Many people believe that a competitive analysis is unnecessary because they feel that they have a good handle on who their competition is and what they offer. But a competitive analysis can also be used when trying to break into a new market. By conducting a competitive analysis for an environment you are unfamiliar with, you are able to model a new business that included many features that your competitors are likely to offer as well as some unique ones that may drive customers away from their typical company.
Scanning competitor's ads can reveal much about what that competitor believes about marketing and their target market. Changes in a competitor's advertising message can reveal new product offerings, new production processes, a new branding strategy, a new positioning strategy, a new segmentation strategy, line extensions and contractions, problems with previous positions, insights from recent marketing or product research, a new strategic direction, a new source of sustainable competitive advantage, or value migrations within the industry. It might also indicate a new pricing strategy such as penetration, price discrimination, price skimming, product bundling, joint product pricing, discounts, or loss leaders. It may also indicate a new promotion strategy such as push, pull, balanced, short term sales generation, long term image creation, informational, comparative, affective, reminder, new creative objectives, new unique selling proposition, new creative concepts, appeals, tone, and themes, or a new advertising agency. It might also indicate a new distribution strategy, new distribution partners, more extensive distribution, more intensive distribution, a change in geographical focus, or exclusive distribution. Similar techniques can be used by observing a competitor's search engine optimization targets and practices. For example, by conducting keyword research, one may be able to determine a competitor's target market, keywords, or products. Other metrics allow for detection of a competitor's success. Little of this intelligence is definitive: additional information is needed before conclusions should be drawn.
As a start-up, you likely have a lot of competition in your industry. This means that you need to stay organised in order to keep ahead of the curve. By being more organised, you will be able to meet client briefs on time and keep to your schedule. Organisation is important for your start-up because it saves you time, stops you from procrastinating and keeps your employees on track. With improved customer service due to your efficiency, you will soon find your business growing in leaps and bounds.
xAd’s first step was to expand its use of location data. “We wanted to move beyond just the where, and use location data to define the who and the what of audience targeting,” Monica Ho, xAd’s CMO, told GeoMarketing in 2015. After all, while a consumer’s proximity to a Denny’s can be significant, targeting someone who has been to and enjoys their local Denny’s will often prove more successful — whether or not they happen to be near the restaurant at the time they see the ad.
Truly awesome stuff Zee! For those involved in doing competitive analysis for Local SEO, I would also add GMB Completion/Optimization, and NAP Profile Quantitiy/Quality (which can be checked via MozLocal and Majestic SEO). The conversion part of your analysis that you laid out is especially important in my opinion. Thank you for writing and sharing your insight!
Competitive analysis is an exercise of comparing your business, product, and service to companies and finding similarities and differences. The most critical part of kicking off a competitive analysis is choosing the right competitors to analyze. Otherwise, you will spend tons of time on competitive research with very limited insight to show for it. In other words, the competitors you select determines how you will perceive your company and the final analysis.
Knowledge of a competitor's objectives facilitates a better prediction of the competitor's reaction to different competitive moves. For example, a competitor that is focused on reaching short-term financial goals might not be willing to spend much money responding to a competitive attack. Rather, such a competitor might favor focusing on the products that hold positions that better can be defended. On the other hand, a company that has no short term profitability objectives might be willing to participate in destructive price competition in which neither firm earns a profit.
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.
To create a similar chart, start with your website goals and map them to a potential visitor’s goal. For example, you may want to generate more event space inquiries, which means potential visitors to your website would likely be searching for an event space. Now ask yourself: what do people searching for an event space type into Google? If I were looking for this type of product or service, how would I search for it on the web?
It would be unreasonable to run a full technical audit of each competitor, but take into account your own site’s technical SEO performance if you know there are outstanding technical issues to be addressed. In addition to the previous checklist items, I also like to use these Chrome extensions from Ayima: Page Insights and Redirect Path. These can provide quick checks for common technical SEO errors.
Some websites regard visitors in different ways. For example, blogs are not as concerned with their visitor type, so long as they are drawing in visitors. In short, having an audience matters more than who makes up the audience. A business website, on the other hand, is looking for a certain type of traffic. This traffic should come from your target market. To make this happen, creating a keyword theme is necessary.
Here’s where artifacts like user personas may come in handy. A persona should clearly outline what potential customers want and how they plan to get it. It’s your job to map their needs to content you create, using the list of keywords as a guideline for topics. That said, since they’re based on assumptions and not real user input, personas shouldn’t be a replacement for user research and testing. If your buying cycle is long and complicated, a customer journey mapping exercise could also help you identify wants and needs during individual steps of the cycle. Software service Autopilot HQ has a great post about how to map content to customer needs throughout their journey.
