HOW TO ASSESS YOUR DIGITAL COMPETITION WHEN ENTERING NEW MARKETS
When you’re entering a new market, it can be difficult to gauge the competitive landscape. The companies you’re competing with in one market might be completely different from the companies you’re taking on in a new market. If you want to give yourself the best chance of success, you should carry out an analysis of other businesses’ digital footprints in order to leapfrog the competition. Conducting a Competitive Analysis for a Multi-Location Business “A competitive analysis is the analysis of your competitors and how your business compares,” writes Shopify’s Kaleigh Moore . “By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage.” Exactly what you analyze will depend on your goals, Moore continues. Competitive analysis can be very specific — focusing solely on a competitor’s website, for instance. Or it can be much broader and take into account their entire presence and marketing strategy. It do...