Let’s face it. Unless you are Christopher Columbus and have discovered a whole new world, chances are that your product or service is marketed by someone else. The online software and product war continues to rage, each company and brand claiming victory and precedence over each other. So, how does this all go down?
The power and unlimited potential of the Internet has now given the average small business the specific tools needed when looking to compete with the big boys. Whether you are a small business owner, marketer, or just a single entrepreneur, there is one common bond and threshold you share. Everyone at some point in time is a consumer; this is a tremendous advantage when competing online. By looking at your buying habits and preferences, as well as your prospects, you can do a very thorough competitive analysis.
No one wakes up wanting to spend their money needlessly and irresponsibly. Online shoppers surf the Web for a reason: they are looking for a product or service to satisfy a specific need or desire. So how does this help you as the small business owner? Factor in the following questions:
Answering these questions will shine some light on your marketing strategies and objectives.
What has James Bond to do with this? Think back to the James Bond movies. Remember the one mesmerizing feature they all sported? No, not the beautiful women! I’m talking about the cool, hi-tech tools Bond possessed to spy on and, if necessary, obliterate the bad guys.
The same holds true for the small business owner needing to compete in a highly technical and fast-paced digital marketplace. There is no way any business can stand a chance without using the right tools with which to research their competition and discover their secrets of success.
Used effectively, you can analyze your competition’s marketing methods and tactics, giving you the advantage and marketing edge you need, using:
There are no shortcuts, no easy answers, and certainly no magic formulas to success. Success comes through hard work, proper research, education, and, most important, perseverance. Knowledge is power, as they say. You cannot enter the online game of competition without first knowing your competitors. What makes them successful? What attracts their audience? These are the two critical questions you must answer. You need to know their strengths as well as their weaknesses, if you are to find the specific niche where you can best build and dominate.