In particular, strategy is how the team aligns so that decisions made at any level are likely to be better for the longer term goals of the organization. If you don’t have that alignment, you will be constantly struggling to move the organization ahead, together. A well-executed competitive analysis provides the framing for how your group is the best one to take on the challenges and opportunities ahead.
This is a great list! I especially appreciate the sample set of pages you recommended - oftentimes we ask clients we're onboarding who they consider to be their competitors, but once we start digging into their sites we see they're not necessarily "search" competitors or the sites just aren't that similar to be regarded as such in the search engine's eyes. At least these pages can help weed out any sites that just aren't built out to be similar to a client or are way ahead, so you can get an accurate comparison!
The secondary and tertiary groups are both your indirect competition.Their products may not be the same as yours, but could satisfy the same need or solve the same problem. You should primarily focus on your direct competitors, but you should watch your indirect competitors. These businesses may move into another group as your business, or theirs, grows and expand product offerings.
When a competitor is identified, have your sales team dive deeper by asking why they are considering switching to your product. If you've already lost the deal, be sure to follow up the with prospect to determine why you lost to your competitor. What services or features attracted the prospect? Was it about price? What's the prospect's impression of your sales process? If they've already made the switch, find out why they made this decision.
PPC or Pay per click advertising is an Internet advertising model which is used to generate clicks to your website. It is the way of directing traffic to your website using relevant keywords related to your product or services. It is a paid traffic and an advertiser will pay an amount to the publisher each time the ads get clicked. Pay Per Click or PPC is one of the effective strategies applied in the search engine marketing campaign. Learn more about PPC Campaign and it’s benefits. If your ad campaign is not well optimized and you are not following PPC best practices, your ROI will be impacted. It is important to spend some time in planning your ad campaign.
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).
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.
Strategic technique used to evaluate outside competitors. The analysis seeks to identify weaknesses and strengths that a company's competitors may have, and then use that information to improve efforts within the company. An effective analysis will first obtain important information from competitors and then based on this information predict how the competitor will react under certain circumstances.
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!