September 14, 2019
Print classifieds are outdated because digital media has already taken its place. Most of the businesses are incorporating online classified ads to survive in the digital world. It is becoming difficult to accept the challenge given by digital media to the print media. There two main challenges faced by the print media which are as follows:
1. Does print classifieds show any impact on your business?
2. Is there any competitive strength that your business can use against online?
How to do a competitive analysis?
There are certain things you need to evaluate while doing competitive analysis.
Have a look at the below-mentioned points:
1. Evaluate your existing business situations, for instance, the offline operation of the company or the flawless exchange of products or services offline and online.
2. Evaluation of the Audience, For instance, use media to fetch more potential buyers at low prices than the other competitors.
3. Evaluation of the Sale, for instance, get more potential sellers for the online classified.
4. Evaluation of Technology, for instance, the unique use of technology for online classified ads.
5. Evaluation of the Brand, For instance, the reputation of the brand in the market.
6. Evaluation of the Knowledge, For instance, the unique product or service you sell in the market.
How to choose a strategy for Online classifieds?
We have already discussed the evaluation of the competitive landscape and the unique strengths of the business. Next, we will discuss four strategies for online classified which will provide a deep understanding of the business’s unique strengths and competitive landscape.
Have a look at the Strategies!
Partnership for the Traffic: A partnership is established between media and leading classified site to derive traffic. This traffic increases the number of buyers and sellers. There is not much risk associated with this strategy. Those companies who are using this strategy generally encounters leading players of the market. Under this situation, access to the news site is provided by the partnership to the competitors. There is some amount of fee is paid for the traffic. And, if the set goal is accomplished then it’s a bonus.
Example of this Strategy: Malaysiakini’s association with PropertyGuru
Establish a partnership between sales & marketing and Online classifieds: The partnership established by the company is not just to derive traffic but also for the advertisement and promotion purposes. Sales & marketing builds partnership to advertise and promote an online classified platform and their partners. Just like the above strategy, the business will face fierce competition of the leading online classifieds. This strategy not just derives traffic but also enhances sales and marketing skills.
Example of this Strategy: When the New York Times partnered with Monster Company.
Develop your online classified platform: This strategy needs technology for the development of your online classified platform. The company can create or buy the technology used to develop an online classified platform. It will be a huge risk if the company will develop or select and then retain its technology. In this strategy, the competition is quite limited but the company has some technology or product that can result in the launch of the new classified platform.
Example of this Strategy: Alta Press in Barnaul, Altai, Russia uses the strategy with KP22.ru and launched an online classified called Kupi Prodai.
Create a network for the Classified: The level of risk is higher in this strategy as it includes the risk of selection and maintenance of technology classified site. The competition is quite high because the leading classified sites have different strengths and goals. The success of the strategy brings a lot of change in the market. The leading classified site has strengths like well-trained staff, new technology etc. The perfect blend of these strengths helps them to compete and survive in the industry.
Above mentioned strategies involves various unique ways to get the maximum opportunities in the market. But companies have to adapt the strategies based on their current situation and strengths.