Understanding your competition is important. When you understand them, you can position your business to stand apart. You can create an effective SEO and keyword development strategy. You can maximize your competition. And finally, you can position your products and services to sell.
When you created your business plan, you likely did a competitive analysis. If you didn’t, then now’s the time. Once you have a solid competitive analysis, the work’s not done. The world changes and so too does your competition. It’s important to stay abreast of their change. While it’s not a good idea to stress about your competition, it is important to review them semi-annually or quarterly.
So…how well do you know your competition?
Here are five questions to get you thinking about your competition.
Question #1 – Do you know who your competition is? Do you have a competitive analysis? It’s difficult to differentiate your business if you don’t know who your competition is. Your USP, Unique Selling Proposition, is often created with your competition in mind. You need to know what you do better or differently so you can offer value and benefit to your audience.
Question #2 – How often do you presently analyze and evaluate your competition? Again, it’s not wise to obsess about your competition. However, it is wise to create an analysis strategy. Semi-annually, annually or quarterly are common periods to review your competition and update your analysis.
Question #3 – What are your competitions’ primary keywords? What are their Alexa stats? How do you compare? It’s important to know not only where your competition stands, but also where you stand in comparison. Create a chart or system to track this information.
Question #4 – Are you paying attention to your competitions content? Do you follow your competition on social networking sites? Do you receive alerts when they publish new content? Do you subscribe to their blog or newsletter? Simple strategies can help you stay abreast of your competition. You can collect the information and review it when appropriate. Or you can review it as you learn about it. Often, your competition’s actions and content can be helpful to you. Their actions might inspire a new content idea, product or service.
Question #5 – Does your competitive analysis and strategy include:
SEO Page Ranking
Yes, your competition is watching you and you’re foolish to think otherwise, so you might as well return the favor. Take advantage of automated technology to track their activities. Create a plan to assess your competition and reassess your strategies and tactics. There’s a lot to learn from the people that challenge you. Your competition may be the motivating force you need to take your business and website to the next level.
So what do you think? What do you do to monitor your competition? Leave me a comment below.