Regardless of the e-commerce marketplace in which you operate, selling online can be a challenging business. With so many highly qualified sellers offering quality products and services to the same customers, it’s essential to take the necessary steps to stay ahead of the competition. Conducting frequent competitive analyses should be an integral part of your strategic plan to ensure you are on the right track. Please continue reading to learn how performing a competitive analysis can help you stand out. If you’re looking for ways to take your e-commerce business to the next level, it’s in your best interest to enlist the help of the AVASK Group.
Where do I start?
Although Amazon has millions of products and brands, it’s imperative to understand that you’re not competing with all of them. To maintain a competitive edge over your rivals, conducting a competitive analysis at least once every quarter is crucial. You should keep track of your competitor’s significant sales during your analysis. Take note of what your rivals are doing for events like Prime Day. This will help you understand what’s working for them and where you may be lacking. Keeping tabs on your competitors at all times, even your aspirational competitors, will help you monitor their growth. Ultimately, staying informed on your competitor’s game plans will help you devise strategies that make your business more attractive to customers.
How to conduct a competitive analysis?
First, you should target as many keywords and phrases as possible that are relevant to your product on Amazon. It’s often beneficial to pretend as though you’re the shopper. To achieve the most accurate results, as a brand owner, you must walk through the search with bias. Understandably, it can be difficult to remove bias as a brand owner. If you cannot do so, you should turn to your friends or family who don’t sell on Amazon. The top products that come up in your search are your primary competitors.
Moreover, you want to evaluate everything from Ads, offers, coupons, prices, and pictures. It’s also beneficial to look at reviews and questions the seller has answered. You want to ensure you take note of what you see. It can help you develop strategies for improving and what opportunities like Prime Day you should capitalize on to help your business grow. You can even take it a step further and look beyond Amazon.
If you’re looking for ways to grow your business, you’ve come to the right place. Please don’t hesitate to contact our determined team at Ebiz Accounting to discuss different strategies to help you stay ahead of your competitors.