Next up, it’s time to analyze your competition by doing some competitor research. If you want to do a complete competitive analysis, you’ll need to do a deep dive into the background, location, products or services, marketing, sales, and personnel for each competitor you identified. (You can also break out one of these areas and do a real deep dive into it.)
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.
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.
What’s the difference between your brand and your keywords? Are you using both effectively? Your brand is one of your most important keywords, but it shouldn’t be your only keyword, nor should you have lots of keywords but no brand. There should be a keyword strategy behind the keywords you pick. This post highlights the why of that and explains the basis of the how, then points you to several useful posts for the how.
A competitive analysis won’t help you with pressing business decisions, such as what product feature to build next. (Never copy your competitors for the sake of it; they could be 100% winging it!) Moreover, if you’re the industry leader, the value of analyzing competitors is limited because you’re the one leading the pack through uncharted territory.
Example 2: If your goal is B2B marketing and relations, your keyword(s) should have a revenue spin. For example, if your business sells software for eCommerce, your keywords would focus on that. Your concept might sound something like this: “the best software for B2B marketing and eCommerce.” You would then create a keyword theme around this concept, leading to use of the keyword or phrase for B2B SEO. This specific keyword concept is more likely to attract your target audience of B2B marketers and companies.
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!
The enterprise sales process is reserved for highly complex products sold at a high price. Because enterprise products provide so much value and prospects take longer to evaluate the product, companies must adopt a complex selling process and longer sales cycles. Selling to large enterprises with a high ASP means competing against rivals with high-touch sales models.
Reliable lifts come from knowing your customer and tailoring the value proposition to match that customer’s motivations in a way that no other website will. You can enhance it with a bunch of human behavior principles (liking, scarcity, reciprocity, social proof, consistency etc.). But you have to have the foundation of what makes you unique, in order to get people return to you after they browse around.”
Beacons are little physical objects (under two square inches, in most cases) that can be placed in desired locations. Their sole purpose is to detect you, or more specifically, your device, as you move into their range. The beacons themselves don’t send content. Like geofencing, a signal is triggered when you’re near one, and a server sends a push, text, in-app message, or even an email (though currently, that’s a less likely application for beacons).
Funny thing is we’re not seeing users click on the extension itself very often – slightly more often than we’d see for sitelinks, but not by much – maybe 15 percent of total clicks, albeit not necessarily on the extension itself. It may be the way that we’ve set it up (we say chat with a live expert rather than text us), so that may have skewed the behavior.
This can mean simply using pictures from the surrounding area or structuring the landing page around a theme that is relevant. A great example of this is Grubhub. If you access their site from Boston, you get completely different suggestions and images than you do if you access it from San Francisco. Not only does this engage the user on a personal level, it also draws them in to the page, keeping them clicking for longer.
One way to get a good idea of how your target market might view your industry is to just ask them. Using focus groups, questionnaires, and surveys can help you can gather information on popular businesses with products similar to your own. You’ll also get first-hand information of how customers feel about the products that are already on the market.
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.
Comparative user testing to the rescue: you ask the participants to evaluate your website as well as the websites of your top 2 competitors. To avoid biased feedback, try not to disclose which company you are with, and mix up the order in which you show the websites to the participants. Not to overwhelm the participants, limit the number of websites to 3 per person.
You need to develop tactics to recognise and double down on the deep conviction you have in your gut that nobody else understands. Stop looking for consensus or opportunities that seem obvious and compelling at first glance. Great opportunities never have “great opportunity” in the subject line. Honing your gut instincts and acting upon conviction is a theme of every successful journey.
Jeff Baum is Director of Services at Hanapin Marketing and a seasoned PPC advertising professional with Hanapin Marketing. a 13 year track record of success in digital advertising. He has developed and implemented strategies to substantially grow revenue and profits for a variety of lead generation and e-commerce businesses. He has also been responsible and accountable for managing hundreds of thousands of dollars in PPC advertising spend per month. Jeff is a recurring writer for Hanapin's blog and PPC Hero.
Across the top of the paper, list the main features and characteristics of each product or service. Include such things as target market, price, size, method of distribution, and extent of customer service for a product. For a service, list prospective buyers, where the service is available, price, website, toll-free phone number, and other features that are relevant. A glance at the competition grid will help you see where your product fits in the overall market.
In 2017, it’s a requirement for any company to live on the internet. This section gives you and your team easy access to your competitors’ online presence. Include links to the social media channels and webpages your competition has the most activity on. By providing these links, your audience can quickly determine what channels the companies take advantage of the most and how they use them to tell their brand story. Understanding why and how the competition is doing well or not with their online presence will reveal the opportunity.
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.
PPC marketing is now a standard way for businesses to find new customers for their products and services. Yet many small businesses have been disappointed with their first steps into PPC. It can be a tricky marketing strategy. First-time PPC marketers often underestimate the time it takes to lay down the right foundations, the budget required, and the work needed to keep on top of your game.
The errors in technical SEO are often not obvious, and therefore one of the most popular. Mistakes in robots.txt and 404 pages, pagination and canonical URLs, hreflang tags and 301 redirects, http vs https and www vs non www versions: each of them can seriously spoil all efforts to promote the site. One quality SEO website analysis is enough to solve all the main problems in this part forever.