Most people make this mistake in their PPC campaign management and fail to reap the desired results. Check out this article and see what it is!
When speaking of a PPC campaign, what first springs to your mind are probably keyword bidding, ad placement, business metrics, copy, and visual (or a PPC agency that you can trust and let them do all the job above). Admittedly, all of these factors are crucial in determining how effective your ads can turn out. But if you fail to consider one more element, you run the risk of running the whole campaign.
And that missing piece is competitor research. Often overlooked in marketing strategies, competitor research offers valuable insights that can significantly contribute to the success of your own brand. Keep reading to find out how!
What Is Competitor Research?
Simply put, conducting competitor research is to explore what your rivals are doing. You have to identify potential opponents who present the same product lines as yours, tap into their tactics, and make a brief comparison of whether said businesses are actually a threat to you.
Doing a comprehensive competitor analysis is also of great importance before you embark on a PPC campaign. As digital ad platforms are becoming increasingly competitive with ads struggling to get featured at the top, looking at how your competitors are doing provides you with a fresh take on the matter. From there, you can make necessary adjustments and maximize the chance of success.
Benefits Of Doing A Competitor Research Before A PPC Campaign
1. You can have a better grasp of the existing market
Nowadays, it is as easy for a new store to open online as for an old one to get shut down. The constant flow of change leaves the digital marketplace erratic and unstable, which can shift the demographic of your competitors. You may soon realize that some of your archenemies are lagging behind while previously unknown brands are looming over, ready to catch up.
Keeping tabs on how other businesses are navigating themselves lets you have an updated, informed opinion on the competition level and act accordingly.
2. You can discover unfulfilled gaps
There will always be some niche markets where no companies have managed to infiltrate. You can dig through the ad placements of your competitor and estimate their target audience, thus concluding on the section that other rivals have yet to pay attention to. Once a new sub-market is already pinpointed, it is all yours to explore. Not only can you expand the customer base, but you also have the advantage of being the first brand to cater to the needs of such customers and are more likely to gain benefits in the long run.
3. You can reassess ad campaigns
If the competitor has better brand recognition, a higher clickthrough, and conversion rate, as well as more ROAS than you do, chances are you have done a disservice to your ad campaigns.
By browsing through the paid content of the other side and comparing them with your ads, you can point out the areas in which your rival is outsmarting. Understanding the strengths of competitors and the weaknesses of yourself is the first step in self-improvements. Now that you know how flawed your ads are, it is time to fix these problems.
4. You can track down trends
Trends are short-lived and do not have a long-lasting impact on the mind of customers. Still, if utilized in the right way, your ad campaign can benefit greatly from what is viral on the Internet. Additionally, competitor research can showcase how your rivals have taken advantage of seasonal fads and determine if said strategies are working in their favor.
Suppose trend implementation is bringing back noticeable growth, then your company can quickly jump in. But in case the trends cannot appeal to customers, you can figure out what your competitor has done wrong and try to avoid the same pitfall.
5. You can review marketing benchmarks
Most brands evaluate their performances using the latest data as the standard. If your ad revenue was $20000 and you managed to raise it by 30% in the next campaign, you could rest comfortably knowing things are running smoothly, right?
Unfortunately, your statistics alone are not enough to create a reliable benchmark. Even worse, it can lure you into a false sense of stability and security while other competitors are way ahead. Therefore, it is a must for you to find out roughly how much your competitors have gained with their ads and use those numbers to have a general idea of the market’s norms.
1. What are the steps in competitor research?
There is no fixed way to do competitor research, as each market varies drastically from one another. However, you can start by addressing the questions below.
- Who are your rivals on the market?
- What is their target audience? Does it overlap with yours?
- What is their pricing positioning like?
- Which ad platforms are used for their marketing campaigns?
- What benefits are their products offering that yours are not?
- What is their customers’ frequency of engagement?
- Based on customers’ feedback, what are the unique selling points of their products?
2. How often should I run competitor research?
Your competitor analysis should be done every two to three months for the most updated outcomes. On special occasions when sales are likely to soar, such as Christmas or Black Friday, make sure to have a quick look before you plan your ad campaign.
While competitor research is central to preparing any PPC campaign, few business owners know how to conduct one effectively. If you are struggling to come up with an analysis of your rivals’ tactics, why not outsource to a reputable PPC agency like Olifant Digital? Here, not only will you get comprehensive insights into the performance of other brands on the market, but you will also receive customized marketing plans that ensure the success of your PPC campaign. Check it out now and see for yourself!