Starting a business is no easy task. You have to find capital, research your key audience and if you are a one man show you are wearing multiple hats. Once you get your business off the ground, you have more time to look into what your competitors are doing currently. You probably did research when you first started, but the landscape in your industry could have changed since the last time you did a good in-depth look.
Audit their Sites
When you decide to dive deep into competitor analysis, you have to start somewhere. Pick your top three or four competitors and see what they are doing. Audit their site and see what keywords they are using, how their site is laid out and what sites are linking back to theirs. Chances are you will see comparisons. Are they on similar sites? Are they using similar keywords and key phrases? How do their sites look similar and differ? What do you like about each?
How Can You Do It Better?
Once you have the information you need, the ball is in your court. How can you do it better than them? What are your strengths? Do you have a rock star SEO team that can blow them out of the water? Plan out a great strategy that will benefit your website and company. Remember Google can be fickle, and what works for one website might not work for another.
Revisit your strategy monthly. There are too many moving parts to online marketing not to. Stay up-to-date on industry trends and news. You never know when Google might pull out another major change to their algorithm. Make sure you stay ahead of the curve, it can help your site and blast your competitors out of the water.