Keyword Research and Competition Analysis

Posted by Dexter Fulton on December 31, 2009 in Market Research with 1 Comment

Keyword Research and Competition Analysis – Do I Need It?

Honestly, this is a valiant question for most small business owners whose business has survived for more than 5 years without any prior keyword research and competition analysis.

However, Keyword Research and Competition Analysis is the most critical, but under utilized step in market research today.

For some insane reason, business owners feel researching their market is a waste of time and money. If you ask a business owner about their customers, they’ll give you a detailed list of why people buy from them based on personal experience and years of owning their own business.

So… why should they pay a marketing company for something they already know?

Huge Mistake: Ignoring Keyword Research and Competition Analysis

Don’t make this mistake… assuming you know everything about your customer with out doing the proper research; you see — times are changing, the world is changing, and you better believe, your customer is changing.

The last decade has revolutionized the way consumers think, with the internet in 3 out of 4 homes, the consumer of yesterday is better educated and more resourceful.

Having a good understanding of what consumers are entering into the search engine to find you, gives you a competitive advantage over your competitors. (Note: Assuming you’re on the internet.)

O.k… I understand the importance of keyword research, but why should I worry about my competitors who are located 5 miles away.

The Importance of Competition Analysis

With more and more people using the internet everyday to order pizza and hot wings, the location of your competition isn’t a major factor anymore.

The internet gives the consumer options like ordering in advance without the annoying receptionist, paying with credit or debit cards online, and the ability plan their day before leaving the house.

Let’s face facts — consumers are willing to ride the extra mile for what they want, and your competitors know this. So, instead of entering a market blind, leverage on the efforts of your competitors to see what works and what doesn’t.

By analyzing your competitors you can determine which factors are needed to out maneuver them, and dominate your market.

Whatever you do… don’t underestimate the power of market research and competition analysis by replacing it with guesswork.

For a thorough understanding of keyword research and competition analysis, don’t hesitate to contact Atlanta Marketing Minds and schedule a consultation.