Question

Moza has a brilliant business idea of promoting healthy eating and lifestyle . She is compelled to setup a new venture and become successful . In order to understand competitors in today's dynamic business environment she needs to conduct a competitor analysis . Explain the relevant information to be included in her assessment of competitor marketing strategies . Support your answer with examples .

Answer 1

Answer: In order to understand competitors in today's dynamic business environment Moza needs to conduct a competitor analysis. The competitive analysis in todays business world should be as follows:

1. Determine who will be her competitors or identify her competitors. Firstly she needs to identify who are already their in the market for healthy eating anf lifestyle. For example she can do that with the help of Spyfu, here anyone can quickly identify their competitors by using the domain over view tool.

2. Determine what products her competitors offer. She need to find out or keep a track on all the products her competitors are offering and will offer in future.

3. Research about her competitors sales tactics and result. She needs to find out how her competitors are using tecniques and what tactics they are using in sales and what is their outcomes.

4. Analyze how her competitors market their products. She needs to find out how her comprtitors are marketing their products. She can do it by becoming a consumer for their products without informing them who she actually is, then she can easily find out.

5. Take note of her competitors content strategy. She must always keep a track what type of stategies her competitors are using. She can follow them in social media because social media plays a vital role in todays business world.

6. Analyze the level of engagement on her competitor's content.

To gauge how engaging her competitor's content is to their readers, she'll need to see how their target audience responds to what they're posting.

Check the average number of comments, shares, and likes on your competitor's content and find out if:

· Certain topics resonate better than others

· The comments are negative, positive, or a mix

· People are tweeting about specific topics more than others

· Readers respond better to Facebook updates about certain content

· Don't forget to note if her competitor categorizes their content using tags, and if they have social media follow and share buttons attached to each piece of content. Both of these will act as engagement activity.

7. Observe how her competitors promote marketing content.

From engagement, she has to move right along to her competitor's content promotion strategy.

· Keyword density in the copy itself

· Image ALT text tags

· Use of internal linking

The following questions can also help her prioritize and focus on what to pay attention to:

· Which keywords are her competitors focusing on that she still haven't tapped into?

· What content of theirs is highly shared and linked to? How does her content compare?

· Which social media platforms is her target audience using and the most active on?

· What other sites are linking back to her competitor's site, but not hers?

· Who else is sharing what her competitors are publishing?

· Who is referring traffic to her competitor's site?

· For the keywords she has to focus on, what is the difficulty level? There are several free (and paid) tools that will give her a comprehensive evaluation of her competitor's search engine optimization.

8. Look at her competitors social media presence, strategies and go-to platforms.

The last area she would want to evaluate when it comes to marketing is her competitor's social media presence and engagement rates.

If her competitors are using a social network that she may not be on, it's worth learning more about how that platform may be able to help her business, too. To determine if a new social media platform is worth her time, check her competitor's engagement rates on those sites. First, visit the following sites to see if her competition has an account on these platforms:

· Facebook

· Twitter

· Instagram

· Snapchat

· LinkedIn

· Pinterest

Then, take note of the following quantitative items from each platform:

· Number of fans/followers

· Posting frequency and consistency

· Content engagement (Are users leaving comments or sharing their posts?)

· Content virality (How many shares, repins, and retweets do their posts get?)

With the same critical eye she used to gauge her competition's content marketing strategy, take a fine-toothed comb to analyze their social media strategy.

What kind of content are they posting? Are they more focused on driving people to landing pages, resulting in new leads? Or are they posting visual content to promote engagement and brand awareness?

How much of this content is original? Do they share curated content from other sources? Are these sources regular contributors? What is the overall tone of the content?

How does her competition interact with their followers? How frequently do their followers interact with their content?

After she has collect this data, generate an overall grade for the quality of her competitor's content. This will help her compare the rest of her competitors using a similar grading scale.

9. And, Lastly perform a SWOT Analysis to learn her competitons strength, weakness, opportunities ans threats.

These are the stategies if she uses she can develop brilliant bussiness ideas of promoting healthy eating and lifestyles.