Competitor analysis is an essential marketing strategy in the world of ecommerce. Any entrepreneur , who does drop-shipping or who manages the store of a physical store, controls his competitors.

That’s why, if you want to be successful in this business, it’s vital that you start keeping your competition in check too.

What kind of social media marketing choices do they make? How do they interact with their customers and prospects? Which marketing strategies work best for them? These and many more are the questions you should answered as soon as possible.

What is Competitor or Benchmark Analysis?

As it is easy to guess from the name itself, the analysis smart mobile number list cambodia of competitors is a process that allows you to identify your competitors, analyze their sales and marketing strategies (organic and paid) and their communication (from the brand image, to the tone of voice) through the use of specific tools and models.

The information collected is used to improve their strategies in relation to those of the top performers, understanding what their strengths and weaknesses are and therefore studying a positioning for your brand that has the best potential for success.

It is an activity that must be done before starting an online store, but also every time a new product is launched and occasionally also at other times of the activity. In general, it is always good to keep an eye on the competition, not to copy but to always stay up to date and look for new inspirations.

Competitor analysis: why it is important

Periodically carrying out the competitor analysis has a double advantage. It allows you to identify potential opportunities, but also potential threats.

If your direct competitor decides to add a product to his online store that you had not contemplated. Keeping it under control will allow you to evaluate. Whether or not to add the same type of product to your store, so as not to left behind.

How to do online competitor analysis

To make a competitor analysis it is important to remember to.  Always be objective and conduct a thorough and comprehensive analysis. These are the factors to keep in mind. When analyzing your competition: Who are your competitors As we have said.  Understanding who your competitors are is the first and essential point of any analysis. In this first part, also include information about companies that are planning to join your target market in the future.