The key to understanding why your customers are frequenting your competitors' websites lies in the fundamental principles of marketing. Before investing in advertising, it's crucial to conduct thorough market research. Without it, your business is at risk of failure. Many internet businesses have overlooked this crucial step, missing out on the benefits that market research can provide.
Market research is the first step in any business plan. It involves understanding your customer and your competitors. This knowledge will help you target your advertising message effectively and gain a larger market share.
Internet marketers have an advantage over traditional businesses as they can easily access the information they need for market research through search engines. Keywords and keyword phrases can bring all the necessary information to your desktop, helping you market your product or service effectively on the internet.
Avoid assuming that your target audience is larger than it actually is. This can lead to attracting visitors who are not potential buyers. Instead, tailor your customer profile to fit your ideal buyers. Create a detailed sketch for each segment of your target audience. Understand what your customers want, need, can afford, their sense of urgency, and their concerns. Write a benefit that your product or service offers for each item on this list.
List all the keywords and keyword phrases that your customers would use to find your product or service on the internet. Tools like Goto.com's keyword suggestion list and JimTools' Keyword Research Tool can help you come up with hundreds of keywords you may not have thought of otherwise. Enter these keywords into the major search engines and bookmark all the websites that appear in your searches. This will help you identify your competitors and where your customers are spending their time online.
It's important to closely examine the websites that rank highest in the search engines as they are likely your biggest competitors. Determine why they rank high. Examine their meta tags, keywords, descriptions, and titles and compare them to your own. Fine-tune your meta tags to increase your chances of ranking higher in search engine results.
Compare your website's sales copy to your competitors'. Your larger competitors are likely using benefit-rich sales copy. Adjust your website's sales copy to focus on how your product or service can help your customer get what they want and need.
Examine the design of your competitors' websites. Learn what is more attractive and compelling to your customers by comparing your web design to that of your competitors. Consider factors like ease of navigation, focus on products/services, and clutter.
Compare your online payment options, customer service, pricing, and added value to your competitors'. Search the internet using your competitors' website or product name to find out where else they are linked to.
Remember, the goal is not to copy your competitors but to learn from them. There are copyright laws that protect against copying website content or HTML code. Use the information you gather to improve your own website.
Internet marketers can gather all the information they need from a larger number of competitors in a fraction of the time it would take offline businesses. This is a great time to be in business on the internet. If you haven't taken the time to do your market research, stop everything you're doing to promote your business and focus on the three steps above. By doing so, you'll gain customers and increase your market share.
Good luck with your online business endeavors!
