Why SEO Competitor analysis is important for your business?
Rani Rao was getting ready to leave for her office, she picked her lunch box, water bottle, id card, hand purse… a three-day holiday was truly refreshing. She was raring to go, while recollecting her final check list is when her husband intercepted her thoughts, he glimpsed on her wristwatch to get the accurate time.
Mr. Rao was the principal of a private school, he truly believed and lived a simple life setting an example for his students, colleagues and his family. They were truly inspired by his style of living. Though, his life was simple, his mission was… gratifying. He dedicated his life in teaching and would take personal interest if he found a child weak in learning. His mission was to see that each child gets through his school 10th grade successfully. You can always see him worried during the declaration of SSC results. You ask him and he will say “I wouldn’t appreciate if someone fails, with a low mark a child will find an appropriate advanced studies which suits their career, but a failure leaves lot of scars, bad memories. We are not attuned to accept failure gracefully…yet”
In the morning Rao would take a walk to his school, on the way was a watch store, he would peep into the store, there was a large wall clock hung on the front wall as you enter the shop, as well a huge clock on the roof of the shop, which displayed accurate timing. Lucky watch store was very popular in the town, people could see his clock from faraway and adjust their watch timings as all trusted the timings to be accurate. Rao on his way to school would adjust his watch timings too and go ahead. His school was just few yards away from the store. A busy street with pedestrians & children’s crossing street, school buses, public transport, private vehicles plying up & down.
Lucky store had been in existence since long, they were positioned perfectly with a great visibility and the only huge store with a large customer base and a flourishing business. Each time Rao passed through the street he would think “How does the owner of the shop Mr. Manjit Singh, manage to maintain the timings, what was his secret to maintain the time so accurate that the entire town adjust their watch and clock timings accordingly. He decided to pay a visit and have a chat with him.
Stepping inside the store he felt as if he has come to a huge hall of wrist watches, wall clocks with pendulums ticking. He went further inside the store and was going through different table top watches & clocks, with different shades, sizes, wall clocks, alarm clocks, side-table top clocks, digital clocks branded, non-branded, a great variety filled his shop. He has also put up a board “You ask for it and if we do not have it, you get it FREE”. From the old heritage pocket watches to the latest gadgets. He had all the varieties of the watches & clocks any piece you ask for, it was available. The quality as well as the price displayed seemed to be quite economical, more pleasant was his charming smile. Mr. Manjit Singh seemed somewhere close to 60-year-old. He smiled and asked. How can I help you sir?
Hi, I stay close by here and pass through this street often, said Rao. “Each person in this town is fascinated, attracted towards your shop and also trust you, your brand, you have a huge fan following too, and I have seen passerby, travelers adjust their watch timings to your clock. Since long I had been thinking of asking you, how do you manage to keep so accurate time”
That’s our secret sir… 🙂 said Mr. Manjit Singh, smiling
Agreed… but maybe, you would like to share it with an old man… both smiled and laughed together.
It’s very simple sir… said Mr. Manjit Singh, “If you walk ahead few yards, you will find a school, the moment the school bell rings, I adjust my clock”.
What is an SEO?
SEO is an abbreviation form for Search Engine Optimization. An SEO will help your prospective customer to find you in search engine, as well help your page to rank better on search engines. It’s easier said than done, because lot of efforts goes into it. One should be consistent and be persistent on a long term to follow and achieve desired results.
How frequent should I do an SEO?
If you are going for an yearly basis it is too long a gap. If you are trying to do it on a monthly basis, you may not be giving enough time to collect data to base your analysis. The right time should be every 3- 6 months.
What is a competitor analysis and how will it benefit me?
Each enterprise is unique and has it’s own strength, the idea is to leverage your strength for best results by analyzing the competition.
It is always better to have a viability study before you launch your product or service, you should evaluate, analyze before you position yourself in the market.
“Find the Void in the market”, in our earlier blog we had mentioned, finding the gap is like finding an opportunity. Find the void in the market it will help you to seize the opportunity and turn this void to your favor.
Study the market, draft and redraft your strategy if it requires to be done to make it more effective against the massive competition in the market.
Wherever in the earth you travel you will find someone has already put similar strategy to use, your responsibility is to understand and learn from it.
Know more on the benefits and how it can help you in sales & growth. Connect with us on: firstname.lastname@example.org
Why should I do a competitor analysis?
You do not cook the food when you are hungry, therefore you should be prepared.
Step back and access the market before launch of your product or services or scaling it to a new level. Get the feeling from the market and feedback, know who your direct competitors are, where do you stand in comparison. What different a competitor is doing, perhaps you could learn something new.
What keywords are being used that drives traffic to your competitor’s website. What is the strength and how the competitor is leveraging his strength to gain an edge over your services. These are the feedback which will help you strengthen your strategy and maintain your position in the market. Remember your position at the top is always at risk. Each entity must be vying to race ahead, and they will race ahead if better equipped.
Are you ready to take up the competition.
Are you prepared?
Why competitor analysis is important?
Competitor analysis helps you to be prepared, it will help you to understand your key market, your competitors. What strategy is being used to build a stronghold in the market, based on this information you can draft and strengthen your strategy.
It will help you to understand.
- The market strategy
- The product strategy
- The pricing strategy
- The product positioning
- Direct and indirect competition to your product & services
Have you done your competitor analysis?
Would you like to share some of your findings? Would you like to discuss, maybe we can add few inputs which could help you.