Market Analysis: How Your Competition is Getting Ahead
Every business has its competition. And while a market analysis isn’t a new practice in the business world, today’s key players are constantly looking for ways to fine-tune their intel. While these companies are analyzing who they’re competing with, they should instead be focusing on who they’re competing for.
As a business, you should be aware of the competitors in the local marketplace. But have you considered your online competitors? During the buyer’s journey, (the marketing funnel), potential customers are looking to your website for information on your products and services. Did you know that 97% of consumers use online media when researching their local market? Because of this substantial growth, businesses no longer control the selling – buyers do.
Your company’s website is a key factor for converting leads. In order to maximize its full potential, you’ll need to assess how your marketing efforts are stacking up against your competitors. Continue reading to learn how you can conduct an in-depth market analysis, putting you two moves ahead of your competitors.
Identifying Multi-Level Competitors
When you’re a small business, it’s easy to consider a multi-million dollar company as your competitor. In this step, choose your top three competitors on a:
- Local level
- Regional level
- National level
Acting as a starting point, this helps you to narrow your audience, working your way outwards.
Drawing in Your Target Audience
It’s one thing to speak with a megaphone, it’s another for people to listen to what you’re saying. Recent trends show that audiences are less likely to respond to salesy ads and traditional banners. Instead, opt for a genuine relationship with your customers. This can be done through high-value content, relevant resources and active social media channels.
Assessing Your Website Conversions
The front-end of your website may be pretty to look at, but is it bringing in numbers? Look at your Google Analytics data; what patterns do you see?
- If your page speed is low, this may translate into a high bounce rate.
- If you’re providing your viewersÂ with great blogs, your click-through rate may be through the roof.
The answers are all in the stats.
Next, you’ll want to take a look at the overall growth and measure it side-by-side with your revenue. Customers are actively looking for value, especially online. How well are you positioning them in relation to the content you’re providing?
Considering Industry Trends
The world is changing everyday, and the same pertains to modern technology. With Google and Facebook accounting for a staggering 76% of the internet advertising growth this past year, it is important to incorporate these trending factors into your business strategy.
Mobile is exploding and visual engagement continues to excel. Opt for stunning, high definition visuals with value-rich content. This will be sure to gain the attention of your customers.
Identify Areas of Improvement
Are you blogging at least once a month? When was the last time you updated the content on your website?
You should always be looking for areas to improve. As you gain customers, ask them where they heard about you. In they say online, dig a little deeper and find out where from. I highly recommend performing a quarterly marketing analysis to identify company strengths and weaknesses, industry trends; and adapt your plan of action accordingly.
How do you use marketing analysis to steer your marketing efforts?Â When it comes to running your business, you are the expert and always in charge. Take advantage of a professional and unbiased outside perspective.
Contact business coach Rob Carol for all your business coaching needs.Â
Call 604-942-2866 or visit www.robcarol.com/