Online business is a dynamic business model and all the businesses are under heavy stress of online traffic battle. To beat the competition and reach out to the maximum visitors and customers it is compulsory to understand what your competitors are doing, especially the ones that already have an established online business.
Analyzing your sites conversions, web statistics, and other elements as well as your competitors is an ongoing process. Similar to your web site, your competitors will also change over time. They may learn how to reach a certain search engine better or even approach their customers faster enough to stay ahead of you. Whatever the case may be, you should always take the time to competitor analysis.
Competitor analysis is an essential component of corporate strategy; it is argued that most firms do not conduct this type of analysis systematically enough. If they don’t, how to know their competitors. Today is a world of competition and we have to keep open an eye towards our competitors.