Competitor research is one of the most important things to do when you get started in online marketing. Even after you have been doing it for a while, you need to keep up with what the other companies are doing. Otherwise, you run the risk of not being able to effectively compete with all of what they have going on.
One of the main reasons to conduct competitor research is to know about the keywords other companies in your industry are using. The larger companies (the ones with larger marketing budgets) might be targeting the same keywords you are. The problem with this is that you cannot effectively compete on the same level. As such, you need to approach keywords differently – and work on ranking on different keywords.
You should know what companies are doing better than you. These are the ones you want to keep a close eye on to see what keywords they are using and when they switch to include new and different keywords.
Unique Value Proposition
To compete effectively, you have to offer a unique value proposition. You have to give consumers a reason to choose you instead of the competition. In order to do this, you need to know what the other companies offer. It might take some time to research the competition, but it will be well worth it.
Some of the ways companies identify themselves as being unique include:
- Low pricing
- Premium customer service
- Unique product or service
If there’s a company that prides themselves on being the lowest priced competitor, then you have to decide if you want to undercut their pricing in order to have the lowest pricing or if you want to offer something else that’s unique in order to convince customers to spend a little more money in order to get a premium experience.
If you truly promote yourself as unique, many people will be willing to spend the money.
Site Layout and Content
Additionally, with online marketing, you need to research the competition to see what their site layout and content looks like. Particularly if you are entering the industry for the first time, you can learn a lot about what consumers expect to see when they get to a website. If the content is well laid out, you know you need to do at least as good as they are – and potentially even better.
Competitor research has to be done in order to be successful. Consumers are exploring the competition, which means you have to know what you’re up against. All you have to do is figure out what they’re doing so you can do it better – and offer up something unique.
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With over 15 years of marketing experience I have helped over 1,000 businesses amplify their customer base. I have spent the man hours to make sure every one of my clients have had a positive experience. I take the time to sit and get to know every company I work with on a personal level. I started this company to put qualified leads in front of the companies who are looking for them. The Website Marketing Company headquarters in Orlando, FL. 32803 services clients across the country.
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