Competitive analysis matters for online business ?
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Competitive analysis matters for online business ?
The main reason this activity is important is because you can’t effectively compete without knowing your direct competitors—and you can’t differentiate yourself if you don’t know what actually makes you different.
For ecommerce businesses in particular, a competitive analysis can also help:
For ecommerce businesses in particular, a competitive analysis can also help:
Make more informed decisions about your marketing strategy
Identify industry trends
Create benchmarks for yourself
Determine your pricing strategies
Unearth new ways of speaking to customers, or even new customers to speak to
Finding a gap in the market, but also ensuring there's a “market in the gap”
This type of analysis is not just for first-time business owners, either. A competitive analysis can be a living document that’s constantly evolving as your company grows and matures over time.
Maintaining a resource like this is a powerful way to measure how your brand stacks up against the competition right now—but it also can help provide clear direction on how you’ll continue to excel in the future.