Some companies use what they call “competitive analysis” to identify the areas of the business that are most vulnerable to competition. However, when analyzing your competitors’ strategies or resources, consider another type of analysis that focuses on the potential of your product or service to help your business.
Your competitive analysis should focus on how your business can help your competitor’s business survive and thrive. This means you should understand the competitor’s thinking, motivations, and tactics so you can improve the strength of your own product or service.
By keeping this in mind, you will be better positioned to develop a strong business model that is attractive to customers. A clear business vision is often more important than anything else you can do to improve the competitive advantage you have over your competitor. It is important to understand the competitive advantage, because your competitors may be doing things differently to achieve it.
However, remember that the primary elements of their competitive advantage are almost always related to their strong branding, their strong customer service, and their effective information disclosure acts. As part of your competitive analysis, it is useful to also focus on the customers’ needs and preferences. The techniques that your competitors are using will typically affect customers more than you realize.
Competitors’ marketing strategies, including the types of advertising they use, how well they relate to their target audience, and the targeting methods used, will likely be an important part of your competitive analysis. Consider all of these factors as you create a plan to align yourself with the competitors’ activities.
In addition to your goal to find out about the competitive plans of your competitors, it is important to note that there are some things that they are not legally allowed to do. Your company cannot use these factors for competitive analysis. Unfortunately, most companies are not aware of this and end up violating their own standards. Keyword research, on the other hand, is a critical element of the success of SEO. It allows your company to get a clearer picture of what potential customers are searching for, how they might be looking for it, and the number of sites they visit before making a decision.
Not only is keyword research a critical element of your SEO, but it is also very important for developing your business plan. It helps you determine what phrases are most relevant to your target audience. When these are used in your site content, they provide keywords for your web pages, and they enable search engines to locate your site.
When people are researching a topic online, the relevance of the sites they visit will probably be a major determinant of the relevance of the products and services on those sites. Of course, Google and other search engines have the algorithms to determine relevance.
What you need to keep in mind is that keyword research is almost as much a part of SEO as research into ways to improve the relevancy of your site. You can do both simultaneously.
Remember, however, that once you have determined the relevance of your site content, you will not have to do keyword research. As a result, you can focus your efforts on improving the relevance of your site, which is a critical step in the SEO process.
For your SEO competitive analysis, focus on helping your company remain competitive in today’s marketplace. It’s certainly possible to successfully get into the top two spots in the organic listings, but it takes time, investment, and work.