Understanding Competitive Research
Competitive research involves identifying and analyzing websites that compete for your potential customers' clicks online. It's important to recognize that these competitors may not be the traditional businesses you view as rivals. Online competitors can include any website that diverts traffic away from you, potentially harming your bottom-line profits. This broader view helps in understanding the true competitive landscape, which is crucial for crafting effective online strategies and maintaining profitability.
Identifying the Right Competitors
The process of competitive tracking should focus on websites that genuinely affect your online presence, regardless of their direct connection to your industry. Misidentifying these competitors can lead to skewed analytics, such as tracking websites that compete only on a local level and don't impact your online traffic. This misstep can result in misleading reports that suggest successful positioning without actual financial benefits. It’s essential for a business to pinpoint the correct competitors to ensure accurate data that reflects true market conditions.