2. Voice Search Comes into Its Own: It’s time to start optimizing your ads for voice search: The ease of use and prevalence of virtual assistants like Siri and Alexa, as well as Google’s Voice Search (“OK Google…”) make using vocal search utterly quick and convenient. Voice search accounted for 20 percent of mobile searches in 2016, according to a Kleiner Perkins study quoted by CNN. Amazon’s Echo and Google’s Home are on many Christmas Wish Lists this year. Grab the voice searcher’s attention by using the first person question format in your ads and content. Most voice searches are geographically specific, so use correct and popular names for your local neighborhood(s), city, county, and region in your PPC ads.
Google is constantly refining and adding new tools to AdWords, so remaining active with your PPC strategies is critical if you want to beat out your competition. There’s never a set-it-and-forget-it approach that you can take–as much as one might wish–so it’s important that you test, analyze, re-test, and repeat to find out what is working for you and what is not. Also, keep in mind that while some strategies might work wonders for a particular business or industry, they may not be as effective with yours. Experiment with different approaches, but don’t be too quick to abandon ones that don’t show immediate results. Some investments require time to show their return.
Some examples of typical insights from this document would be the average number of referring domains that our competitors have and how that relates to our own backlink profile. If we are ahead of our competitors regarding backlinks, content creation might be the focal point of the campaign. If we are behind our competitors in regards to backlinks, we know that we need to start a link building campaign as soon as possible.
Another way to define a perimeter is not by distance, but by time. A company named iGeolise developed a platform they call TravelTime, an API that allows mobile apps and sites to search by time rather than distance. This could be useful for a condo unit near downtown looking to attract workers with very long commutes, or a restaurant targeting hotel patrons within a 10-minute walking distance.
Whether you’ve heard a little about PPC marketing and are curious to learn more, or you already know that you want to use PPC to market your business, but aren’t sure where to start, you’ve come to the right place! This is the first lesson in PPC University, a set of three guided courses that will teach you everything you need to know about PPC and how to make it work for you.
Now the ad servers don’t create this table themselves, they license it from another company like MaxMind or DigitalEnvoy, whose primary business is geolocation data. This is no enviable task; IP addresses themselves don’t necessarily have an obvious pattern in the way they are assigned like a telephone area code would. It’s a bit like solving a mystery, and the geolocation companies use a variety of methods to approach the problem.
- Hi, I'm Matt Bailey. Welcome to keyword strategy in depth. Keyword research is the fundamental building block, for all of your on-line marketing efforts. It goes beyond optimizing your website, to enabling a better connection when marketing to your audience, as you are using their language. We'll begin by finding sources for keywords, seeing how search engines deliver different results based on the types of keywords, and building your keyword lists. Next, I'll demonstrate how to effectively sift through the keyword data, in ways that maximize your ability to understand the searcher, and derive their intent. We'll see how to implement your keywords throughout the content of your website. Then, I'll demonstrate how to setup an initial Google AdWords campaign, utilizing your keywords, and avoiding the top five mistakes that companies make in AdWords. I've been marketing online for nearly 20 years, and I love to teach people how to be successful in their own businesses with the tools, tips, and experience I've learned along the way. Now, let's get started.
SpyFu displays side-by-side data on your competitors' paid and organic search results, so you can easily see where it's more cost-effective to bid on a particular keyword as opposed to trying to rank for it organically. That way you can use your time more efficiently by writing content around those keywords that drive a lot of traffic but are more expensive to bid on.
1. Branding or converting strategy. One of the first things to consider in developing a keyword strategy is what you want to accomplish when you reach your target audience. Do you just want to generate an impression for branding purposes or do you want to invite them to your place where you get them to make a purchase? Here are three types of strategies to consider:
Try to match the offer you make on your pages (product, service, message, etc) to the visitor’s specific location. This sounds simple but requires careful thought and planning. Measure funnel performance for visitors that are geo-targeted versus a control group – are people finding this “filtration” helpful or confining in a way? Statistically, do visitors that are directly served with local offers differ in behavior than those that are asked to “choose your location”? Test it!
Some publishers and networks have even developed performance-based marketing plans based on geo-targeted ads. Ads and marketing are only placed and paid for when there have been proven results to show that this venture is worth it. It has always been very effective to target a certain demographic based off of their age, gender, or career. This can be taken even further by taking a look at certain locations and what demographics reside there. Website data can be used to determine what geographic locations are most frequently perusing a site and that area can be targeted as well.
Conduct Research Professional marketing research, such as focus groups and questionnaires, can provide you with valuable information about your competition. While a marketing research firm can save you time and legwork, it can be quite expensive and simply not a possibility for new and growing businesses. Much of the information you need in order to profile your competitors is readily available to all business owners. As your business grows and expands, you should consider supplementing your own research efforts with some formal research conducted for you by an outside firm. Before you begin seeking out the sources listed below, keep in mind that you need to obtain answers to the following questions:
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.
It has also become remarkably difficult to distinguish direct competitors from indirect threats - and when you do, you find competition often comes from surprising places. In fact, competition in the SaaS and tech industries is increasingly coming from indirect competitors, whose core technology enables them to invade adjacent verticals and industries.
