WHAT TO EXPECTAn in-depth investigation and analysis of your competition is one of the most important components of a comprehensive market analysis. A competitive analysis allows you to assess your competitor's strengths and weaknesses in your marketplace and implement effective strategies to improve your competitive advantage. This Business Builder will take you through a step-by-step process of competitive analysis, helping you to identify your competition, determine and weigh their attributes, assess their strengths and weaknesses, and uncover their objectives and strategies in your market segment. WHAT YOU SHOULD KNOW BEFORE GETTING STARTED [top] What Types of Organizations Should I Consider as Competitors? Any business marketing a product similar to, or as a substitute for, your own product in the same geographic area is a direct competitor. Firms offering dissimilar or substitute products in relation to your product or service are considered indirect competitors. Indirect competition would exist between the manufacturer of butter and a manufacturer of margarine selling to the same customers. Another example is the manufacturer of eyeglasses who competes indirectly with contact lens manufacturers. Stated in other terms, indirect competition will satisfy the customer's need with a particular product or service, although the product or service used may be different from yours. If a firm has similar products and distribution channels, but has chosen to operate in different market segments, they are not at this time your direct competitor. However, it's important to monitor the marketing activities of such firms because they may decide to move into your market segment, just as you may decide to move into theirs. Take a moment and identify your direct and indirect competitors: Why is a Comprehensive Competitive Analysis an Important Part of a Marketing Plan? To achieve and maintain a competitive advantage in reaching and selling to your target market, you must possess a thorough knowledge of your competition. An in-depth competitive analysis will provide you with the following:
Exhaustive – Your keyword research should include not only the most popular and frequently searched terms in your niche, but also to the long tail of search. Long-tail keywords are more specific and less common, but they add up to account for the majority of search-driven traffic. In addition, they are less competitive, and therefore less expensive.
This is a particularly useful strategy for local businesses (or any business that takes calls, really) to target people who are likely to call them directly from a search query. With Call Extensions you can easily add a click-to-call button to your mobile ads and phone numbers to your desktop ads. Additionally, you can track customers who make calls from your website using Website Call Conversions.
Ego and assumptions led me to choose the wrong keywords for my own site. How did I spend three years optimizing my site and building links to finally crack the top three for six critical keywords, only to find out that I wasted all that time? However, in spite of targeting the wrong words, Seer grew the business. In this presentation, Will shows you the mistakes made and share with you the approaches that can help you build content that gets you thanked.
Using negative keywords in PPC campaigns is an often overlooked but highly effective strategy. These are keywords that you add to your campaign that you don’t want to target. Adding negative keywords will let Google know that it should not show your campaigns in searches that include these words. This is a crucial step in order to make sure that you don’t waste money by displaying your ad for irrelevant searches.
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.
For example, “Austin gyms” or “coffee shops near Dupont Circle” or “uptown restaurants” provide location intent that you can target. Include location terms such as area code, ZIP code, neighborhood, community name, nearby landmarks, popular venues, tourist destinations, well known street names, local jargon and other keywords that will help you get found when a consumer is searching for businesses around you.
This chapter will discuss how to best structure your campaign within Google AdWords. These basic building blocks are campaigns and ad groups contained within those campaigns. How you structure this will depend upon your business and marketing and the main takeaway here is that there is no single way to structure a campaign. Just be mindful of what matters when it comes to advertising and measuring the results of your campaign.
This emphasis on competition is related to the advent of game theory in the mid 20th century around the same time. The problem is that game theory is one mental model of many to help make decisions, not the only one (Ben Thompson from Stratechery has a good post on the Prisoner’s Dilemma that is a fundamental one). Even researchers are starting to point to the fact that there are no perfect solutions (such as a Nash equilibrium) to most situations.
Truly awesome stuff Zee! For those involved in doing competitive analysis for Local SEO, I would also add GMB Completion/Optimization, and NAP Profile Quantitiy/Quality (which can be checked via MozLocal and Majestic SEO). The conversion part of your analysis that you laid out is especially important in my opinion. Thank you for writing and sharing your insight!
