Future Competition. In your competitive analysis, you need to make a few predictions about what the competition is going to look like in the future. Competitors are constantly coming and going in the marketplace. Ask yourself: Who are my competitors likely to be? If you are introducing a new widget, how long before the competition catches on? Forecasting future competition will give your potential investors the confidence in the long term viability of your business.Barriers to Entry. Companies whose competitive edge depends on new technology, new manufacturing techniques or access to new markets need to be aware of the common barriers new competition faces when trying to gain entry into the marketplace. They include:
Ad scheduling is important for optimizing your ad strategy. You can show your ad whenever a customer searches online or you can show your ad on certain days, or during business hours when you’re there to handle customer inquiries. Your ads give different performance result on different days of the week and different hours of a day. Therefore, have a look at which online days and hours are most suitable for your business and then schedule your ad during these times to increase your exposure. You can also adjust your bid for less performing hours and days.
If your competitors tend to blog three times a week compared to your one article every two weeks, it will be beneficial for your company to start generating more traffic to your site by blogging more frequently about relevant topics. Don't just blog because you want to add more content, it won't generate more traffic if the content your adding isn't remarkable.
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.
In order to run a business smoothly, you need to do a lot of things. These things include doing a certain analysis. You forecast your profitability, decide what combination of resources to use, assign the work order to different employees and so on. The business does a SWOT analysis which is basically finding out the strengths and weaknesses of the company. It also manages to identify possible threats and opportunities the business might face due to external factors. Doing such things will help you to form a marketing strategy. With this strategy, you will look to run your business.
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!
Newspaper and Magazine ArticlesArticles in newspapers and magazines are a source of information you can use to get an idea of what your competitor is planning for the future, how their organization is run, and what new product information or innovations they have. Journalists may also uncover and reveal unflattering information about your competitor that may prove valuable to you. Be on the lookout for product reviews in magazines; they will reveal a competing product's strengths and weaknesses. Visit a college or public library. The reference librarian will show you how to find pertinent articles online much more quickly and easily than you'll find them by browsing.
The Keyword Planner is a free tool, but you'll need to set up a Google AdWords account first if you don't have one already. Once you're set up and logged in, go to the Tools bar at the top of the home page and you'll find the Keyword Planner there. Click Search for new keyword and ad group ideas. You'll be able to see suggestions in both the Ad group ideas tab and the Keyword ideas tab. You can add new keywords to an ad group by clicking the double arrows >> next to the keyword or remove them by clicking on the ad group and then the X next to that keyword.
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.
HubSpot also has a campaign tool that allows you to associate keyword phrases, related blog posts, emails and landing pages with a particular campaign so you can get a better idea of the overall performance. If a particular set of keywords doesn't seem to be bringing in new site visits or converting leads to customers, it might be time to search for alternatives.
Tertiary Competition: This category includes businesses that are tangentially related to yours, and really comes in handy when you’re looking to expand your product catalog. These could be related products and services that are trending, as well as businesses that may be beneficial to partner with further down the line. For instance, if you sell jewelry, a tertiary competitor may sell gems and stones.
Online pay-per-click (PPC) advertising allows almost anyone to create ads. Each time your ad pops up online and someone clicks on it, you pay a small fee. PPC advertising appears in search engines like Google or Bing and on social media platforms such as Facebook, Twitter, LinkedIn, and Pinterest. The point of PPC is to get fresh visitors to discover your business online.
Before we can create our campaign we must clearly understand our target audience. This will help develop the campaign structure and inform the way you create the campaign. The key to successful advertising is truly understanding the wants and needs of your customers. To understand our audience we can ask Who? What? Where? When? Why? This chapter discusses how to understand your audience and build a campaign around their wants and needs.
Customer preference of products is only part of the analysis. There are internal operational factors which can provide a competitive edge as well. Your competitors' products may not have the high quality of yours, but they might offer free delivery; or their employees might be extremely motivated and committed to gaining market share. You need to learn how they are doing on the inside. Some factors to consider:
People are no longer shocked to find elements of personalization embedded into various aspects of advertising, and in fact, have even come to expect it. Think about it this way: When it comes to marketing emails, which are you more likely to open and read—the one addressed to “Dear Customer” featuring generic copy on topics that aren’t relevant to you? Or are you more likely to engage with the email addressed to your name that includes links to blog posts relevant to the industry you work in, as well as items you might like based on your previous purchases? That’s right—you’re going to open and read the email that’s tailored to you.
Your conclusion should be presented to other business stakeholders especially when you’ve decided the next steps. For example, you may alter your Product Roadmap as a result of the competitor analysis. Sales and marketing teams may benefit from summaries that contrast your product with key competitors and emphasise your product’s strengths so that they can take this message to market.
In the last year, Google and Bing have both indicated a shift to entity-based search results as part of their evolution. Google has unscored this point with rich snippets and Knowledge Graph, and Bing has now upped the ante on personal search results with Bing Snapshots. Find out how you can adopt strategies to stay ahead of the curve in the new world of semantic search results.
