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Yahoo and MSN obviously use different algorithms than google so this is a very good question.
The study of Yahoo and MSN seo is not nearly as advanced as that of Google. however most of the typical Google best practices will show significant results in MSN and Yahoo.
MSN use to give enhanced placement to new sites and sites with updated content, I think they have dropped the enhancement of new sites for the live search, but it appears that dynamic sites still receive some sort of bump.
The big thing that MSN is wanting to get into lately is more localized search results, so what I would do with competitive keywords is try to work in some location terms throughout your site along with the keywords. If you overload it of course it will likely have a negative effect, but looking at your audience just try to get an idea of where most of them come from and go from there.
Above all like google backlinks are still king. Just make sure you have a ton of inbound links and you will be doing good.
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