In the online environment, the competition is extremely dynamic and things can change from day to day. What is a benefit for your business, you must know that the same will be a benefit for your competitors.
If in the past a DIY store only struggles with those in its area, now the same online store has at least 10 competitors for each product.
Why is it important to analyze the competition?
Competition pushes for innovation and improvement, and online those who do not invest in progress and adaptation have to lose.
- Pricing strategies
Always analyze the competition because the pricing strategies they practice can affect your sales on certain products.
Whether they have reduced the price, are offering a gift, have cheaper products than yours, or are making stock clearances, all of these price changes have a negative impact on your business.
- The product
The product and its features are important for users, but also in marketing.
We will take a simple example. If you have a light bulb store and only sell one type of light bulb that has sold very well for 5-6 years, but you notice that sales are starting to fall, what do you think would be the problem?
Certainly in a simple search you will discover that there are dozens or even hundreds of stores that sell light bulbs of all kinds, with sensors, with the lowest possible consumption and of different shapes, which makes your product no longer in demand.
Analyze the products offered and update your business according to the competition, and if you manage to innovate before them, it would be the ideal situation.
- Marketing
Marketing is what sells. Whether it’s organic marketing or paid marketing, constantly analyze your competition. Through incredible marketing moves, they can take a good share of the market without you realizing it.
Constantly invest in marketing both to secure your position and to expand and to have a brand as strong as possible so that any competitor has real difficulties when he wants to enter the market.
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