How to give your online business an edge over the competition
Starting an online business is an exciting prospect but it can also be a complicated task, especially if you are unsure about the product or service you want to offer. It may be that there are already a lot of competitors out there who are already dominating the market. If that’s the case, it doesn’t necessarily mean that there isn’t an opportunity for your business, but you will need to be strategic in your approach to give yourself a commercial edge. In some cases having competition can actually be a positive indicator as there is a clear consumer demand. Here we explore some ways you can investigate the competition to give your business the edge and the best chance of success.
Take a look at competitor websites
The first step is to visit the websites of your competitors to see what they are selling and how they are selling it. This includes the products and/or services they offer, which they are featuring on the homepage, how easy the site is to use, what call-to-action (CTA) they use, which geographical areas do they cover/deliver to, their customer service contact options, payment methods, and shipping methods/prices. You can make a spreadsheet of all the competitors to compare and contrast how they’re operating and identify how you can improve on their offering. You should also carry out an SEO competitor analysis. Click here to find out more.
Sign up for their marketing emails
Email marketing campaigns can still be very effective for online business when used correctly, so it’s useful to know what the competition is up to. Luckily, this is very easy to do as you simply need to sign up for their marketing emails. You’ll then see when they are running special promotions or events and can pick up some insight into how they communicate with their customers.
Follow them on social media
There are lots of ways to keep an eye on the competition through social media. Obviously, you can follow them on all of their accounts, but this is likely to be time-consuming if it’s your only way of monitoring their activity. A better option is to use a social media listening tool which will collate all of your competitors’ activity into a dashboard where you can analyze it more effectively. This will also enable you to stay up to date with what’s trending on social media so you can target your own activity to reach your customers.
Conduct a reverse image search
You can find out if your competitors are selling the same or similar products to you by conducting a reverse image search. It’s just like a search engine except you search using an image rather than text. It will then search the internet for similar images so you can find competitors.
Take a look at their reviews
It’s never been easier to find out what consumers really think about brands thanks to online review platforms and aggregators. Take some time to look through reviews of your competitors, and you’ll find out what issues consumers have with their service and how you can improve on what they’re offering. There are also several paid services that will analyze reviews for you and enable you to monitor your own reviews from multiple platforms.
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