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Why is online competitor analysis important?

Post by
Steve Bambury

Online competitor analysis is one of the most important things that you can do and is a key element to a successful digital strategy. It is the process of gathering intelligence around your competitors’ products and marketing strategies and, when done correctly, allows you to craft your strategy to quickly and cost-effectively grow your market share. 

But that’s not the only reason, here are just three more reasons why a comprehensive competitor analysis makes sense:

  1. Your online competitors are typically going to be very different to your offline competitors and are most often not who you think they are – this commonly includes ‘indirect competitors’ that you’ve never considered before.
  2. Online competitors can appear virtually overnight and quickly take your market share – if you don’t keep an eye on this you run the risk of losing out to competitors doing a better job in the digital space and the medium to long term impact on your revenues can be catastrophic.
  3. You can also learn a lot – competitor analysis is great for generating ongoing insights, and also for benchmarking performance against a competitor set. Understanding their online strengths and weaknesses is a key component to a great digital strategy and without it, you are missing a key element.

A truly valuable competitor analysis may be a challenge to conduct, but the rewards of doing so are incredible. If you want to increase your online market share, grow revenues and minimise risk then undertaking a competitor analysis is a must-do. Contact Growth Partners today if you would like to know more.

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