Evaluate your competitor's price. Just because you have the same products as other businesses, doesn't mean everyone has the same price. Your own production costs greatly impact your pricing. If your price for a similar product is higher than your competitor's, then your market position is weaker; and if it's lower, then your competitive position is better.A temporary price decrease by a competitor might indicate nothing more serious than a transient need to move excess inventory. However, a trend of lowered prices may indicate that your competition is doing it to gain market share and improve production costs. It could also mean your rival is in financial trouble and has been forced to lower prices. It's in this type of situation that rumors and gossip become helpful. If there are rumors that a company is in financial trouble and you discover price fluctuations, it's more likely that there are problems. Be sure your analysis includes product/service charges added to the purchase price, such as installation or additional equipment required.
Your article reaches me at just the perfect time. I’ve been working on getting back to blogging and have been at it for almost a month now. I’ve been fixing SEO related stuff on my blog and after reading this article (by the way is way too long for one sitting) I’m kind of confused. I’m looking at bloggers like Darren Rowse, Brian Clark, and so many other bloggers who use blogging or their blogs as a platform to educate their readers more than thinking about search rankings (but I’m sure they do).
Browse. Search the Internet for news, public relations, and other mentions of your competition. Search blogs and Twitter feeds as well as review and recommendation sites. While most of the information you find will be anecdotal and based on the opinion of just a few people, you may at least get a sense of how some consumers perceive your competition. Plus you may also get advance warning about expansion plans, new markets they intend to enter, or changes in management.
Write for multiple audiences. The meat of your report will contain very technical observations and recommendations. However, it's important to realize that the report will not always be read by tech-savvy individuals. Thus, when writing the report, be sure to keep other audiences in mind and provide helpful summaries for managers, executives, and anyone else that might not have a working knowledge of SEO.
Finally, since the competitive environment is dynamic, the competitor's ability to react swiftly to change should be evaluated. Some firms have heavy momentum and may continue for many years in the same direction before adapting. Others are able to mobilize and adapt very quickly. Factors that slow a company down include low cash reserves, large investments in fixed assets, and an organizational structure that hinders quick action.
One thing you'll need to know right from the get-go is that none of these benefits is going to show up immediately. Content marketing is a wonderful example of what's referred to as flywheel marketing: At first, it takes quite a bit of effort just to get the wheel turning. Over time, though, the wheel's own momentum lessens the effort required of you to see the same results. Don't expect results tomorrow, and think now about whose expectations you may need to temper, and what that'll mean for your work. But don't let that fool you into thinking it isn't working.
He is the co-founder of Neil Patel Digital. The Wall Street Journal calls him a top influencer on the web, Forbes says he is one of the top 10 marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies. Neil is a New York Times bestselling author and was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations.