As UX designers, we should go out there and collect as much data as possible before building a real product. This data will help us to create a solid product that users will want to use, rather than a product we want or imagine. These kinds of products are more likely to succeed in the market. Competitive analysis is one of the ways to get this data and to create a user-friendly product.
It’s worth mentioning that some of these terms are still evolving, and their use is still being defined. For example, geo-targeting is often used synonymously with location targeting, for now, but that could change. Terms and meaning might shift over time as the technology and its uses evolve. But, like geo-targeting, we’ve got you covered right here, right now.
While doing the marketing competitor analysis you have to consider everything in SWOT. For that, you need to assess the external factors. This is where the PEST analysis comes into play. By doing the PEST analysis, you are getting to know how your competitors will react when there is a change. Will they consider that change an opportunity to do better or see it as a threat? This will give you an idea as to how your rivals operate. You can even base your marketing strategy on their ideas. Supposing there is a social change and your competitors cannot deal with it. However, your firm can. So you will try to strategize to take full opportunity of that social change so that you come out better than your opposition.
Jeff Baum is Director of Services at Hanapin Marketing and a seasoned PPC advertising professional with Hanapin Marketing. a 13 year track record of success in digital advertising. He has developed and implemented strategies to substantially grow revenue and profits for a variety of lead generation and e-commerce businesses. He has also been responsible and accountable for managing hundreds of thousands of dollars in PPC advertising spend per month. Jeff is a recurring writer for Hanapin's blog and PPC Hero.
You can, for instance, target multiple areas specifically by their zip codes. Let’s say our real estate business explodes and goes nationwide and we want to look for the cheapest places to buy homes in America. We can look up a list of the zip codes with the cheapest homes and enter them as our targeting criteria, giving us a “geo-fence” that spans different communities and states:
Are they targeting low, middle, or high income customers? Look at their pricing information, including how they phrase it. If they use words like discounts, sale, affordable, or cheap, then they aren’t targeting the high income crowd. Also look at the marketing materials themselves, whether it’s a brochure or online banner. Are they attention-grabbing or elegant?
Images: Even though search engines don’t really see images, you can still use them as part of your keyword strategy. First, make sure they are relevant to your page content, and add to the overall user experience. For search engines, use the alt attribute to help crawlers "see" what an image is about. The alt attribute is a part of the image HTML tag that is used by search engines, text-only browsers and screen readers to “see” an image. Use your keywords in the alt text, but be sure to do so naturally. Stuffing alt attributes full of keywords and synonyms will make your page look like spam and do more harm than good.
Conversion: This strategy is what most of us are after. We want our keywords to draw traffic to our website or landing page, and then we want that traffic to convert by making a purchase or otherwise doing something specific like filling out a contact form, picking up the phone, or downloading something. In this case, long-tail or more specific keywords will likely work best for you.
When an ad mentions the target customer’s region or city, such as Chicago, this approach has proven to deliver a much better response rate than running a national campaign that doesn’t include a location. “It goes back to the messaging aspect,” Fritz explains. “Your geolocation ad targeting is much more effective. That’s because it connects more deeply with prospective customers than a generic advertisement. You are running a social advertisement that is very specific to someone in a particular place. This could be Cleveland, New York City, Miami, Dallas, Los Angeles, or whatever area you have targeted.”
b) Compare to your competitors pages and devise a plan to beat them. Sort of–I may want to write a follow up piece to this checklist with what comes next! It may not be realistic for you to go toe-to-toe with Amazon, for instance, if they have more linking root domains than your site does. However, if it's clear that you've got a very poor backlinks profile and your competitors outperform you here across the board, that means it's probably time to start discussing creative link building strategies, or content marketing plans.
Exhaustive – Your keyword research should include not only the most popular and frequently searched terms in your niche, but also extend to the long tail of search. Long-tail keywords are more specific and less common, but they add up to account for the majority of search-driven traffic. In addition, they are less competitive, and therefore less expensive.
You and your competitors are competing for the attention of potential customers. That’s why it's useful to know how your competitors use social media channels and paid acquisition channels to reach their target audience. While digital channels are key in today’s marketplace, you also need to pay attention to offline channels like events, meetups, conferences, and direct mail. This is where the face-to-face interactions occur that are often the key to establishing connections and sealing deals. You can usually find out information about offline events by visiting the “Events” section of your competitors’ websites and also searching for their names in relation to conferences and events on the wider web.
Keywords are the words and phrases that people type into search engines in order to find what they're looking for. By extension, they also describe what a piece of content (or an entire website!) is all about, and they're the words at the heart of on-page optimization. They still play an important role in a site's ability to rank, so by identifying the right words and phrases to target you can have an outsized impact on achieving your SEO goals.
PPC marketing is now a standard way for businesses to find new customers for their products and services. Yet many small businesses have been disappointed with their first steps into PPC. It can be a tricky marketing strategy. First-time PPC marketers often underestimate the time it takes to lay down the right foundations, the budget required, and the work needed to keep on top of your game.
