Ecommerce sales in the US are expected to exceed $700 billion by 2023, which means the competition for gaining new customers will be fiercer than ever. Business owners will have to think critically about acquisition strategies and how to beat their competitors.
Our latest guide outlines how ecommerce businesses, like you, can use data and analytics to win over customers. We’ll show you how to identify your top competitors, pinpoint their weaknesses, and create a strategy to steal their customers!
When you first open an online store, you know you need to find new customers — but where do those people come from? Here’s a hint: savvy ecommerce marketers steal them right from their competitors. Your competitors have already done the hard work of identifying and attracting qualified customers, so it makes sensefor you to build off of their success in order to create your own customer base. It’s not unethical to try to attract customers away from your competitors – in the marketing world, it’s called “competitive advertising”, and has been around for thousands of years.
Casing the Joint
Every great heist needs a plan. Before setting out to steal your competitors’ customers, there are a few things you need to do first – namely, customer analysis. Since we’re only interested in stealing competitors’ customers, we don’t need to do a full-scale competitor analysis for each – just find their weak spots.
By now, you might be drowning in information about your competitors— so what do you do with it all? The whole point of conducting a competitive analysis is to uncover information you can use to steal your competitors’ customers. Here are a few of our favorite dirty tricks to help you pull it all off.