Competitor analysis has, to date, become a fundamental practice for a company's success, regardless of the industry of interest. It is a process aimed at identifying a whole range of strengths and weaknesses of competitors within the industry of interest. The purpose of this is to develop and implement the optimal strategy to successfully establish itself in the market.
This activity is also of great importance for companies beginning their internationalization journey, as it enables the development of targeted strategies.
Nowadays, it also becomes indispensable to carry out this kind of analysis at the level of the digital: below let's look together at all the benefits that come with it.
The results of research that accurately describes the numbers of competitors' online presence can suggest what are the key factors in their success.
This does not mean that one should replicate the activities of competitors and their ways of interacting with the target market, quite the contrary; each internationalization strategy should in fact be customized and based on one's own goals and capabilities. Knowing the pivotal elements underlying an opposing business, however, can help one better understand the potential of one brand versus another, and to understand what, if any, differences might be win-win by addressing the same market.
First, a accurate map of all competitors main. You can do this by using a digital tool that allows you to accomplish the’SEO analysis, through which the major players in your industry are easily identified just by entering your company domain. The site is able to show you who you are competing with online, and you can see the relative market positions of each competitor.
The advantage of this research is twofold: not only is there the possibility of identifying all the organic competitors (those who appear with your company in search results via the keywords you are interested in), but also those who rank through sponsorships and paid advertising.
So, by conducting this research using digital tools, it is possible to obtain very detailed information, such as:
Once the competition map has been created, one is able to define the position with respect to all other players in the industry and can move on to the second step.
Secondly, it is necessary to analyze competitors emerged from the initial research and create a profile for each of them. The main questions to be referred to for relevant information could be:
Next, it is time to turn to the analysis of what are the levers main of the marketing (Product, Price, Positioning and Promotion) in order to get a clearer picture of the strategies adopted by competitors and their effectiveness. In particular, we focus on:
The fourth and final step is finally to identify a real roadmap: Once you have identified your competitors, their market position, and their strategies, you need to choose the SEO strategy you want to put in place, select the keywords with which you want to index yourself. Finally, draw up a proper editorial plan to maintain some continuity.
Competitor analysis in internationalization has often been underestimated, and this mistake has unfavorably impacted many businesses. Any self-respecting marketing plan must hold considering the competitive analysis, even in the digital sphere, to be optimal.
For this reason, it is increasingly essential to use the figure of a Digital Export Manager, digital marketing expert who can research all the major competitive players for a given brand and study their distribution network, production type, and their communication methods using digital tools.
Selling abroad through the digital export offers, in fact, incredible opportunities to enhance your brand, as well as to reach new customers around the world.
Contact Octagona to find such a figure, a crucial ally that cannot be missed if you really want to establish your brand beyond national borders.
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