Katey Ferenzi has lived and breathed ecommerce for +10 years. In the mid-2000s, she and her husband started their own online business and successfully exited so they may come to Bigcommerce to teach other SMBs how to do the same. Currently, she's consulting for Jasper PIM, a Product Information Management (PIM) solution focused on unifying back-office operations with front-end shopping experiences for mid-market and enterprise businesses looking to scale.
Generic keywords: These are generic words that describe your business as well as other businesses in your niche. They do not necessarily set your business apart from the million other businesses out there and ranking for these keywords is difficult given the immense competition for both paid and organic results. Nevertheless, these terms are likely to be used by your audience in the first stage of searching.
An important distinction to make before we begin is that a Competitor Analysis is not a Product Comparison. Although we may make mention of the types of products sold, we should not be including the detailed product features in a Competitor Analysis. Quite often, two seemingly distinct products can solve the same customer problem or satisfy a similar need. At its core, a Competitor Analysis is a document that evaluates the strengths and weaknesses of your rivals.
Again, keyword strategy does not mean randomly sprinkling certain words throughout your website. In actuality, B2B marketing and SEO need a focused strategy to make a difference. The first step is identifying your optimization intent and tailoring it for B2B marketing and SEO. Next, create a keyword theme with specified long tail keywords and research them.
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.
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.
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.
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.
While doing the marketing competitor analysis you have to consider everything in SWOT. For that, you need to assess the external factors. This is where the PEST analysis comes into play. By doing the PEST analysis, you are getting to know how your competitors will react when there is a change. Will they consider that change an opportunity to do better or see it as a threat? This will give you an idea as to how your rivals operate. You can even base your marketing strategy on their ideas. Supposing there is a social change and your competitors cannot deal with it. However, your firm can. So you will try to strategize to take full opportunity of that social change so that you come out better than your opposition.
It's important to note your competitor's actions over time. For example, if one of your competitors is consistent with pricing, product features, promotion, and their market share it may mean that they're not exploring or exploiting additional market opportunities. Or, if one of your competitors has a decline in sales volume it may mean they will be employing new marketing strategies in the near future and should be monitored closely. Identify the Competitions Strengths and Weaknesses In order to develop effective competitive strategies, you need to make a realistic assessment of your competitors' strengths and weaknesses, as viewed by the market. You need to ask yourself what each of your competitors do very well, better than your own company? Then, ask yourself in what areas are each of your competitors weak. Construct a simple chart. The copier company's might appear like this: Strengths and Weaknesses of Competitors Competitor: Strengths Weaknesses A. Superior customer service 3-year warranty Higher price B. Quick innovator Unique features Higher price Limited distribution channels C. Large market share Lower price Comprehensive ad campaign Viewed as market leader by market segment Slower product No direct access to parts Other Factors to Consider
I remember my very first week working at Hanapin Marketing. I was working in a REDBOP group (for information on what REDBOP is, see “super awesome opportunity” in the dictionary and you will find information on Hanapin’s monthly PPC training program) and we were tasked with explaining to the rest of the team the differences between tactics and strategy. Easy peasy. Strategy = plan. Tactics = action.
L’Oreal did something similar when it used geolocation technology to create a virtual art exhibit that allowed attendees to uncover the art and feel as though they were right there looking at it. Brands can also use geolocation technology in mobile apps that include gamification aspects to engage a user more fully in a particular product or service.
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.
You can set a bid adjustment based on a user’s previous behavior on your site, so if they’ve bought one item, you could increase your bids in your other campaign to promote related accessories or products that they are most likely to be interested when they search on Google. This can also work even if they haven’t made a purchase, but simply browsed for your products.
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.
Preparing a Competitor Analysis is an activity that all Product Managers undertake at some point in the job. As Product Managers, having solid knowledge of our rivals and their activity in the marketplace helps us make better decisions during the strategic product planning phase. It ensures that we’re ready to respond to our competitors and exploit any weakness in order to gain a larger share of the pie.
The effectiveness of geo-targeting is only going to further improve as mobile use grows and location data becomes more accurate and available. The Local Search Association (LSA) just released data that found that, for the first time, mobile devices surpassed PC use in search for local businesses and services. As I reported last month, the majority of searches (52%) for local information on mobile devices occur either in the car or away from home or work.
Many marketers experience this issue during PPC campaigns: They’re attracting the attention of their audience and driving traffic with their ads, yes—but those website and landing page visits aren’t resulting in the amount of conversions they would have expected. If you are also experiencing this, your ads may be targeting consumers who aren’t quite in the decision stage of their buyer’s journey through the use of too many top-of-the-funnel (TOFU) keywords in your ad copy.
Features/commentsIn this column, I put all of my comments, some ”star” features I needed to focus on, and the pros and cons of the competitor. I color-coded the cells so that later I (or anyone viewing the matrix) could easily identify the difference between them. For example, I used light yellow for features, light purple for comments, green for pros and red for cons.
Starting small will also help you devise a repeatable process that can then be applied across a wider range of search terms as your list grows over time. If you really want to go pro, keyword management tools like Moz Keyword Explorer or SEM Rush’s Keyword Magic Tool can help you streamline this entire process and will allow you to create lists that include hundreds of keywords.
What is the main messaging of their marketing materials? What common customer problems or goals do they often refer to? Let’s say you’re a pet sitter going through a rival business’ brochure. There is a huge difference between a brochure emphasizing frequent real-time online updates, and another brochure emphasizing pet pampering and grooming. The group of clients who are attracted by frequent real-time online updates are often focused on the safety and welfare of their pets, while those looking for more pampering and grooming services are focused on comfort and appearance.
You may be wondering why these seemingly different strategies are included as one. The reason is that the strategy is the same: Getting the most out of your budget. The only difference is the tactics to achieve that strategy. Sure you may need to look at different metrics and dimensions of your campaigns to maximize your budget, but in the end you achieve the same thing.
Some examples of typical insights from this document would be the average number of referring domains that our competitors have and how that relates to our own backlink profile. If we are ahead of our competitors regarding backlinks, content creation might be the focal point of the campaign. If we are behind our competitors in regards to backlinks, we know that we need to start a link building campaign as soon as possible.