Fresh Idea Tip #4: Know Thy Competitors
Reading Time: 2 minutes
Online retailers have it even harder this holiday season than last because of consumers’ shopping habits and buying decisions. This year, shoppers are going to be more cost-conscious and will be comparing your products against competitors even more than usual. This means it’s even more important for you to keep your eyes (and ears) open to what your competitors are up to.
You can easily track how you stack up to your competition by creating a chart like the one below (or download a copy of our e-book
to use this one). The left hand column contains aspects of your competitors business that you should consider when gearing up for your SEM
campaign, while the following columns are where you note your information versus theirs. Although there are endless possibilities of variables to place in the left column, the ones we chose are the most pertinent to your campaign during the holidays and shouldn’t be left out. You can find the information regarding your competitors products and marketing tactics by visiting their website, searching for their company on search engines, signing up for their newsletters, and checking out their social media efforts and blogs, among other ways.
After you fill in the chart data, take a look at how you compare to your competition. Based on what your opponents are doing, you can alter your campaigns to better align with theirs or make your self stand out. Either way, in order to be successful you must be knowledgeable about what others in your field are up to. Remember, you can also use this information to know what not to do depending on their successes or failures.