Chinese treatise “The Art Of War”, written 2500 years ago, is still relevant not only for military strategists, but also for the representatives of large businesses. Its author, the Commander of sun-TzuEmphasizes how important it is to study your opponent for success in a future battle. To succeed in promoting your EcommerceProject, you also need to know the strengths and weaknesses of your competitors.
Why this is important
Invincibility is in you, the possibility of victory is enclosed in the enemy. SunTzu
Email-Marketing is one of the leading channels of online sales, which allows to bring potential clients to the site quickly and with minimal budgets. According to the year 2017 Research Company Email-Marketing is in 3rd place for payback among all marketing tools,
Competitor analysis is the basis of a well-built strategy EmailMarketing. The market is growing every day, so it is very important not to lose your position. For this purpose it is necessary to define the competitors in time and to estimate their weight category. This will help you to analyze your own opportunities and perspectives.
Let’s look at how to accomplish this strategically important task step by step.
Evaluate the situation
The path of the commander is the ability to evaluate the enemy. SunTzu
Start creating a marketing strategy by learning your market, defining its structure and highlighting potential rivals. Analyze their market position, solutions for websites, activities in social networks and pricing approach.
To start drag the circle of closest competitors. Conduct a primary market analysis and determine which of its players are in the same niche, sell a similar product or provide similar services. Ask yourself, are they large enough to make a direct competition to your business and lead customers?
The next step is to find out the competitive advantages. Each company usually has its own unique trade offer (TSS). Try to find out why your potential customers prefer other vendors or manufacturers. How they “bribe” your competitors, what advantages are offered, on what their main accent is made.
Assessing the enemy, find out his plan with all the advantages and errors. SunTzu
The easiest way to collect information about a competitor is to analyze its site. For Email-Marketing, in particular, the key are the following indicators:
- Breadth of assortment and price level; Collection points EmailAddresses Presence and structure of the personal cabinet; Loyalty program.
The main points of interaction with the target user are Subscription forms. They should pay attention to what is offered to the client in exchange for his Email, and how many fields you need to fill in when registering. Analyze what other methods a competitor uses to attract a new audience, such as:
- Registration form; Contextual advertising; Affiliate programs; Viral actions in social networks; Commercials on Youtube etc.
Availability Personal cabinet is a fairly important factor for Ecommerce Projects. It allows you to store active and completed orders, edit user data, view the list of available services, understand balance status and much more.
The loyalty program connected to the user account, in its turn, allows to present itself advantageously among many similar products, services and services at almost the same prices. That is why the presence of such a program is one of the main arguments in the competitive struggle. Its implementation is relevant for any Fields of activity, sales volumes and stages of project development.
The most popular tools of the loyalty program:
- Gift card; Bonus Card; Discount Card; commodity card; Social map.
Having a large assortment and lower prices can also be a significant advantage and the reason why the competitor’s business is much better.
The use of spies is the most important thing in war. SunTzu
As with the analysis of your competitors ‘ online store, subscribing to the mailing list will help you learn more about what they share with their customers. Create a mail account (or better-a few), from which you can subscribe to news, promotions, update product categories, etc. your competitor has a blog-subscribe to the blog as well.
First of all, analyze such components:
Frequency of letters
- – Is there a clear schedule, how many letters per week and month, what time of dispatch;
- – How the letter is decorated, what style of text, what purpose of letters, personalization;
- – How Email-Distribution is optimized for different devices (PCs, tablets and smartphones);
Types of letters
- -They can be welcome, transactional, sales, or automatic.
Efficiency Email-Marketing depends not only on the frequency and subject of the letters, but also on their visual component: the colors used, the reciprocal arrangement of banners and links. The set of factors, from which the user interaction with the site develops, determines the degree of usability of this site and is called Usability:
Compare the usability of your Email-Mailings with competitors ‘ letters. If your newsletters do not consider the needs of the client, it is worth to apply measures to improve them. It is only necessary to make a letter beautiful, understandable and useful to the target audience, as it will begin to return to your site and, in EventuallyWill pass from random visitors to regular buyers.
It is very important to measure the end user’s benefits Over competitors. It is necessary to make your letters unique, to check that the letters do not coincide with competitors neither on the subject, nor on the content, nor on the time of sending. To do this, perform a more detailed analysis of their mailing lists and pay attention to the following details:
- Which rubrics exist; What content contains letters in each rubric; What the competitors sell, what brands; What are the discount sizes; What marketing activities are conducted.
The result of the analysis will be a list of innovations recommended for implementation in your Email-Marketing, and a list of similar errors that need to be addressed. Such data is convenient to store and analyze, for example, minimizing into a single table Excel Or Google Sheets:
The information collected by you about the peculiarities of the mailing lists of competitors should become the basis for work on improvement of own algorithms and mechanic Email Marketing.
If you know the enemy and you know yourself, you’ll be invincible. SunTzu
Qualitative and timely analysis of competitors is able to turn your Email-Marketing from dull spam to the most successful (in terms of conversions) sales channel. It will allow you not only to reveal potential directions for development, but also to avoid own mistakes. As a result, you will gain an increase in the loyalty of the target audience, increase the level of repeated sales and improve the quality of your mailing lists.