Everyone knows intent behind the search matters. In e-commerce, intent is somewhat easy to see. B2B or, better yet, healthcare, isn't quite as easy. Matching persona intent to keywords requires a bit more thought. In this video, we'll cover how to find intent modifiers during keyword research, how to organize those modifiers into the search funnel, and how to quickly find unique universal results at different levels of the search funnel to utilize.
For small businesses, PPC can be competitive and expensive, which is why many struggle to break through. Especially when they are competing with bigger companies with sophisticated digital marketing departments and huge budgets. The good news is it IS possible for small businesses to compete with larger, established companies for clicks. Being a little bit smarter and nimble will make all the difference.
For example, “Austin gyms” or “coffee shops near Dupont Circle” or “uptown restaurants” provide location intent that you can target. Include location terms such as area code, ZIP code, neighborhood, community name, nearby landmarks, popular venues, tourist destinations, well known street names, local jargon and other keywords that will help you get found when a consumer is searching for businesses around you.
Some competitors solve the same problem with the same technology but focus on a different customer. For example, Zum provides schoolchildren with rides to school, solving a transportation problem for kids and parents. Zum solves a slightly different problem too: safety. Safety is the primary concern for parents when it comes to kids riding back from school. However, it’s ultimately grounded in the same tech as Uber.
Thanks for sharing your template file. It will help focussing on the right things right from the beginning. I checked out SEMrush to get a comparison of the keywords our competition is using. The results are poor basically. Its about sites in Switzerland for keywords and competitors we know since years. The data these tools show you is not at all reflecting the actual situtation here. I guess they perform well in the US/Canada, by far less good in rest of the world...
Don’t base your whole strategy on chasing volume though. Pay attention to the competition column in the keyword research tools. Even though these tools use pay-per-click (PPC) data to determine competitiveness and suggested bid, you can still extrapolate this data for organic search. High competition and suggested bid is a strong indication that there’s money to be made off of these keywords, as advertisers generally won’t bid high CPCs on poorly performing keywords.
"My favorite part about voice search is just how clear the intent is in the query. For example, if I typed in 'hotels in the Bahamas', you’d have no idea whether I was looking for a romantic getaway, a singles trip or a family vacation. Chances are the results would be different for each. But if I asked Cortana, 'which are the best family-friendly hotels in the Bahamas,' then a far more targeted result could be served.
A competitor's media strategy reveals budget allocation, segmentation and targeting strategy, and selectivity and focus. From a tactical perspective, it can also be used to help a manager implement his own media plan. By knowing the competitor's media buy, media selection, frequency, reach, continuity, schedules, and flights, the manager can arrange his own media plan so that they do not coincide.
Ad copy is the actual text that you’ll write for your AdWords, Bing or Facebook ads that will attract people to click on your ad. Search engines like Google are looking to show high quality ads, whose text says something closely related to the actual search in the search engine. So if you own a plant nursery in Montreal and your keyword is “Where to buy shrubs in Montreal,” a good headline for your ad could be: “Are You Looking to Buy Shrubs in Montreal?” Because the headline is relevant to the keyword and the query, it will be considered a more high-quality ad result in the eyes of search engines like Google.
By keeping your company organised, you will be better able to keep your employees on track, making it easier for them to finish tasks on time. This is because they will not be spending time searching for important documents that have been filed in the wrong folder (or not even filed at all) but rather focusing on completing tasks and building your profit as a company.
Now, evaluate your competition's product or service. How does your product compare to your closest competitor's product? What features and benefits are unique to your product? To theirs? The more unique features and benefits your product has, the stronger your market position will be. For example, if you produce and market an office copying machine that staples collated copies together and your closest competitor doesn't have this feature, you have an advantage. You can then sell the same market segment the benefit of added convenience and time saved. However, your competitor may have developed a feature that you don't have on your copier that gives him/her a selling advantage.
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.
If you have been dabbling in this PPC advertising thing and not noticed much traction, you might want to reconsider your budget. Many small businesses set a PPC spend that is too small to make any significant impact. Most people don’t realize that while PPC campaigns generate an average of 2% click-through, most do much better, especially with the help of new technology like machine learning.
Conducting PPC marketing through Google Ads is particularly valuable because, as the most popular search engine, Google gets massive amounts of traffic and therefore delivers the most impressions and clicks to your ads. How often your PPC ads appear depends on which keywords and match types you select. While a number of factors determine how successful your PPC advertising campaign will be, you can achieve a lot by focusing on:
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.
If you have a poor billing system or are constantly losing invoices and important documents, soon your clients will move on to greener pastures (and more organised businesses). If you implement a strategy to become more organised, you will find your customer service improving. This will lead not only to return clients but to new business, as word-of-mouth travels about your professionalism and efficiency.
Before you begin, you’ll need to identify six brands to compare your website against. These should be your search competitors (who else is ranking for terms that you’re ranking for, or would like to rank for?) in addition to a business competitor (or two). Don’t know who your search competition is? You can use SEMRush and Searchmetrics to identify them, and if you want to be extra thorough you can use this Moz post as a guide.