A vital part that should be part of your SEO and Internet marketing strategy is checking and verifying what the competition is doing. Seeing what the competitions is doing can give you a great idea on what is working and what isn’t. When you start taking a look at your online competition you need to know what you are looking at. The goal would be start a list that you can track and update with new information. It is a good idea to do a review of your competition once a month.
Your competition can give you great insight avenues for more revenue that you are missing
5 Items to Check on Competitor Websites
- Promotions: it is a good idea to keep up to date on your competitions promotions. Our there products or services that you could be offering. Also, checking to see what kind of promotions they are doing and how often. The frequency of promotions can tell you the success rate of using promotions to increase sales.
- Conversion Funnel: good websites lead their visitors to the information that supports them making a buying decision or contact your company decision. Verify how your competition is doing this. Depending on your business model you may need more or less information to convert a visitor into a sale.
- Validation: I call them “warm and fuzzies.” Look for external validation markers like the Better Business Bureau, Hacker Safe, or industry related certifications. Factors that increase reliability and give external validation that you are legitimate business are vital for increasing trust and sales.
- Price: be careful of getting into price wars. You can find more success by offerings great value to your customers than just being the lowest price. You do want to pay attention though if you are way too low or high as it relates to your competition.
- Payments: how are your competition receiving payments. Do they have a shopping cart? Do they use external payment methods like Google Checkout or Paypal, or do you need to make payments over the phone?