Researching your competition is an important step toward developing your marketing campaign. However, knowing exactly what to look at can be a bit overwhelming when considering all of the data that’s available (and all of the different competitor research tools that you can use). Here are some of the important performance metrics that you should evaluate and monitor when researching your competition:
Competitors’ Rankings
Keyword research is an important part of your SEO strategy. Exploring what keywords your competitors are ranking for and how they are ranking for them can provide you with ideas for keywords to use that you weren’t using already. You’ll also be able to identify what keywords you can compete with directly as well as what keywords may be too difficult to compete with.
Competitors’ Social Media Mentions
One of the easiest ways to judge the strength of a competitor’s brand awareness is by monitoring their social media mentions. The more people are talking about them, the stronger their brand awareness is. Of course, you can get a lot of information about what people are saying about your competition as well. For example, whether they are happy with certain products or services, whether they find their customer service helpful, and more. Tracking their mentions allows you to see what their reputation is like. You can also identify social media influencers in this manner, which you can then engage yourself in an attempt to turn them into your own brand ambassadors.
Competitors’ Backlinks
Not only do you want to see how many backlinks your competitors’ websites have obtained, you’ll want to monitor how many new backlinks they earn. This will allow you to predict their rankings increase (the more backlinks a page earns, the more likely it is to get a bump in rankings on SERP pages) as well as identify where they are earning backlinks. You may gain some insight and ideas on successfully earning backlinks for your website.
Competitors’ On-Page Changes
Monitoring how your competitors are tweaking their webpages gives you insight into how you can improve your own page rankings. For example, if they changed their landing pages and, as a result, have begun converting more leads, then you can look at those changes to determine if you can implement them to see an increase in conversions as well. Of course, some changes can result in poorer results or no results at all. This can be just as helpful, since this tells you to avoid making such changes yourself.
H3: Competitors’ Unhappy Clients
Identifying unhappy clients can help you obtain new customers. By identifying a competitor’s client that’s unhappy with their products/services or their customer service, you can then engage that client to try to steal them away. You can find unhappy clients by looking for any negative comments made about your competitors on social media channels.
Competitors’ Customer Questions
Besides looking for negative comments, search for questions concerning your competitors, such as questions about their products/services or about the competitor in general. You’d be surprised how many companies don’t monitor their own mentions, which means that you can slide in and answer those questions before they get to them. By being helpful to their own customers, you give yourself a good chance at stealing customers away from them.
Competitors’ PPC Advertising Budget & Strategy
Tracking the PPC campaigns of your competition will yield some essential information, including what keywords they are investing in and whether they are effective or not. Keywords that are particularly effective can be co-opted for your own campaigns. Monitor the creative elements of the ad to see what works and what doesn’t.