You need a keen understanding of your ideal customer and the market so that when you launch, your product is positioned correctly in the ecosystem of all products and services. Since competition can come from anywhere, you need to catalog your strengths and weaknesses relative to both direct and indirect category leaders (i.e., those adjacent to your core business).
To use this feature, you’ll need at least 15 conversion in the last 30 days, though you should really only use it if you have more historic conversions in order for AdWords to more accurately adjust your bids to meet the target. If you’re selling a product or service that is particularly seasonal, keep a close eye on your Cost per Conversion target to make sure that AdWords doesn’t reduce your bids too much if you have a period where conversions aren’t happening as much as they were during peak season.
It’s important to classify your keywords. You should distinguish your most important high level keywords, the ones that have sufficient traffic for your business and connect the best to your business. These are usually more “head” than “tail”. You should only have a few of these keywords for your business. The rest of it are bound to be more down the tail. If you don’t know what I’m talking about, go read up on long tail keywords.
To more effectively drive traffic to their stores, they pushed out a 10% discount on any in-store purchase when customers provided their email. This not only drove traffic to their new shops, it also helped them construct lists for each store that they could later use for store promotions. By targeting these specific users in areas near their stores and then promoting to in-store audiences, an e-commerce site successfully made the move to store fronts. Read the full evo case study here!
Great tips on doing a competitive analysis Zee! I would also add if it is a "local SEO" competitive analysis, you throw in a GMB optimization/completeness and NAP listings quantity/quality (using Moz Local). Also a great free tool for checking how long title tags are when doing the content part of the analysis (and if a search engine will cut it off with the "...") is https://www.portent.com/serp-preview-tool.
A company rarely competes against just one competitor. In fact, in many cases, the biggest competition in the SaaS and tech industries is coming from indirect competitors. These competitors hold a commanding position in their core market, allowing them to expand into different industries and verticals. Who would have thought that Uber and Google would become die-hard competitors in the autonomous car market? As I wrote previously in my analysis of sales enablement and acceleration industry, it is almost impossible to distinguish direct and indirect competitors. In many SaaS verticals everyone competes with everyone.
The metrics you provide here will depend on the depth of your research. Be sure to keep it consistent by including criteria that can be answered for all competitors. Providing specific, additional information for just one competitor will give your document a bias. As far as gathering publicly available information, here are the first places to look. For company size, LinkedIn is a great resource for discovering the approximate number of employees. Financial details? Check Yahoo Finance and Wikipedia for relevant information. Want to get an idea of their website’s traffic and ranking score? Search on Alexa. More Free Resources: AngelList, Crunchbase
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment.
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?
Location history of a consumer provides a lot of information specific to that person: where they like to shop, what they like to buy, how often they make the trip, and even how they get there. Obtaining this information gives great insight to marketers that enhances the ability to target consumers and deliver relevant, responsive location specific ads and information, even if the consumer is not currently in that area.
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.
If your account is currently achieving a return on ad spend (ROAS) of 5, and your goal is to achieve a ROAS of 6, your strategy should focus on efficiency optimizations to improve ROAS. If your account is achieving a ROAS of 5 and your goal is to increase revenue as long as your ROAS is at or above 4 (and you have additional budget to spend), then your strategy will need to focus on growth initiatives.
Finding the right competitors for my research wasn’t a hard task because I already knew many apps that provided similar features, but I still did a quick search on Google, and the results were a bit surprising — surprising because most of the apps I knew turned out to be more like indirect competitors to the app I was working on; and later, after a bit more searching, I also found the apps that were our direct competitors.
Along with understanding how your potential customers are searching for your company and/or product online, you also need to decide what part of the sales process you want to target. Are you looking to start a prospecting campaign that attracts users at the very beginning of the process, and then convert them later via email marketing or retargeting? Or do you want your website to be shown in front of in-market searchers who are looking to buy right away?
Do they have separate marketing messages for different segments? Sometimes, you might see a stark difference between how your competitor markets their business for one type of customer versus how they present themselves to another type of customer. For example, if you're trying to sell services as a math tutor to high school students who are struggling to pass their math subjects, you'll be making a completely different pitch than you would to those students who need additional help with their SAT math so that they could get into prestigious universities. Your message to the struggling students might be closer to "I'll help you finally pass your math tests!" While your message to the other market will be similar to "I'll help you get into the school of your dreams!" Also, be sure to note if your competitor does something similar with their own customer segments.
But switching costs, or the cost that a customer incurs as a result of switching products, still exist. Technology can be a driver of higher switching costs. When a product is integrated with multiple systems and APIs, switching to another product becomes increasingly difficult. Such a switch usually results in business interruption and the need to retrain staff, among other unwelcome effects.
Geofencing hinges on the use of a “fence”—a designated area that a marketer sets. Where geo-targeting allows you to get more granular and include or exclude certain users in the target area (based on demographic, for instance), geofencing is a bit more of a blunt object in that you’ll capture all users who move into a certain area. The purpose of creating a geofence is to target communications in a given zone, in a given context—just like geo-targeting, but with greater accuracy. Retail operators who want to catch the attention of shoppers as they pass by a store, for example, might use geofencing.
Your keyword strategy should make clear which “keyword groups” you focus on. It doesn’t have to be a long list of keywords (though it doesn’t hurt to have one). Your keyword strategy should be a definition of a group of keywords that you’re tackling. Every time you’re writing new content you can have a quick look at those groups and pick a new keyword that falls in line with the strategy.
According to Nielsen Norman Group’s “User Experience Careers” survey report, 61% of UX professionals prefer to do the competitive analysis for their projects. But what exactly is competitive analysis? In simple language, competitive analysis is nothing but a method to determine how your competitors are performing, what they are offering and how well they are doing it.
In the Google Sheets Template, I've provided you with the data points that we'll be collecting, the tools you'll need to do so, and then bucketed the metrics based on similar themes. The data we're trying to collect relates to SEO metrics like domain authority, how much traffic the competition is getting, which keywords are driving that traffic, and the depth of competitors’ backlink profiles. I have built in a few heatmaps for key metrics to help you visualize who's the strongest at a glance.