Competitive analysis can help frame your own product context, discover other problems your customers have, and even bond the team together against a common foe. For all of these reasons and more you shouldn’t ignore your competition. However, if you don’t properly understand how they impact your organization’s strategy, competitive analysis is simply a waste of time.
In pay per click advertising, negative keywords prevent your advertisements from displaying for particular keywords. Identify the keywords that you don’t want your ads to show up for and add them to your negative keyword list. A well-researched Negative Keyword list will reduce the cost of your ad by filtering out non-converting traffic and irrelevant clicks. It also improves your ROI by reducing the average CPC.
One of the major promises of enterprise PPC management tools is that they employ bidding strategies that will save you all kinds of money by trimming down your cost per click through intelligent bid algorithms. These algorithms often let you adjust bids by just about any variable available in the AdWords/Bing API’s (you can even create calculated metrics) and adjust bids according to these rules in order to reduce costs. What they usually don’t tell you is the best way to set them up or provide algorithms to you that work out of the box. They give you the fishing line, but don’t always teach you to fish. They are a tool, and what we need is a PPC strategy.
Reason: If visitors find your website with a certain keyword but you have a high bounce rate, that’s enough to know that something is not going as it should. Ask yourself and test if it is a problem with content quality, appearance, etc. There is often more than one explanation for a high bounce rate, and there could be more than one solution. If you are totally lost at this point, a feedback session with five potential users might provide some insightful ideas.
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.
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...
1,000+ keywords: if it’s just you or 2 of you, this is probably more than you can chew off. It’s not hard to gather 1,000 keywords though, so if you’ve got the time, the people and the inspiration, it usually does pay off to write a lot of meaningful content. Do make sure that all those keywords relate to your products or services as otherwise it’s nonsense and make sure that you’re structuring your site well around it.
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:
More specifically, who gets to appear on the page is based on and 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). This system allows winning advertisers to reach potential customers at a cost that fits their budget. It’s essentially a kind of auction. The below infographic illustrates how this auction system works.
Using geo-targeting, you use smart marketing tactics. A great example of a successful use of area segmenting is evo, an e-commerce sporting goods store. When they took the leap to open up three brick and mortar stores. Their first step was to send out an email blast for a $200 shopping trip to users in the area. Though the campaign had a 58% conversion on mobile users, the campaign wasn’t as effective at driving traffic to their store fronts.
If you aren’t aware of buzzwords in your industry or the terms your potential audience will search to try to find you, you need to do some more research or you will definitely be losing people. In Jerry’s case, he has office space for rent as individual desks in a common room. He needs to realize that the term his potential audience will use to search for that is ‘coworking’. A five-minute keywords change would provide Jerry with a clearer vision of his website’s performance and a greater likelihood of being found through search. Check out the revised keywords below:
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.
Lastly, if you have the opportunity, maintain the competitor review and analysis every 6 months. It provides you with an external perspective. Competitive analysis needs to be integrated with other product management and marketing activities. Overly concentrating on what competitors are doing can distract you from remaining focused on your customers.
Information from an analysis of the competitor's objectives, assumptions, strategy, and capabilities can be compiled into a response profile of possible moves that might be made by the competitor. This profile includes both potential offensive and defensive moves. The specific moves and their expected strength can be estimated using information gleaned from the analysis.
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.
In the print days, taking out an ad in the Detroit Free Press allowed businesses to know that primarily Detroit area residents who could actually visit the business would see the ad in question. Not so in the era of mobile ads which, if delivered indiscriminately and without location context, can be less successful because they aren’t relevant or personal. Ad creative targeted at — and customized for — an Oklahoma consumer versus a New York City one is likely to be more effective in driving a physical sale.
Competitive analysis. Sometimes, a stakeholder identifies the competition in the PPC space incorrectly. Competitive analysis helps me learn who the competition actually is and what they are doing to be successful in terms of bidding, keyword targeting and creative messaging. The competitive analysis helps me determine how aggressive I need to be in my account management policies in order to successfully compete in the marketplace.
Don’t forget, content marketing should be customer-centric. One of the best ways to know what content you should create is to find out from your customers. There are a number of ways to go about asking, whether it’s through customer surveys, social media, or just giving them a phone call. Listen to what they have to say, and jot down some unique ideas or suggestions that you might have missed yourself. Sometimes their responses can really surprise you!
From my experience, you don’t need complex algorithms to save money with paid search. You don’t need a crazy PPC management tool to trim down costs for campaigns. You need only employ one of 3 core paid search strategies in order to succeed in your PPC campaigns: 1) Maximize your budget, 2) Improve Branding by showing up in a top position and 3) Maximize your profit potential.
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.