Choosing landing pages for your keywords is an important element of your keyword strategy, and can be critical for both your SEO and your user experience. Look at it this way: When you click through to a site that really isn’t relevant to your search, what do you do? You most likely leave that page after a few seconds and likely won’t consider it in the future. So having poorly optimized landing pages can cost you sales. But they’ll also damage your SEO efforts, making it hard to rank.
An effective GTM strategy requires a deep understanding of your ideal customer, market and competition, product offering and pricing, and channels necessary to reach your customers. Competitive analysis helps you understand market dynamics so you can find an optimal way to reach your target customers. Analyzing your market and competition also helps you determine how your company and your product fits in the current environment.
A great way to make your website mobile friendly is to implement AMP for your site. Previously it was mainly used by publishers; today it is also a platform for e-commerce and advertising. Since autumn 2017, advertisers can implement AMP for their Google Ads landing pages, making them faster. Building AMP pages for your advertising campaigns can have a positive impact on conversion rates, time on page, bounce rates, and more.
Geography can also be used to predict desirable demographics and information about users in that area. Neighborhoods can often be delineated by residents’ income bracket, age, ethnicity, education, and many other demographics or interests. Politicians often draw district boundaries into areas of common political constituencies that also predict demographics or common values.
To determine your company's market share on a percentage basis, thefollowing formula should be used: Current Market Share = Company sales Industry salesYou should then compute each of your competitors' market shares. It will give you a clear idea of how your sales volume compares to your competition's. If you don't have total industry sales figures you won't be able to figure out your market share, but you can still get a good idea of your competitive position by comparing the sales volume figures. For example, say last year Company A sold $3 million dollars worth of copiers, Company B sold $5 million, and you sold $4 million. It's obvious that Company B has the largest share of your market and is your greatest competitor. Competitive Objectives and Strategies For each competitor in your analysis, you should try to identify what their market objectives are and determine what types of strategies they are using to achieve them. Are your competitors trying:
The first part of your competitive analysis only requires basic research. You’ll just be looking up and making note of easy-to-find facts about your competitor’s business. For this part, you’ll need to have some idea about who your small business competitors are, where to find their website and social media pages, and perhaps have access to their offline marketing materials such as brochures, ads, and posters.
Part of designing your keyword strategy is making sure you target keywords that will bring in enough traffic to be worth the effort. There’s no minimum number of searches for a keyword - that depends on your niche and your ability to convert visitors into sales. If you’ve got a Pro or Premium WooRank account, use SERP Checker’s new search volume feature to track estimated monthly searches for your keywords, as well as historical ranking data. If you’re already using SERP Checker, the search volume will appear for your keywords automatically. If you haven’t used it yet, just enter your keywords in the tool and you’ll see your data within 24 hours.
Be sure to re-evaluate these keywords every few months -- once a quarter is a good benchmark, but some businesses like to do it even more often than that. As you gain even more authority in the SERPs, you'll find that you can add more and more keywords to your lists to tackle as you work on maintaining your current presence, and then growing in new areas on top of that.
Then how can someone afford to pay $54.20 per click if it does not generate profit? The answer is simple: they are spending that money to build a brand and they are not focused on the profitability on that individual click; they are focused on profitability over time and they most likely have a budget assigned to building that brand. Not having to focus on achieving profit for individual click puts a company at a tremendous advantage for displaying their brand prominently in search results. It also makes it harder for profitability based marketers to compete.
He is the co-founder of Neil Patel Digital. The Wall Street Journal calls him a top influencer on the web, Forbes says he is one of the top 10 marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies. Neil is a New York Times bestselling author and was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations.
Having initiated a Geo Targeting conversion experiment, you are faced with an inherent problem: how can you verify that your Geo Targeting works? One option is to ask people that are located worldwide to browse your targeted pages and inform you of the results. Another, far more convenient method, is to use a “global geo proxy network” that allows you to browse the web from different global locations.
Strategy is more than a bundle of cultivated tactics. When we onboard a new client, we have a whole arsenal of tools to use and reports to run that help us understand the account better. It is easy for us to pat ourselves on the back and say “this is a good strategy for learning the account!” Pardon my language when I say: That ain’t no heckin’ strategy.
If you have and use a smartphone, it’s possible for you to set location-based reminders for yourself, right now. You can, for example, tell your phone to alert you when you’re within range of the frame shop, so that new piece of art doesn’t become a six-month fixture in your trunk. Or, if you’ve attended a concert lately, and the band sends you a push notification to buy some gear while you’re in the venue, they’ve likely used geofencing.
Ad extension provides extra benefits for your PPC advertising. Use these extensions to enhance your ad and to show additional information with your ad, like an address, phone number, store rating, or additional webpage links. Ad extension ensures high CTR because they make your ad more relevant and prominent. It also improve your quality score. Google says “If two competing ads have the same bid and quality, then the ad with the more relevant extensions will most likely appear in a higher position than the other.”
