Competition Analysis will give comprehensive information about your competitors business, about his strategies, about his customers etc. Understanding and analyzing competition is a core part for any successful online business. To Start an Ebusiness every company has to conduct competitive analysis to identify the key areas of competition.
How to do competition analysis?
Since you are going to start online business, probably your first source would be search engines. Try few search engines like Google, Yahoo, MSN, AltaVista etc to find out about your competition. Try few keywords relating to your business. Say if you are into Shoe Business and you want to extend your business online.
Steps to Conduct Competitive Analysis through Internet:
Step1: Find Top 3 Competitors by using relevant search phrase (Keywords: Cheap Leather Shoes, Quality footwear etc)
Step 2: Go to each Competitors website
Step 3: Study their Website
What to Study from the Competitors Website:
How the Website has been conceptualized?
What is the theme of the website?
What are the links that they have conceptualized?
Look and Feel of the Website (Here you can rate the website by setting a benchmark)
Navigation Analysis and its Structure
General Layout Study
Software Used to design a website
Who is his targeting? Local or Global
Is your competitor a pure online merchant or he is a brick and mortar company?
What is his pricing strategy?
Does he do Internet Marketing for his website? If yes, find out how he does and what are the strategies he adopts to conduct online marketing?
What is the marketing pitch in the website? CALL-TO-ACTION
What and how the product information has been presented in this website?
Search Engines are one the best marketing channels. Try to analyze Search Engine ranking for some important keywords.
Sites ranking for Specific Keywords
Keywords they have used in the on page
Source by Idrees Ahmed