It’s easy to get blindsided by our own opinion on “high-quality” content. You might be thinking you have an awesome idea that everyone wants to read about, but how do you know with absolute certainty that it’s really that great? And even if your hunch is spot on and you’ve discovered something truly worth sharing, how do you quantify its value? How do you find the right content marketing keywords?
A quick and easy way to compare your product or service with similar ones on the market is to make a competition grid. Down the left side of a piece of paper, write the names of four or five products or services that compete with yours. To help you generate this list, think of what your customers would buy if they didn't buy your product or service.
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.
John Boyd, a famous military strategist, thought a lot about how competitors change the way that we strive for our own goals. The concept he popularized around the OODA loop talked about making decisions faster than your competition as a way to win. It was also key to understanding what your competitor values so you can find other ways than fighting directly.
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.
The easiest way to target a particular geographic area is simply to set up a Facebook ad as usual. When you’re setting up the audience and you get to the map, hit “Drop Pin” and place the indicator in the middle of your intended target area. Then, use the radius slider to modify the full range of land that your targeting will cover. You can adjust this from 1 mile to up to 50 miles.
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.
It is dependent on the pre-analysis of the entire IP address space. There are more than 4 billion possible IP addresses, and detailed analysis of each of them is a Herculean task, especially in light of the fact that IP addresses are constantly being assigned, allocated, reallocated, moved and changed due to routers being moved, enterprises being assigned IP addresses or moving, and networks being built or changed. In order to keep up with these changes, complex algorithms, bandwidth measurement and mapping technology, and finely tuned delivery mechanisms are necessary. Once all of the IP space is analyzed, each address must be periodically updated to reflect changes in the IP address information, without invading a user's privacy. This process is similar in scale to the task of Web spidering.
It’s good for search engines – PPC enables search engines to cater to searchers and advertisers simultaneously. The searchers comprise their user-base, while the advertisers provide them with their revenue stream. The engines want to provide relevant results, first and foremost, while offering a highly targeted, revenue-driving advertising channel.
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.
More and more consumers are finding businesses online through search engines. How do they find them? By using keywords! Fortunately, you can take advantage of this consumer habit by optimizing your website around the keywords that are relevant to your business and which keywords consumers are using to find you online. This will increase your chances of getting found by people searching with those keywords, which will drive more and better quality traffic to your business’ website.
I mentioned earlier that I recently performed a competitive analysis for a collaborative meeting note-taking feature, to be introduced in the app that I was developing for a client. The goals for my research were very general because innumerable apps all provide this type of functionality, and the product I was working on was in the very early stages of development.
Brands love to be front and center and who can blame them? Essential to becoming a well known brand is achieving awareness and name recognition, and well branded companies tend to do well at drawing in new customers. In the world of search, the best way to build your brand is by showing up in the top position of search results. Preferably you can do this for both organic and paid results, but at the very least you can often buy your way to the top of search results with a high enough Maximum CPC bid. You will also want to enhance your brand even further by adding Sitelinks to your account to showcase the depth of products and services you offer and occupy even more real estate in search results.
Say your e-commerce site focuses on college students. Target promotions to local coffee shops within a couple miles of your store front that students frequent. Students that bring in a receipt from the coffee shop to your brick and mortar store get a special discount. You can push this email campaign to users that are within a 10 mile radius of the coffee shop and your store.
The use of semantic search has completely changed the way we perform modern search queries today. A decade ago, people stuck with what was short and simple. If they wanted to find the best pizza places in New York City, they would type in “Pizza New York.” However, with Google’s Hummingbird update and the algorithmic improvements to semantic searches, people now are more inclined to type in “Where is the best pizza place in New York City.”
It's quite likely that no prospect or customer reads your press releases as carefully as your competitors do. Press releases are helpful in understanding a company’s strategic focus. Sometimes PRs show your competitors’ customer count. The About section in a press release shows your competitor's strategic messaging. These two to five sentences are how your competitor wants their customers and prospects to perceive the company and its products.
Competitive analyses for SEO are not something that should be overlooked when planning a digital marketing strategy. This process can help you strategically build unique and complex SEO campaigns based on readily available data and the demand of your market. This analysis will instantly put you ahead of competitors who are following cookie-cutter SEO programs and not diving deep into their industry. Start implementing this process as soon as you can and adjust it based on what is important to your own business or client’s business.