Developing A Marketing Strategy Around The Competition
In terms of SEO, a long-term strategy is needed to drive results, even if you’re just expecting to generate slightly positive results. When reviewing the average Marketing Report with our clients, we see an exponential growth trend for most organic or SEO related analytics. This common trend is normally reflected by a strong long-term strategy, developed and implemented through extensive research and expert analysis of current and future trends. But how do we start developing a marketing strategy? Especially a long-term plan aimed at exponential growth trends?
Depending on the company size, the best resource should be performing a competitive research analysis to satisfy two developing factors; to individualize the company from nearby and relevant competition, and to act on opportunities presented by the competition. There are other factors to consider when developing your online marketing strategy, but the competitive analysis will give you insights into the results of decisions that are both environmental and causal.
This is not to take away the importance of one’s own vision and brand, but to be eligible to take a piece of the industry pie you need and understanding of how others are earning their share. Analyzing opportunities and threats by looking at the successes and failures of your competition is key in the initial stages of strategy development. Why run into the same obstacle your competitor did when you can simply learn from their mistakes? Understanding the needs and desires of your target market, and determining how the competition is failing the market is an opportunity for you to capitalize on!
One area of research that should be considered is Keyword Analysis. Determining the exact phrases that will generate links within a search engine, and which phrases will assist competitors within different search results. The latter list will undoubtedly be larger than the phrases that generate your specific entity. With that being said, it is an opportunity to analyze and develop a strategy going forward that will determine the success of your site’s organic and SEO related traffic. These analytics can be used to steer clear of emerging threats, and to help take advantage of nearby opportunities.
For example, to find out your target audience searches within your industry for specific products/services not yet being offered will present an opportunity for you! And opposite that, if you see a decline in interest with specific products/services being offered in your industry, you may get a head-start on retargeting your efforts to more in-demand and relevant interests.
Depending on the differences or similarities between you and your nearest competitors, you should review what similar products and/or services that are offered by both you and your competitors and then develop plans around the keywords that work well for your competitors in organic search results. You can then develop content around the highest ranking search inquiries, knowing that they are most frequently in demand and sought after.
You could also act upon your own keyword results, whether you develop a plan to play to a current strength, or determine new routes to take when weaknesses are presented. Data analysis can help your business lean into a successful strategy, or pivot to re-target more relevant opportunities.
All in all, analytics are required to develop a proper marketing strategy. You cannot plan accordingly while being blind to industry-related trends. Why would someone come to your establishment and pay extra for a product or service being provided for free at your nearest competitor? Analyzing your strengths, weaknesses, opportunities, and threats through competitive research will help you succeed in the long run.
Just like the internet, our business landscape is always changing, or more accurately put, evolving along with our societal trends. To be in business is to be up-to-date with not only your target audience, but also with your competitors.