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A thorough online market analysis will include information about the overall industry, individual competitors, and different types of market activity. This can include a strengths, weaknesses, opportunities, and threats (SWOT) analysis of individual companies, keyword research, and examination of the various market segments in which competitors thrive. An online market analysis may also include an assessment of the overall environment online, including the behavior of the targeted audience and how the economy is affecting online activity.
Performing a SWOT analysis focusing on the online activities and presence of various competitors can help a company determine how to position itself. By determining the strengths and weaknesses of other companies in the industry, an organization can determine where it can compete and which areas are better left to the competitors. Understanding the opportunities available to competitors can help an organization to assess whether it is positioned to take advantage of similar elements. Developing a clear understanding of the threats that face competitors may help a company to develop strategies to protect itself before trouble arises.
Once an organization has a good idea of what its competitors have to offer, it can determine whether there are gaps in the market that it can fill. This can include website features, keywords for search engine optimization (SEO), and methods of customer interaction online. By covering a variety of areas, an organization can create a comprehensive online market analysis.
Analyzing keywords is another important aspect of online market analysis. This can include determining both how well competitors are doing with keywords that are known to be effective and whether there are other important keywords which organization has not yet discovered. It can also be useful to learn about the way customers search, in order to find out if there are keywords not being used by competitors that can give the organization an edge.
Determining customer reaction to competitors is another key element of online market analysis. Particularly important aspects to research include customer engagement and loyalty. It can be useful to study competitors whose clients are so devoted that they will promote their product via online forums, product reviews and blog posts. By determining which features of the product inspire a positive response, an organization can educate itself as to what customers want. On the other hand, learning what customers don’t like about a competitor can enable an organization to create a strategy for filling gaps in the market.
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