A logo offers a brief glimpse into a company’s branding language. This section will quickly provide your audience with that value, as the different colors and imagery will give life and organization to your document by separating the competitors’ brands from each other. When it comes to adding your competitors’ logos, make sure to use high-quality images. Including words like “vector” and “high-res” to your Google search will bring in superior results. Make sure your logos are consistent across the board. (Most companies have both with-text and without-text logo variations — double check to make sure it’s the same format for each of your competitors.)
Once you've done your research, you want to make sure you're incorporating it into your content marketing strategy every step of the way. One of the best ways to keep yourself and your team on track is to use a tool that's already integrated with your marketing automation platform. This will give everyone visibility into what keywords your team is using, how they're using them and how your content is performing.
If the SaaS world feels like a blur these days, it’s not just you. SaaS products and services have proliferated. Product categories have gotten more crowded. A lot of their features and functionality have started to overlap. The subscription economy has made it easier to switch to competing products. The marketplace has turned into a competitive high-stakes, “winner-takes-all” environment.
To keep things simple, you may try IP based redirects on your server. You can setup simple redirects based on geolocation, using .htaccess or httpd.conf on your Apache server (mod_geoip). The GeoIP API (MaxMind) will enable you to quickly configure your server to divert traffic according to the originating IP. Your web analytics and optimization should do the rest. All you need to make sure it that you have a couple of landing pages to test your assumptions on.
Still in the early phase of rollout, Store Visits is being added to the Adwords Estimated Conversion tool in order to track in-store visits directly from your AdWords account. According to a recent Google study, 32% of offline customers said that location-based search ads led them to visit a store or make a purchase. For businesses with physical stores, this tool could really help to show how your PPC ads are affecting your overall bottom line and marketing initiatives. To be eligible for the feature you must meet the following criteria:
Although this process can be tedious and time consuming, it is essential in identifying where your competition may be surpassing you as well as what advantages you have over your competition. Developing takeaways will help identify these strengths and weaknesses. From there, you can improve your marketing plan by putting greater influence on the features your company offers and finding ways to implement features your company doesn’t offer that seem crucial to gaining customers.
Nick's Keyword Strategy Implementation Guide is a MUST read. All too often you will see an eBook make wild promises about how it can teach you XYZ. When you finally get it the book is filled with fluff that you have seen on a thousand other sites. What set's Nick's guide apart is the STRATEGY. You cannot hope to use keyword effectively on your site in the current state of the internet without a strategy. Nick has put a ton of information on a few pages, folks this book is dense. If you are in B2B, B2C, SaaS, or eCommerce you can benefit from the strategies outlined in this book.
Remember: The idea of a competitive analysis isn't to overly focus on the competition but to understand where your company stands in the marketplace and identify opportunities to further differentiate. At the end of the day, a focus on the customer will serve your company far more than a focus on the competition. Done well, a competitive analysis can help you find ways to outplay the competition by better serving customers — theirs and yours.
As with any Split or Multivariate testing, modification of the visual elements can make a big difference. Similarly, testing different design elements based on the visitor’s location may enlighten about the funnel you’re testing. The way bright colors are interpreted by one culture on side of the planet may be vastly different to another. Think of holiday themes as an example, or national flags as another.
If your competitors are using a social network that you may not be on, it's worth learning more about how that platform may be able to help your business, too. To determine if a new social media platform is worth your time, check your competitor's engagement rates on those sites. First, visit the following sites to see if your competition has an account on these platforms:
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?
Using negative keywords in PPC campaigns is an often overlooked but highly effective strategy. These are keywords that you add to your campaign that you don’t want to target. Adding negative keywords will let Google know that it should not show your campaigns in searches that include these words. This is a crucial step in order to make sure that you don’t waste money by displaying your ad for irrelevant searches.
Pick your battles. Sometimes a keyword is so competitive, it's best to let it go. Focus on keywords where you have the most opportunity to move up in the ranks. Moving up from a ranking of 60 to 50 won't have much of an impact, but moving from a ranking of 15 to 8 pushes you from Page 2 to Page 1 of Google's search results, where you'll have a much better chance of being found.
That said, if you’ve never had to come up with a keyword strategy before, it might seem a bit daunting to generate a list of terms that will drive qualified search traffic to your website. Not to worry. Creating an effective keyword strategy—figuring out which terms you should create content for—isn’t hard. It just involves a little bit of reverse engineering and some research.
More specifically, who gets to appear on the page and where is based on an advertiser’s Ad Rank, a metric calculated by multiplying two key factors – CPC Bid (the highest amount an advertiser is willing to spend) and Quality Score (a value that takes into account your click-through rate, relevance, and landing page quality, among other factors). In turn, your Quality Score affects your actual cost per click, or CPC.
Thanks Ramon! You can easily add more tabs to input more backlink data for additional competitors and then adjust the query formula to use the new tabs. I often increase this to 10, 15 or even 20 competitors for larger clients. The beauty of Google Sheets templates is the ease in which you can make these adjustments. Let me know if you need any help with that.