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How
can you make your online home business
stand
out from the competition?
A good way to
start is to evaluate other online businesses that compete with you. Competitive
analysis is a standard practice that businesses should always undertake. In the
online arena it is even more critical. Web sites can change so quickly that you
have to keep a constant eye on what other sites are doing. Remember that
customers can jump to your competitors’ site with a single click.
To start,
identify any direct competitors that you are aware of. Next, use a few search
engines to look for other companies that you may be unaware of. Use several
variations of keywords for your search. Concentrate on sites that appear within
the first three pages of results; they are the ones that are succeeding in the
search engine game.
Also, notice
which companies are paying for placement on the search engines. Bookmark all
the sites under a “Competitor” category in your browser for easy access when
you update the analysis. I like to actually print out the sites and organize
them in a three-ring binder for reference and notation, but use any method that
works for you.
Look
closely at the sites and take note of the following items:
Overall Professionalism: Which sites impress you
as being reputable and professional? Which ones look like start-ups? What made
you feel that way about the site?
Site Content: Do all the sites have generally the
same content? Do some have better or deeper information that would attract
customers still in the research stage, i.e., whitepapers, FAQs, buyer’s guides,
newsletters?
Usability: How easy are the sites to navigate
and/or buy from? If you sell products online, test the competitors’ sites by
trying to find a particular item with their catalog or search. Test their
shopping carts (up until the actual purchase) to see what features they
include.
Search Engine Ranking: Where do your competitors
rank in the search results? Check their source code (in your browser, click on
VIEW, SOURCE, then look for META KEYWORDS) to discover what keywords they are
targeting.
Target Market: What market is your competitor
targeting? You can often tell by the language used on the site.
Features/Benefits: What features and
benefits are your competitors emphasizing? Do you have a stand-out feature or
service that they lack?
Offers and Promotions: How do the other
sites promote their product or service? Can you get ideas for coupons,
promotions, free trials, etc?
Innovations: As you examine the sites,
you may identify other characteristics that set them apart, for better or
worse, from other similar businesses.
How do you stack up? Now that you’ve
scanned the competition, here’s your opportunity to one-up them. Here are some
possible strategies:
-
Look for an area where most or all competitors
fall short. This could be ease of use, product features, promotions, etc.
Consider making this element very strong on your site and using it as a
competitive advantage.
-
Use the other sites as benchmarks. Make sure your
site is as good as the best of them. Combine excellent elements from several
sites into one great site (yours!)?
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