4 reasons why knowing your competitors is important in digital world

Author: Jane Mc.

For any business, it is essential to have a good insight on the competitive landscape they are playing in, the other players in the field and their resources. In particular, knowing what their strengths and weakness are, and consequently what position it lands your business in the scenario. The more you know, the better you can compete.

There are separate metrics of analysing the competitive landscape in the digital world. For example, you may use the Pay Per Click advertisements as a gauge of how tough the competition is for you. Naturally, every business wants to dominate the market, be it the digital platform or the offline market place. In the online space, businesses ensure this dominance by associating their brand with some specific keywords, which if searched by a customer would land them a link to the brand’s website. One must be very careful about which keywords they use, as the use of irrelevant keywords would not do the job.

Learn from your competitors’ mistakes

Among the many advantages that the digital marketing platform has over the offline platform, the greatest one is that information is very easily and largely available online. Whatever strategies your competitors have experimented in the past, including all those that were successful and those which failed, will be available for you to analyze. By doing some research online, you can find out what the customers say about your competitors, and this will come as a source of awareness for you to not repeat the mistakes that your competitors made in the past or are currently doing.

Not only from customer feedback, you can find sales and profit generation trends, and the actions made by the competitors which led to poor sales.

Reach potential markets and customers through your competitors

Once you have identified the areas of focus of your competitors; in customer segments, product and service categories. It will become much easier to tap the untouched market segments and offer that which the customers are deprived of. Focusing on those certain skills and abilities that you possess to offer the market what your customers have not been able to offer, will be your key to success.

It may also help you in identifying those areas which have previously been focused on and the product or service offerings that were previously made, but the response from the customers was not as expected. So if you had been thinking that you had the ultimate idea of a market visionary, going to conquer the marketplace with your offering, maybe it will make you rethink over carrying out your plan or just redefining it.

Successful and failed strategies

You can also easily access the online marketing techniques used and campaigns done in the past by your competitors, along with the marketing strategies behind them. It is never a bad idea to reuse a strategy, or redo a campaign which made a powerful impact in the past and may likely have been forgotten by the customers.

Using the me-too approach

Any current and ongoing strategies can also be used, as it is not a bad idea to use the me-too approach sometimes. Many brands using the me-too approach have been able to make a greater impact than the brand they were copying. It is all about how you do it, and how happy the customers are with what you have to offer them. All of this comes with some good research and planning, while also learning from others’ experiences.

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