If you operate an active funny T shirts shop, you must be aware of the importance of analyzing your competitors. This helps you to keep up with the trends and maintain your reputation and standards. Moreover, you can know what things are working for your competitors and how different their marketing is from yours. For example, you can tell what the competitor’s best-performing products are and their prices. What’s more, spying also help you unearth some of the barriers that you need to develop to prevent your potential competitors from entering your market.
However, spying is not easy, so you have to be smart about it. The first step in an effective competitor analysis is look at your target market from a customer’s point of view and group your competitors based on what they are doing to contend for buyers’ dollars. And their online shops are one of the best places to begin with.
To this end, here are 5 genius tips that you can copy to spy on online shops successfully.
1. Know Your Competitors
This is the basis of the spying business. You have to know who you are facing if you want to be as good as them or even better. The simplest way to know your competitors is to Google Search, Facebook Search, or Pinterest Search them. Just enter and search a keyword that relates to your niche and you’ll know who your competitors are.
2. Study their Traffic
It’s important to know what kind of traffic your competitors are getting if you want to enjoy the same or better. To do this, you should use value calculator sites such as Commerce Inspector and Worth of Web. The sites are free and will give you sufficient traffic information about other online shops.
3. Calculate their Revenue
Using the traffic data, you can estimate how much revenue your competitor is getting on daily orders. For example, if the conversion rate is 2% (0.02), multiply the value with the estimated traffic amount.
4. Identify the Best-Sellers
After identifying a particular T-shirt shop, just click on it and input the term best-selling. You’ll be directed to a page that shows what the top-selling products are. This helps you to come up with an effective marketing strategy to match them.
5. Monitor their Ad Campaigns
Lastly, you should spy on your competitor’s funny T shirts shops through social media. For example, check their Facebook Ads and identify how they get their likes, comments, and clicks.
After you have obtained the above information, the remaining thing is to come up with an effective campaign approach and implement it. You should at least aim to outperform the competitor. It’s easier if you know their strength and weaknesses.
