Analysis of demand and competition
Analysis of demand and competitive ability of the website is carried out on the stage of planning of website promotion in order to strengthen its position online, recover competitiveness and enhance sales. Analysis is needed when the new site is developed and existing site is upgraded.
Analysis of competitors includes study of their website ranking, content, marketing strategies that allow to increase its rating, surpass competitors, attract new visitors and enhance sales.
This analysis will help to determine right targets of search optimization and basis data that will later be used for SEO-strategy. Complex study of demand and competitive ability of the product, target audience, marketing audit will contribute to development of effective strategy of website promotion online.
In what situations do you need analysis of demand and competition:
- You plan to start activity online. You need to identify how valuable your product will be and whether it will be demanded by users.
- You already have offline business and you start thinking about internet-sales.
- You have business online and it is promoted, but your sales fell.
- You are successful online and want to have everything under control.
If you have competitors it, above all, means that your product is demanded. This is when you face first actual problem – how to beat your competitors and make you online sales effective source of incomes. When you conduct professional analysis you see demonstration of all advantages and drawbacks of competitors’ sites and make better solutions going by findings of your analysis which helps you to avoid common errors.
What do you gain from demand and competition analysis?
- improve efficiency of new product when it enters the market;
- evidently see strong and weak points of your competitors and use effective ideas to avoid mistakes;
- get acquainted with your target audience and, thus, will be able to emphasize what is interesting for it, this way increasing profitability of your site;
- you will know everything about marketing “tricks” in product promotion;
- you will learn functional “tricks” that your competitors use on their sites (applications, services, etc.);
- you will know ways your competitors promote their sites (how your competitors engage their clients);
- you will be able to make high-quality USP (unique selling proposition).
First and one of the most important stages of promotion of your internet resource is analysis of demand and competition of the product you offer.
Analysis of competition and demand is a process of detailed and comprehensive research of client’s product (goods/services).
Study of competitive ability includes:
- estimation of demand for the product online;
- analysis of target audience;
- appraisal of competitive position in the given segment.
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