The internet allows first-hand analysis of how and where your competitors are positioning themselves. Take a look at the Sponsored Ads on Google for terms relevant to your business. Ask yourself: Are these the companies you would have expected to see advertising this time last year? Have more businesses entered your market? Or have your competitors looked to spread their wings with smarter keyword bidding?
Take the time to look at and evaluate your competitors.
Do you see innovative methods in place which you could replicate and enhance for your own online offering? Does your competitor emphasise a particular service that you can offer? If you sell products online, do you have similar or at least competitive shipping costs? Recent statistics revealed that 20% of shopping carts are abandoned due companies not being upfront about delivery charges.
When you look at the organic search listings for your product groups or services, do you see the same competitor’s names repeatedly showing? Can you look at their pages and understand exactly how they’re taking advantage of what is essentially FREE traffic?
Do your competitors run affiliate programmes which allow related websites to promote their services in order to receive a commission or set payout for introducing new customers? If so, sign up and see exactly what they offer in return for this additional marketing. Can you compete or even greater the offering to create online business relationships which will work as your own “online sales force”?
Set aside a few hours each week to see exactly where you are positioned within your market. Keep a vigilant eye on your key competitors to monitor their movements, how they are spending their budget to attract new and existing customers but specifically, where you may be losing potential business.
* The main listings on search engines such as Google, Yahoo! And Bing
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