The SEO experts of one of the leading Website Designing Company Delhi say that it is quintessential for a business to operate within the realms of the competitive industry environment. It is hard but true that businesses do not function alone and fight alone. Having a detailed analysis of an organization’s counterparts helps them to dig in deep into competitor’s weakness, the threats they pose to the enterprise and opportunities we have over those competitors.
All the website owners are privy to analyzing information on how their website is performing in terms of the number of visitors, bounce rate, customer demographics and conversion rate, but you can’t just roam around the boundaries of your website for long, you need to open up a bit and look outwards too.
That’s where Competitive Intelligence Analysis steps in.
What is Competitive Intelligence?
Competitive Intelligence is an efficacious and compelling process of accumulating and analyzing effective and actionable information regarding the company’s competitors and the marketplace in which we are functioning to form a constructive strategy. This process allows a business organization to know everything there is to fetch about the highly competitive market which is outside the comforts of our own organization so you can structure effective strategies and methods on how you can run it. Following the general rules of structuring a business model, a competitive analysis must be done at very early stages of business development and very quickly, effectively, principally and compassionately and must take into consideration both published and unpublished sources. This technique can only prove to be successful when a business has a detailed and thorough understanding of the marketplace it is working in so that they can easily anticipate and accordingly respond to threats and challenges before they arise.
For Online Business Owners, these are few Competitive Intelligence Best Practices.
Share of Visits as per Industry Benchmark: The most effective way of determining where you stand in your industry or among a particular set of competitors is to straight out benchmark yourself for overall website visits. This will help you to find out who the big shots in your segment are and whether you are the one dominating the rest or they are the ones with the victory flag.
“Upstream and Downstream” Visits against Competition: The upstream and downstream reporting helps your business to form an opinion what the behavior, intent, and mindsets of the visitors, who are visiting your website. Your web analytics tools report will also give you insights on which all sites the visitors have roamed before they come to your website. The “upstream” sites for your competitors will bestow upon you information regarding who all those competitors are who are doing business with other organizations that you are not.” Downstreaming” on the other hand helps in determining where the visitors are going after visiting your website.
Share of Search: Search engines are providing an innumerable number of visitors to various websites. The organic search traffic has a huge say in the world of search engine optimization, as these searches are more focused, which contains visitor’s intention of accomplishing their research and purchasing goals. The share of traffic report is a great way of determining how much traffic you are getting from the major search engines as compared to your competitors.