Competition refers to the opposition among similar business entities with objectives of capturing new customers, increasing the size of the market, driving up sales volume and ultimately maximizing the profits of the business.
Competition is usually beneficial to the customers and may be hurting to the business. However, competition is everywhere and the business must develop strategies to compete effectively.
Strategies to Counter Competition
- Aggressive marketing; whereby the business undertakes serious campaigns to enhance the popularity of their products over that of the competition.
- Customer research; thorough research on the actual needs of the customer, addressing these needs and educating the customers on the fulfillment of these needs;
- Superior products that deliver quality service to the user than that of the competitors.
- Wide distribution to vast geographical areas to enhance market reach, as well as generate new markets.
- Branding to create unique products.
- Continuous advertising to maintain presence and visibility in the market.
Despite the effectiveness of these methods they incur huge costs to the business and this cost is then transferred to the consumer through increase in prices of their commodities.
Search Engine Optimization Marketing
The development of the internet has opened up new avenues for businesses to introduce and market their products worldwide and due to the huge volume of similar businesses worldwide the presence of the business may not be seen. Search engines need to see your business once a search is done therefore wording must enable this. SEO’s enable the business or product to appear on the top of the search list, once a search is none on the search engine. Some of the benefits of SEO include;
- Free traffic to your website, whereby once the search engine ranks, the status remains without too much investment, therefore generating business leads continuously.
- With increased traffic, the return on investment continues to grow with minimal or no further investment.
- Low investment costs. The investment is only on getting the keywords that will give the highest rankings on various search engines.
- Optimized content results in better navigation and attraction of more visitors to the site.
- Links are inserted on the SEO optimized text to direct users to the product link as well as to the contacts of the business .This enables tracking of customers whose contacts and IP addresses can be stored.
The future of SEO
With the key word search and word optimization achieving tremendous results, the next question to ask will be whether after getting the traffic, are the sales increasing to prove the success? The conversion rate of traffic to sales will be a key area to focus on next. The competition will continue increasing and so key word will be very intense to achieve top 10mrankings on the search.
Competition in business will always be there and it is important for the business to have a strategy to counter this. Various ways to beat the competition include aggressive advertising, making superior products , wide distribution and continued advertising .These strategies are however limited in their approach and costly. Search engine optimization is cost effective and achieves a high rate of return and should be adopted by the business. For more information on getting success in business with SEO.
This article is written by Jigney Bhachech- CEO of Opal Infotech.
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