How Do You Determine Your Competition on the Internet?

Recently, I read a great blog post by Lee Odden that discussed several key aspects of “Opportunity Research.”

Obviously, numerous differences appear in advertising and brand management in the virtual world as opposed to “real world” or traditional forms.

Competitors Online Can Look a LOT Different

Perhaps one of the biggest differences in advertising online, however  is the variation of competition on the web. Even if you are able to execute on your marketing strategy and clearly articulate the value your business offers over your competition in the real world, you’d be surprised how your “assumed” competition on the web is exponentially larger.

Consider this quote from Odden’s article:

"Competition [online] is whoever draws from time and attention your prospects should be spending with you. In search and social media, that could mean your own customers publishing to the web."

This quote helps explain the challenge of truly identifying who your competition on the web really is.

If you sell widgets, then I guarantee you are aware of all the competitors around Gainesville and even Florida that sell widgets. But online, your competition is anyone talking about widgets that could potentially distract your customers from listening to your message about widgets and engaging with you.

So how does your business compete in the digital world? How can you truly leverage your valuable time and energy to get the most Return on Investment for your Internet Marketing budget? Understanding the fundamental difference of “virtual ” competition and “real world” competition is a start. Here are some other areas that will help you get ahead.

Create GREAT Content

I heard a long time ago that Content is King, and to be honest, as cliche as it sounds, it is very true. I say this all the time to business owners I meet: “If there is one Internet Marketing activity that you could do above any other, it’s create content.” The reason is because content creation is the catalyst for so many other aspects of Internet Marketing. It fuels Social Media engagement, Email marketing content for lead nurturing, as well as gives you more and more authority in the eyes of Search Engines, to name but a few. If you do not have a content creation strategy in place, you need one now, because your “competition” is constantly creating content online.

Foster Engagement

You want your website to be THE source for your products or service. When it comes to what you do, your online presence needs to be the only source people rely on for information and expertise. You do this through content creation, naturally, but also through every other form of communication you have. Tell people in networking groups about your blog or help section on your website. Take the time and update your email signature to promote your website and your expertise in creative ways (I use Wisestamp). Get in the habit of working smarter, not harder, with your online engagement. Invest in automation tools like Hootsuite that allow you to schedule automatic Social Media posts, so that you are getting the most return on your time spent.

Focus on Customer Solutions

Too often, I see business owners focusing on where they’re ranking in search engines. They want to be number one for any keyword term associated with their brand. Yes, ranking well in search engines is vital and a high priority, but you must be able to think “bigger picture” with your Internet Marketing strategy and overall presence online. The focus should center around the value that your business’ web presence brings to the average visitor to your site.

• Is it a good experience for them?
• Are they able to find the information they need?
• How are you helping solve problems they are facing?

If you are able to provide the best user experience possible, then a byproduct will be an increase in exposure of your brand over your virtual competition, which produces increases in overall conversions on your site too.

Marketing Takeaway:

It’s important to understand the fundamental differences in advertising on the web and in the “real” world. One of the biggest differences between the two is competition, or the perceived competition that exists. It’s crucial that you realize your competition online is how Odden illustrated; anyone and everyone publishing anything remotely close to your products or services on the web. However, if you are able to take an active role in your Internet presence, create valuable content, continuously engage visitors, and focus on customer solutions, your competition overtime will invariably become less and less.