Conducting PPC analysis can be time-consuming and overwhelming. Instead of wasting time and getting further behind, use these tools and tips to help you overtake the competition.
Why Should You Conduct Competitor Analysis for Your PPC Campaign?
Launching a PPC advertising campaign is difficult on its own, so why should you go through the trouble of conducting competitor analysis beforehand? Here are some of the reasons why it’s necessary to do your due diligence before you launch your PPC campaign:
Track Industry and Market Trends
Conducting PPC competitor analysis helps you track industry and market trends. As you know, markets are constantly changing. To stay ahead of the curve in your industry and tackle an unpredictable market, you need to conduct competitor analysis.
Adapt to a Changing Landscape
Conducting PPC competitor analysis helps you adapt to a competitor landscape that’s constantly changing. You know your business inside and out — you should know your competitors too! The odds are that their businesses are changing just as fast as the industry and the markets are.
For instance, perhaps one of your biggest competitors hit a stumbling block — you need to know about this. On the other hand, perhaps a startup new to the scene is quickly gaining ground — you need to know about this too.
Avoid Unnecessary Changes
We constantly see all sorts of new and hot trends. While many companies have a knee-jerk reaction based on these trends, instead, you should try employing a more measured and strategic approach. Using competitor analysis to track trends, you can determine whether these trends are temporary or are here to stay. That way, you’re not making impulsive decisions based on trends that may not be necessary or ideal for your business goals.
Set Appropriate Goals
Conducting PPC competitor analysis also helps you set appropriate goals based on what your competition is doing. After all, your overall goal should be to overtake them — how can you know how to do that without research and data? You can then use this data to set goals to keep up or overtake your competition in no time.
Identify Gaps in the Market
Finally, you can use PPC competitor analysis to identify potential gaps in the market that you can exploit. Knowing more about your competitors can help you to determine better what you should be doing based on their actions and operations.
For instance, say your competitors aren’t taking advantage of a certain keyword. You can exploit this gap for your own business for a more successful marketing campaign.
The Five W’s of PPC Competitor Analysis
While competitor analysis may seem intricate and complicated, it can be broken down into five W’s that are easy to understand and remember: who, what, when, where, and why. Let’s explore all five so that you can conduct an effective PPC competitor analysis.
1. Who
Who are your competitors? Often, the online competition looks quite different from the offline competition. As a result, you need to look into what companies are bidding on the same keywords as you are. A great way to do this is to do a simple search for your keywords and see who shows up. From there, you can begin to gather more detailed and relevant information.
2. What
What kind of competitors are they? Not all competitors should be treated equally — some are more serious threats than others. Some different types of PPC competitors you may encounter in your research include affiliates, comparison shopping engines (CSEs), marketing partners, search arbitrageurs, and resellers. Based on this information, you can identify your top competitors as well as companies that don’t currently pose a big threat.
3. Where
Where are they competing with you? For instance, are they competing with you at the top of the funnel, the middle, or the bottom? Gathering this information can help you decide where you should place your PPC advertisements. To do this, you can label your top-performing keywords to monitor any changes that may occur. You can also set up reports, alerts, and automated bidding practices so that you’re constantly up-to-date on what’s happening with your top keywords.
4. Why
Why are they competing with you? Some competitors are more serious than others. Some are competing with you simply to be annoying, while others have more legitimate strategies. Figuring out the difference between the two is a key component within successful PPC competitor analysis.
5. When
When should you take action? Finally, it’s time to take action. At the same time, you also need to know when to wait it out. Time and experience will teach you the difference between the two. If a legitimate competitor is starting to edge you out, don’t be afraid to take action to get back into the game.
The 10 Best Tools for PPC Competitor Analysis
There’s no shortage of tools that you can use to help you with PPC competitor analysis. Depending on what you’re specifically looking to find out, here are the ten best tools for PPC competitor analysis:
- Google Ads Auction Insights
- Spyfu
- SEMRush
- iSpionage
- Keyword Spy
- Simply Measured
- FollowerWork
- SpyOnWeb
- Ontolo
- Mention
Whichever tool(s) you choose to assist with your PPC competitor analysis, make sure that they make sense for your industry, campaign strategy, and of course, budget. Some are better investments than others. When used correctly, these can be extremely valuable tools that you can use to take your competitor analysis to the next level.
PPC Competitor Analysis Best Practices
Now that we’ve covered all the basics surrounding PPC competitor analysis strategies and tools, it’s time to put it all together with best practices to promote a successful and lucrative strategy. Here are the PPC competitor analysis best practices that you should follow:
- Incorporate their backlinks into your own strategy. When you look into your competitors’ backlinks, you can determine where you need to be. From there, you can get your content in the best places for the best results.
- Locate their best content. Whether it’s a formal advertisement or a promoted social media post, you need to determine what’s working for your competitor. Look at engagement metrics, including likes, comments, and shares. From there, you can have a better idea of what will work for your own brand.
- Keep up with changes. Markets and competitors are always changing. To save a lot of time and effort, you can set up automatic alerts to keep up with your competitors. This gives you the peace of mind that you won’t be caught off guard — allowing you to work on other areas of your business efficiently.
- Learn about their followers. Using PPC competitor analysis tools, you can identify potential followers for you to steal effectively. However, earning a follow is harder than it looks, so make sure to put the work in — the results will be well worth it.
The Final Rundown on PPC Competitor Analysis
If you’re looking to outperform the competition, you need to work with an expert like Greg Gillman. Greg Gillman is an omnichannel growth expert who has worked with direct-to-consumer brands to generate $4 billion in annual revenue. He has achieved incredible results for clients big and small — and he can do the same for you!
Sources:
10 Great Resources for Keeping Up to Date With Industry News and Trends | AllBusiness.com
How to Identify and Fill a Market Gap | Business.com
The 4 Types of Competitors That Brands Must Battle | Entrepreneur
