitor research tools. One of these is a comprehensive content review that evaluates competitor analysis, policies, practices, and website strategies. Competitor content review is usually conducted by a team of marketing or engineering professionals who evaluate competitor information based on sound business principles.
Another type of Competitor Research tool is a two categories modeling approach. In a two-category modeling approach, one category is searched for and analyzed using a directed user search approach, while the other category is searched for by browsing using a generic set of specifications. In this approach, it is possible to identify and analyze more than one competitor in each category. These models can also be used in situations when there are fewer direct competitors, but more indirect competitors in the same area.
Competitor profiling can also help marketers look for digital marketing weaknesses in their businesses. Digital marketing refers to any marketing strategy that focuses on reaching customers over the Internet. Common digital marketing strategies include search engine optimization, pay-per-click advertising, social media advertising, video marketing, and video streaming. While these strategies bring great benefits to online businesses, they have several drawbacks. These include the cost of acquiring and promoting these products and services, potential losses due to direct competition, and ineffective distribution of these products and services.
There are several ways to carry out Competitor Research. The most common way is to conduct competitor research online, using either Google AdWords or Yahoo Search Marketing (previously Overture). Competitor research online can find some key information about your direct competitors – including their website address, physical address, email addresses, photos, videos, and more. These valuable data can help you improve your website and create relevant content for your visitors. You can also find out whether your direct competitors have already started using any particular methods of promotion on the Internet. Doing this research will enable you to decide what methods you need to start using to further promote your business and increase traffic to your website.
If you are looking for a cheaper way of conducting Competitor Research, you should consider conducting secondary research. Secondary research usually involves examining popular social media accounts and studying how active users are. Secondary research is useful because it gives you ideas and methods that you can’t get from Google AdWords or Yahoo Search Marketing. However, conducting Competitor Research and secondary research requires a lot of time, and at times, even money.
For instance, in Competitor Research we analyze competitor analysis data from six different sources. Each data analysis report is a page rich in detail about a single aspect of the competitor’s website. For example, in our analysis we look at which keywords were used in the websites. We analyze competitor analysis data from Yahoo and Google and we examine data from other third-party tools as well.