If you don't know the difference between head terms and long-tail keywords, let me explain. Head terms are keywords phrases that are generally shorter and more generic -- they're typically just one to three words in length, depending on who you talk to. Long-tail keywords, on the other hand, are longer keyword phrases usually containing three or more words.
Remember: The idea of a competitive analysis isn't to overly focus on the competition but to understand where your company stands in the marketplace and identify opportunities to further differentiate. At the end of the day, a focus on the customer will serve your company far more than a focus on the competition. Done well, a competitive analysis can help you find ways to outplay the competition by better serving customers —  theirs and yours.
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.
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.
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.  
Geographic targeting allows your ads to appear in the locations that you choose: country, city, areas within a country or city, a radius around a location, or location groups. Geo targeting helps you focus your ad campaign on the locations where you’ll find the right customers, and restrict it in locations where you don’t, which could help increase your ROI. Right geographic region can significantly help you optimize your campaign for better results. Identify countries, states, regions, or areas where your ad campaign can perform well.
Keyword research is a time consuming and continuous activity. Create your list of core keywords at the time of campaign planning and you should constantly refine and expand your keyword list for long-tail, low cost and highly relevant keywords. Another important step in keyword research is to review high cost, under performing keywords. Remove these keywords from your list.
This is the most basic way to start your keyword research—so basic, in fact, that it's easy to overlook. Let's say you're  manufacturing solar panels and you want to target businesses that qualify for alternative energy tax credits. Start with a Google search just like your customers would.  You can see which phrases pop up first when you type in "alternative energy tax credits." This should give you a good indication of the most popular searches.
Other EmployeesYour employees working in other areas of the company also become exposed to competitive information. They interact with others in their industry area and often learn what your rival is doing or hear gossip and rumors. Make sure your entire staff knows they should share any information concerning the competition immediately. Former employees of a competitor can provide you with insight on: your competitor's new products, marketing strategies, how-to improve productivity and employ other resources more effectively, and what your competitor's general working environment is like.  
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.”

Device targeting is important nowadays since most of the users are using mobile devices to browse the web. Use device targeting to reach your best customers on any device. With device targeting, you can customize your ads for different mobile devices and operating systems. This way you can target people who are online on mobile devices or using different operating systems.
Now as searchers start to gather information, they begin to refine their search and start using more specific terms. Then finally they begin to use very specific terms. They have switched from information gathering to a transactional mode. If someone searches on the term “canon eos mark III,” what does that suggest about their intent? That they have done their research and are ready to buy. So do you send them to your home page? Absolutely not. You need to send them to your product page that has the product, its features, maybe related products, the price, and most importantly the “buy now” button. They don’t need more information; they’re probably price shopping and are looking for a trusted source with the best price.
If you are a UX designer, then you might be aware of the service design cycle. This cycle contains four stages: discover, explore, test and listen. Each one of these stages has multiple research methods, and competitive analysis is part of the exploration. Susan Farrell has very helpfully distinguished different UX research methods and activities that can be performed for your project. (You can check this detailed segregation in her “UX Research Cheat Sheet”.)
If you’re an ecommerce business, then you need to be running Google Shopping Campaigns. Consumers use Google’s search engine on a daily basis to find all kinds of products that they need (including yours), and running Google Shopping campaigns can help you connect with them. These campaigns pull product information, such as the product image, price, and merchant name, from your company’s Merchant Center data feed and conveniently display them to the viewer. Because it pulls this data each time a user makes a search inquiry, you can be assured that your product ads are always up to date and accurate (so long as you keep your data feed that way), keeping your potential customer from feeling confused or frustrated.
It doesn’t take a marketing expert to know that marketing is a complex endeavor. With so many moving pieces, it can be hard to decide what you should focus on. What mediums do you prioritize? How do you narrow down your target audience? How do you rank better on search engines? Should you have a social media campaign? And if so, which social media platform should drive that campaign? And where in the world do you even begin to dig into this stuff?
If you are a UX designer, then you might be aware of the service design cycle. This cycle contains four stages: discover, explore, test and listen. Each one of these stages has multiple research methods, and competitive analysis is part of the exploration. Susan Farrell has very helpfully distinguished different UX research methods and activities that can be performed for your project. (You can check this detailed segregation in her “UX Research Cheat Sheet”.)

For many of you reading this post, you may wonder why these other strategies exist at all. Shouldn’t people only be paying for clicks that directly impact their ability to generate revenue and ultimately profit? I struggled with this concept early in my career, but ultimately came to the conclusion that not every single marketing activity can be direct response.
As you can see, we not only changed which keywords to track (the core of the SERPs tool) but also the location setting of the search engine. As a local business, most of Jerry’s customers will come from the UK. Using this setting rather than the general Google setting will give him much more accurate results on how his keywords rank in his location.
Now as searchers start to gather information, they begin to refine their search and start using more specific terms. Then finally they begin to use very specific terms. They have switched from information gathering to a transactional mode. If someone searches on the term “canon eos mark III,” what does that suggest about their intent? That they have done their research and are ready to buy. So do you send them to your home page? Absolutely not. You need to send them to your product page that has the product, its features, maybe related products, the price, and most importantly the “buy now” button. They don’t need more information; they’re probably price shopping and are looking for a trusted source with the best price.
For our clients, we typically gain a few backlinks at the beginning of an SEO campaign just from this data alone. It also serves as a long-term guide for link building in the months to come as getting links from high-authority sites takes time and resources. The main benefit is that we have a starting point full of low-hanging fruit from which to base our initial outreach.
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