No matter what, when you are in business, you will always have competition.  That is a given!  Those that do well against the competition (and how) is what I want to focus on in this post. 

If you never take time to see who you are going up against in your product line then the competition is already a step a head of you.  On one of my sites over the weekend I probably spent three hours re-working all my prices to beat or match the competition sites that rank for certain keywords along side mine.  Taking the time to do this can really mean selling a lot, or selling nothing.  

Most people get online to find information (price compare) and they will find out soon that your prices are not the lowest (if they are not).  Knowing what your competitors sell online and how much they are selling it for may seem like a simple step, but you would be surprised how many people I talk to spend no time researching it.

On Sunday I got an order for a product that I had never sold on my website before.  It was the same product that I had researched out and lowered the price.  This alone should tell you the importance of knowing what the competition is doing!  A lot out there just don't want to lower their prices because they want to make more money, well look at it this way - if you don't change your prices you are selling nothing and making nothing, so even if you lower them and only make one dollar, that is more then nothing!