Competitor Profiling
A common technique used by Onlime is to create detailed profiles on each of your major competitor's online position. These profiles give an in-depth description of the competitor's background, finances, products, markets, facilities, personnel, and strategies. This involves:
-
Background
-
Financial
Spend on Online strategy
-
Products
-
Marketing
-
Resources
-
Personnel
- Corporate
and marketing strategies
Online Media Scanning
Online can learn a lot about the competitive environment by scanning your competitors'ads & press. Changes in a competitor's advertising message can reveal a new promotion strategy such as push, pull, balanced, short term sales generation, long term image creation, informational, comparative, affective, reminder, new creative objectives, new unique selling proposition, new creative concepts, or a new online advertising agency.
A competitor's media strategy reveals budget allocation, segmentation and targeting strategy, and selectivity and focus. From a tactical perspective, it can also be used to help your company implement your own Online media plan.
By knowing the competitor's media buy, media selection, frequency, reach,
continuity, schedules, you can manage your media plan so that it counters this competitive threat or positions to align with it.
New Competitor Analysys
In addition to analyzing current competitors, it is necessary to estimate future competitive threats. The most common sources of new competitors are:
- Companies
competing in a related product/market
- Companies
using related technologies
- Companies
already targeting your prime market segment
- Companies
from other geographical areas a
- New
start-up companies
The entrance of new competitors is likely when:
- There
are high profit margins in the industry
- There
is unmet demand in the industry
- There
are no major barriers to entry
- There
is future growth potential
- Competitive
rivalry is not intense
- Gaining
a competitive advantage is feasible
Of course Onlime understand what stages a company launching a competitive threat to your online business go through, this will normally show itself in targeted key word placement, paid advertising against your company name or even viral marketing using third party recommendations to steer consumers away from your brand and towards their own.
Onlime provide a complete package to monitor these competitive threats and counter them ensuring that your business is always one step ahead.
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