Limiting your organization to direct competitors only might lead you to a very narrow view of the market. This framework allows you to evaluate companies that aren’t just your direct competitors but companies that could easily move into your turf. You want to consider companies that aren’t currently in your category but could potentially leverage their product or technology in your space.
As a manager, this may take the form of believing that people with less experience but lots of initiative tend to outperform experts. It may mean looking past the traditional resume. As an entrepreneur, this may be a conviction that some social stigma, like sleeping in someone else’s home (Airbnb), wearing someone else’s dress (Rent the Runway) or persistently sharing your location with all your friends (FourSquare), will lessen over time and eventually disappear.
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.
Unless you have a budget to conduct formal research, its best to use available resources such as news articles, industry journals, analyst reports, the company’s website, marketing collateral, company reports and so forth. You may also want to do a general blog search to find out what their customers’ and others are saying about the company and the products they offer. Networking events and tradeshows also present great opportunities to collect data about your competitors. Your more loyal customers may also share information with you.
Region-specific marketing is currently utilized in a variety of marketing campaigns. A fairly basic marketing concept can be used, but it is presented to a location or market that has shown a demand for that specific product or service. This can be a certain State, City, neighborhood or even a specific building. Programs like Google Adwords lets you target these specific locations and tailor your marketing. On a more broad scale, you can target a certain demographic based on their language.
This emphasis on competition is related to the advent of game theory in the mid 20th century around the same time. The problem is that game theory is one mental model of many to help make decisions, not the only one (Ben Thompson from Stratechery has a good post on the Prisoner’s Dilemma that is a fundamental one). Even researchers are starting to point to the fact that there are no perfect solutions (such as a Nash equilibrium) to most situations.
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.
Monitoring also allows you to notice trends. If there’s a high bounce rate (people leaving your landing page before making a purchase) but a high click-through rate as well (lots of people are clicking on your ad), it’s a sign that the issue isn’t with your ad but with your landing page. Instead of throwing the baby out with the bathwater, you can focus exclusively on improving your landing page.
We at SEMrush continuously monitor Google’s updates, as the search engine rarely stands still. While testing the updates that are most likely to impact advertisers, we have come to the conclusion that Google is moving in the direction of “autopiloted” campaigns. The message is clear, the more you delegate to Google Ads’ artificial mind - bids, placements, banner sizes, etc. - the more benefit you and your customers will get from the campaign.
For example, a coffee shop can set a 1-mile perimeter around its store and reach any user within that radius. Or, it could set a 3-mile perimeter around a nearby office complex to reach users that may be looking for somewhere to grab coffee before going into work. You can also try geo-conquesting, which targets customers around a competitor’s location.
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.
John Lincoln is CEO of Ignite Visibility, one of the top digital marketing agencies in the nation and the number 698 fastest growing company in the USA in the 2017 Inc. 5000. As a digital marketing expert and in-demand public speaker, Lincoln is consistently named one of the top influencers in the industry. In 2017, he was the recipient of the Search Engine Land "Search Marketer of the Year" award. Ignite Visibility crafts custom digital marketing strategies for clients, including services in SEO, social media, paid media, email marketing, Amazon and more.
CTAs match user intent inferred from content. Here is where you’ll evaluate whether the CTAs match the user intent from the content as well as the CTA language. For instance, if a CTA prompts a user to click “for more information,” and takes them to a subscription page, the visitor will most likely be confused or irritated (and, in reality, will probably leave the site).
In writing the summary and the presentation for the competitive analysis that I did for this collaborative note-taking app, the competitive analysis matrix helped me a lot. I drafted a document with all of the high-level takeaways from this analysis and answered all of the questions that were set as goals. For the presentation, I shared the document with the client, which helped both the client and me to finalize the features, the flows and the end requirements for the product.
SEMrush isn't free, but it will give you the comprehensive data you need to make smart decisions about what keywords to target. It's also easy to use. Let's say your company wants to be the first name to show up when someone searches for "solar panel installation." Type that keyword into the Phrase Match tool within SEMrush, and you'll be able to see that term along with other related terms.
Another thing you need to do in order to maximize the effectiveness of your PPC campaigns is increase the quality and relevancy of your landing page content and user experience. These two elements have a big influence on whether or not leads will convert between your PPC ads and landing pages. A poorly designed or irrelevant landing page is a sure way to tank conversion rates.
Working on common practice tasks such as negative matching, keyword expansion and more are the right things to do for an account, and there’s a proper place and time to do them. Without a policy governing how to manage our PPC accounts, we’re “stringing tactics together,” which creates misalignment between volume of work done versus meaningful work that’s impacting results positively.
The unique advantage of PPC marketing is that Google (and other ad networks) don’t just reward the highest bidders for that ad space, they reward the highest-quality ads (meaning the ads that are most popular with users). Essentially, Google rewards good performance. The better your ads, the greater your click-through rates and the lower your costs.
Your competitor analysis framework should give your stakeholders an overview of how the playing field looks. A side-by-side comparison with top competitors helps teams strategize better, plan business growth and provide a clearer vision for the organization. When creating a competitive analysis, you should first consider defining the criteria for the comparison. Common high-level pieces are company information, description, products or services, strengths and weaknesses and market-fit.