With limited resource, take a minute and reﬂect on how you arrived at this conclusion. How have you classiﬁed these “competitor” websites and the level of threat they present to your business?
Tip - YOUR “REAL” COMPETITORS
Have you identiﬁed those businesses that you class as “REAL” competition? Do you know what you would need to monitor to outsmart your competitors? This really depends on your business goals. If you’re positioning your business to be the cheapest then around the clock intelligence on competitor websites that also retail the same products as you, at the same price is vital. You would want to understand price changes, promotions and even stock availability so you can capitalise of opportunities as soon as they present themselves.
Tip - GET DETAILED
If you’re looking to position yourself as a retailer of premium brands then you may want to understand and monitor other retailers who retail the same or similar brands. Consider monitoring other purchase decision inﬂuencers such as product reviews. This insight could aid business decisions to stock certain product or discontinue others. You may also want to monitor competitor promotions that could be taking business away from your website.
What is your “REAL” competitor proﬁle?
What actionable insights are you gathering about your competitors?
What competitor trends are you be monitoring?
Test, monitor, adjust, re-test - Test your prices, your graphics, Call to action (CTA), Product titles, Product descriptions and more where possible.
Stay Focused – It’s easy to get distracted while trying to stay ahead of the competition so only monitor competitor activity that is most impactful to your business.
Work Smart – Automate your Competitor Monitor activity. It’s far more efficient and effective to receive tailored reports and recommendations daily than doing it yourself.