Fortunately for you, we are here to discover and appreciate your company’s competitive situation. We will discuss how to create goals that characterize your ultimate destination, as well as how to establish a strategy to get there. Then we’ll go through campaign setup and management.
Read on to discover the steps you need to take for creating the perfect PPC marketing strategy.
Step One: The Initial Assessment
First, honestly assess your company’s current state. This includes assessing your target audience as well as your competitive landscape.
Second, define the target audience for your PPC campaign. A well-established company is familiar with its regular customers. Depending on your business style, this could be a consumer or a commercial market. Knowing who to target is the first step in running an effective PPC campaign, therefore the marketing plan should start there.
Segment the target demographic of your PPC campaign by Geographic Location, Audience Demographics, Psychographics, and Online Behavior.
Third, investigate your competition after you’ve identified your target market. Even if you are starting a new company, you will face competition. It is critical to comprehend who they are and how they affect you.
Fourth, assess your current competitive environment. Your competitive standing will become obvious after finishing the aforementioned phases. You’ll be able to tell if you’re in a market with perfect competition, oligopoly, or monopoly.
You can also compare yourself to your competitors. Whether you are a leader, a competitor, or a follower. Each condition necessitates rational short- and long-term goals and methods.
Exploring the Competitive Landscape
New competitors with comparable offerings pose a risk. To estimate the threat, examine the entry hurdles that you have already overcome in your market. You then must look into these five barriers: capital requirements, switching costs, economies of scale, brand loyalty, and regulatory barriers.
As you see your competitive landscape, you must understand the threat of substitutes and a buyer’s bargaining power. Substitutes are similar goods or services that may be less expensive or of superior quality. Meanwhile, a buyer’s bargaining power pertains to a customer’s ability to negotiate lower prices, demand higher quality, or switch to a competitor’s goods.
On the other hand, suppliers’ bargaining power is defined as their ability to negotiate higher pricing, demand better payment terms, or threaten to stop providing you.
Just like in any industry, you must also anticipate competitive rivalry. The level of competition within a sector is determined by criteria such as the number of rivals, the resemblance of their products and services to yours, and the amount of money they spend on marketing.
You must also conduct a competitive study before commencing your PPC campaign. This entails researching what your competitors are doing, what works, and what doesn’t. You can learn from their successes and failures, as well as exploit their weaknesses.
In this day and age of the digital world, it’s crucial to be steps ahead. This should be of more importance for businesses today and the fast-paced and competitive environment we are all in. As such, it is not only vital to be strategic but also informed of your very own competitive landscape.
If you are interested in working with a PPC management firm, Discover My Business is a full-service digital marketing agency that assists small and local businesses to flourish. With us, you have ensured the success of your online presence. Work with us today!