One of the most important and must do item before you launch your next Internet Startup is to complete an analysis on your future competitions. Now you may ask why this is a crucial task before you launch the site. In my previous posts I’ve covered why it is important to do the research prior to the launch. Learning about your competition and knowing their strengths and weaknesses is crucial for your success.
How to analyze your competitions?
You should prepare a detailed report for yourself. The report should focus on the following key areas:
- Methods to monetize the site
- Methods used to engage users
- Key features
- Regular user patterns
- Page Rank
You should choose a report format that fits your need but in my reports, I like to focus on the weaknesses and strengths of each of the above points. You have to know what they are doing right and what they are doing wrong. That is how you identify where you should focus your challenge on and eventually gain the authority for your own site.
How to identify your competition?
Last week I’ve discussed about “how to identify a niche“. In that article I’ve discussed about identifying what your competitions are doing and selling. You can achieve this task by following the same steps as I’ve outlined in that post.
Basically start off with a Google search (or other search engines) for the keywords related to your business. Most likely you will get all of your competitions listed on the first search results page. If not you will see many of them advertising on the right hand side of the search results page. Pull together all of the sites that you believe are either providing similar services or selling similar products.
You can also use Amazon an Clickbank to search for product sales related go your business.
Once you have a list of sites that you will be competing with, you should use Alexa siteinfo tool to figure out where they all rank in terms of traffic and authority. Higher the traffic they receive, the higher their authority is. This information will tell you who the market leader is and who is following behind them.
Target and Win Your Competition
Once you have your personal report on your competitor’s strengths and weaknesses, you have an upper hand over them. Setup your site and come up with a masterplan to achieve your life dream – to succeed with your new startup.
Choose your target and go for it. In your report you will have a list of your competitions, select the weakest of bunch and make them your first target. Once you beat the first target, just move on to the next. Don’t try to take over all of them overnight because it does not happen that way. Many startups fail because they think they can win the world overnight. Make a realistic plan and stick to it. You will succeed.