Increase Clicks: If you have a niche site that has high quality scores and impression shares, but not enough volume to spend your budget, you will want to increase the traffic sent to your site while maintaining control over click costs. This can be done by increasing bids, expanding your keyword list, improving click through rates and refining ad copy. All of these items can be adjusted/improved upon to help reach your budgeted spend.
Another thing to keep in mind is your landing page’s loading speed. Can you remember the last time you waited for a page to load? Probably not. Chances are you exited the page and moved on to something else. That’s the last thing you want when there’s a customer willing to spend money. Speak to your website manager to ensure your landing pages load quickly.
This is a great list! I especially appreciate the sample set of pages you recommended - oftentimes we ask clients we're onboarding who they consider to be their competitors, but once we start digging into their sites we see they're not necessarily "search" competitors or the sites just aren't that similar to be regarded as such in the search engine's eyes. At least these pages can help weed out any sites that just aren't built out to be similar to a client or are way ahead, so you can get an accurate comparison!
Understanding which websites already rank for your keyword gives you valuable insight into the competition, and also how hard it will be to rank for the given term. Are there search advertisements running along the top and right-hand side of the organic results? Typically, many search ads means a high-value keyword, and multiple search ads above the organic results often means a highly lucrative and directly conversion-prone keyword.
For this reason, some companies have taken a more direct measurement approach to IP geolocation vs. trying to infer it through ping triangulation. It’s far more straightforward, but requires a lot more manual effort. Basically, these companies send cars out to drive up and down every street in the country and log WiFi IP addresses as well as their physical location to populate the same table that more traditional geolocation companies build through technical means. Google and Skyhook both use this approach.
Brands love to be front and center and who can blame them? Essential to becoming a well known brand is achieving awareness and name recognition, and well branded companies tend to do well at drawing in new customers. In the world of search, the best way to build your brand is by showing up in the top position of search results. Preferably you can do this for both organic and paid results, but at the very least you can often buy your way to the top of search results with a high enough Maximum CPC bid. You will also want to enhance your brand even further by adding Sitelinks to your account to showcase the depth of products and services you offer and occupy even more real estate in search results.
“The sales cycle is an average of 9-12 months. When a qualified lead enters the funnel, the revenue generated from that lead is an unknown variable that will not be fully identified until several months into the cycle. In order to increase the probability of a PPC lead turning into a viable source of revenue we need to generate leads at a ratio of high ratio of sales quality leads to conversions (roughly 65%). We will continue to test new targeting in order to reach our 20% YoY growth goal at a reasonable average CPA in order to continually grow the account and keep the sales funnel full every month.”
In 2017, it’s a requirement for any company to live on the internet. This section gives you and your team easy access to your competitors’ online presence. Include links to the social media channels and webpages your competition has the most activity on. By providing these links, your audience can quickly determine what channels the companies take advantage of the most and how they use them to tell their brand story. Understanding why and how the competition is doing well or not with their online presence will reveal the opportunity.
Your Sales ForceYour sales staff probably has more access to competitive information than anyone else in your organization. Customers often show salespeople sales literature, contracts, price quotes, and other information from competitors. Part of a salesperson's job is to get customers to discuss problems they have with a competitor's product. Customers will also reveal your competition's product benefits, strengths, and customer service programs. Instruct your sales force to ask for copies of any competitive literature if and when that's possible. Your entire sales staff should keep a record of all competitive information they discover — even if it's just a rumor or gossip. Devote a regular portion of each sales meeting to a discussion of the competition.
Geotargeting is the practice of delivering content to a consumer — via mobile or web — using geographic location information about that individual. At a basic level, a business can restrict its reach to consumers only located in a defined geographic area such as a state or a city. But location often provides much deeper, more meaningful and identifiable traits that tell you what a person wants, needs or is interested in.
For example, it’s important to look at the response based on urban, suburban or rural locations. Someone living in northern Indiana may consider driving 25 miles to your store to be no big deal. Most customers or prospects could make the drive in less than half an hour and, therefore, they will visit your store. However, if the prospects live in the River North neighborhood of Chicago, they aren’t going to want to go to your store in Wrigleyville because that’s going to take 50 minutes.
Unfortunately, whilst digital marketing provides these tools, most advertisers still find themselves in a situation where they don’t know what is working. The ubiquity of search engines in our modern lives has led advertisers to skip straight past considerations for strategy, planning, and measurement and dive straight into tactical marketing efforts like Pay-Per-Click and SEO, where they are as equally unsure if their efforts are delivering a meaningful return for their business.
This checklist is broken out into sections that reflect key elements from our Balanced Digital Scorecard. As previously mentioned, this checklist is to help you identify opportunities (and possibly areas not worth your time and budget). But this competitive analysis is not prescriptive in and of itself. It should be used as its name suggests: to analyze what your competition’s “edge” is.