You should also take time to ensure that your landing page is designed well, but not just in appearance. Be sure to focus on loading speed and usability as well. Together, all of these elements are crucial to the success of your campaigns. Afterall, you don’t want to spend all your time designing PPC ads only to have your leads bounce right off as soon as they reach your boring or unsightly landing page design—or worse, leave before it even has a chance to load.
Let’s start with an easy one: target the areas your business serves. If your restaurant has one location in Chicago, set your search campaigns to only show to searchers in and around Chicago! If you’re an ecommerce site that serves the Pacific Northwest, don’t show your ads outside of Washington, Oregon, Idaho, Montana, and Wyoming. This is the most basic way to ensure that you’re not wasting clicks – and money – on consumers who can’t convert.
A first step is to try to articulate what market it is that you serve. Who are the customers in this market and what problem, need or want are they experiencing? Which organisations are currently satisfying these needs or wants and how do these organisations differ? If there are multiple products tailored to different market segments try to define the ways in which these products can be grouped together or set apart. Using simple 2×2 matrices (e.g. price vs. functionality) can help to categorise your competitors and help to show what customers are looking for.
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.
Evaluate your competitor's price. Just because you have the same products as other businesses, doesn't mean everyone has the same price. Your own production costs greatly impact your pricing. If your price for a similar product is higher than your competitor's, then your market position is weaker; and if it's lower, then your competitive position is better.A temporary price decrease by a competitor might indicate nothing more serious than a transient need to move excess inventory. However, a trend of lowered prices may indicate that your competition is doing it to gain market share and improve production costs. It could also mean your rival is in financial trouble and has been forced to lower prices. It's in this type of situation that rumors and gossip become helpful. If there are rumors that a company is in financial trouble and you discover price fluctuations, it's more likely that there are problems. Be sure your analysis includes product/service charges added to the purchase price, such as installation or additional equipment required.
Gather Competitive Information Secondary sources of information are recommended as an excellent starting point for developing a competitive and industry analysis. Secondary sources include information developed for a specific purpose but subsequently made available for public access and thus alternative uses. For example, books are secondary sources of information as are articles published in journals. Marketing reports offered for sale to the general public also are considered secondary sources. Although, they have been created for a purpose other than your current need, they are still excellent sources of information and data. With the ever increasing speed of document identification and retrieval through electronic means, secondary sources are not only an inexpensive source of information but are readily available soon after publication. Sources of information include:
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.
But while many marketers understand the value of geotargeting, not many are likely to understand how the technology behind it works. Having a firm grasp on the technology though is actually critical in this case, as different solutions take different approaches to the problem of determining the physical location of a consumer, and the simplest solution is usually the least accurate. Just as traditional strategies don’t always translate well to digital, many desktop strategies don’t translate well to mobile.
Test putting the location in the ad copy. If you’re a local business, there’s a chance that people want to find you locally. Who cares about a tire repair shop in Massachusetts if you’re in Denver? Because of this, putting the location in your ad copy can give you an edge. If necessary, run multiple campaigns with each specifying the individual location.<
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.
You can use multiple different exclusion zones if you have an extremely particular region that you’re looking to target. The only caveat here is that you have to make sure you’re not being too narrow with your behavioral and demographic targeting. When you focus on too small a region, the size of your audience can get so small that it becomes practically impossible for Facebook to actually deliver your advertisements.
Every company has those dreaded competitors they cannot stand, no matter what you do they are always using your ideas and taking your potential customers. Whether you are a local, national, or international company there is probably someone in your company, specifically the sales and marketing teams, that can quickly rattle off your top competitors as well as what differentiates them from you.
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.
It’s not easy to find information on market share. Large companies invest millions of dollars to investigate market share but most SaaS companies don’t have such resources. The best shortcut is to conduct a survey with a sample size of 200-300 respondents, asking them what tools and solutions they are using. That’s usually just enough to get a ballpark estimate of market share in the SaaS industry.
For branding campaigns, your budget is often not an issue. You may have a fixed budget or your budget may be seemingly limitless. It doesn’t matter, because with this strategy the focus is on position; and in most cases only position #1 will do. This is often the easiest strategy to execute for paid search, but it’s also inefficient. The reality is that bidding into the top position in search results is often a waste of money. Google has gone on the record as saying that conversion rates don’t vary much by position, so in many cases all that the first position buys you in paid search is brand awareness (and vanity).
In summary, these are but a few of the examples of how geography plays such an important part in creating customized and targeted marketing campaigns. Consumers respond better to relevant marketing which means that ROI of targeted campaigns will increase. Mobile consumers make geography one of the best ways to target while technology and data make doing so a real advantage to those who use it. Sometimes it takes a little creativity, but it is worth the effort. Especially for the business of local.