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Business is more or less like a strategic game and to win in this game you cannot afford to neglect your competitors and so, competitor analysis is a very important activity at every level. Be it print marketing, sales, production, packaging or internet marketing the competitor analysis helps at every stage to perform better and provide better customer satisfaction.
In internet marketing the aspects that fall in the analysis of the competition are as follows:
- Choice of keywords & Kind of competition faced
- Choice of search engines
- Target market focus
- Threats faced and solutions found
- Objectives set
- Targets & Approach for the targets achieved
- Tools used for promotion
- Quantity and Quality of activities like link building, directory submissions, bookmark submissions, press releases, article submissions, keyword selection and many more.
- Areas they lag
- Any many more
So, while promoting your website we always suggest keeping an eye on your competitors every move apart from focusing on your optimization process. This should not just be while defining your marketing plan but also while conducting the plan as it will help in keeping your plan full proof. Through this kind of analysis you actually get to know their strengths, areas they lag, opportunities unaddressed and threats being faced and their solutions. So, it's more of like "been there done that what next!" It proves to be the biggest advantage to your plan over your competitor's efforts.