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6 Key Elements of Competitor Analysis That Will Help Your Business Win Out

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6 key elements of competitor analysis that will help your business win out

Competitor analysis is a key element in any effective digital marketing approach, providing insight into how your competitors have addressed similar marketing challenges to your own, and what’s worked (and what hasn’t) within their process. 

Analyzing your competitors can help you better position your products and services within a specific niche, or compete head-to-head with messaging that plays to your strengths. And if you want to maximize your marketing, performing a competitor analysis is essential whenever you launch a new product or enter into a new market space, industry, or vertical.  

In this post, I’ll go over six key elements of competitor analysis that will help your marketing efforts win out. 

What to Look at and Tools to Use

But first off, in order to effectively analyze your competitors’ digital marketing performance, you need the right tools.

Within this, you need apps which will:

  • Examine website traffic, traffic growth, backlinks and their most popular pages
  • Analyze content on their website, blog, as well as what they publish on social channels
  • Provide an overview of their ad content on both search engines and social networks
  • Highlight keywords on their website, in their content, and used with their campaigns 

Some great, powerful tools that cover these elements are:

  • SEMRush – For SEO and website audit, backlink, and keyword research. SEMRush also offers traffic analysis and competitive intelligence add-ons that enable you to perform much deeper research. Other good tools here are Ahrefs and Raven Tools
  • BuzzSumo – For content research. BuzzSumo can help you identify how your competitors’ content has performed, and how they’re taking part in digital question and answer sites.
  • FanPage Karma  For finding content and engagement information about your competitors, including which content has been most popular with their audience, what channels and posting times get the most engagement, what topics have been most popular, and identifying questions and issues their audience has which may provide opportunities for your brand. FanPage Karma is a powerful analytics tools in this respect.

Here’s how to use these tools within your competitor analysis process.

1. Insights from Traffic Analysis

The first element you want to look at is web traffic, and how people are discovering your competitor sites – SEMRush can help with this.

You should analyze the traffic to competitor websites to discover how many visitors they have, unique visitors, pages per visit, visit duration, and bounce rate, which tells you how much traffic your competitors are getting, if visitors are finding the site content useful enough to stay on the site, and which content is most popular.

competitor analysis traffic

You can also see how visitors are finding their way to your competitors’ websites.

traffic journey

traffic journey details

TIP: Identify source domains to inform decisions about investing in search engine and social media advertising, as well as influencer outreach based on what’s working for your competitors. 

One of the most important things you can learn here is which of your competitor’s website pages are most popular. 

traffic analytics

Seeing which landing pages are working best for your competitor can tell you which products and services have a successful online presence, and which don’t. That can inform your approach to marketing products and services, and to how to run your campaigns.

TIP: For a campaign designed to go head-to-head with a competing product or service that is popular, dissect the messaging on that page and find ways to differentiate your products and services. Consider promoting those messages using aggressive demand generation, such as search and social advertising. 

2. Backlinks

Backlinks help to build your domain authority and improve your rank for topics that other sites link to. Your brand’s SEO efforts should include a link-building component, and tools like SEMRush and AHRefs enable you to perform a backlink gap analysis to domains linking to your competitors, but not to you.

This will inform and improve your link-building efforts. 

3. Social Media

Analyzing your competitor’s social media activity can tell you which channels they use for promotion, how they’re positioning their products and services, and what content and messages have received the best reception from their audience.

It can also help you find gaps in their promotion strategy which can provide an opportunity for your brand.

Tools like Fan Page Karma can provide competitive intelligence on competitors’ social media activity.  

fpk metrics

You can see the channels they’re using for promotion, how active they are, the growth in their presence on the channel, and how actively they’re engaging with their audience. 

TIP: If you’re targeting the same audience as your competitor, consider focusing your activities on channels that have worked well for them. 

You can also see the content they’re publishing, the topics they’re talking about, and which of those topics is of most interest to their audience. 

post interaction

TIP: This information can help you identify the topics that are of greatest interest to the audience, questions they have, and issues you can discuss to position the value of your products and services. Use this information to refine your content strategy, messages, and value proposition.

4. Keywords

One of the most important things you can learn from your competitors is what keywords they’re using, and which they’re ranking for.

Your website and campaign content should be focused around a core set of keywords that will help your target audience find your site and content when looking for the solutions you’re selling. 

keyword overview

Your competitors will also be using, and trying to rank for relevant keywords. 

TIP: Examine the keywords used by your competitors to find industry-specific keywords that you might be able to rank higher for in your site and campaign content, and to formulate long-tail keyword variants that you can rank for, and that differentiate your products and services from your competitors.

magic keyword tool

Another great feature offered by SEMRush is the ability to report frequently asked questions related to keywords and domains.  

TIP: Develop lists of top questions about problems you solve, and the products and services you sell and create content that answers those questions. You can also take a more interactive approach and actively participate in Q&A sites and forums like Quora and Reddit and answer questions relevant to the products and services you sell, and post links back to your website content for additional information.

5. Advertising information

Analyzing your competitors’ advertising information can save you a lot of time researching and formulating critical campaign elements like keywords and ad copy, and help you position your products and services more effectively.

advertising info

SEMRush can show you traffic estimates, keywords, and cost estimates for paid search traffic, display advertising, and product listing ads. 

TIP: The keywords used by your competitors are a great starting point for the keywords you can use for your brand and campaign. You may be able to compete successfully for core keywords, but you can certainly use this information to choose long-tail keyword variants that work well with the value proposition of your brand, products, and services.

You can see position changes for keywords used by your competitors.

advertising research hq7d3PP

You can even see competitor’s ad copy.

ad copy

TIP: Seeing how your competitors are promoting their products and services shows you how they’re positioning their offerings, enabling you to construct website and ad copy to position yourself differently, by going after a slightly different niche. 

6. Content Analysis

When analyzing your competitors’ best content, you can see if similar topics are a good fit for your brand, and assess the types of content that their audience likes to consume.

You can also discover gaps in content coverage, and frequently asked questions which your brand can then address in its content campaigns.

Look at their poor performing content, too, and try and determine why it didn’t resonate. 

TIP: Analyze competitor’s content with the goal of finding the best way to differentiate your content and messages to favorably stand apart from the pack. Do deep analysis to find trends and see if the audience prefers, longer or shorter content, fundamental or deeper analysis, conceptual vs. how-to content,  graphics, videos, images, etc.. 

Conclusion

Regular analysis of your competition is important, because it’s like looking at the other team’s playbook before you go out onto the field. It enables you to develop a campaign strategy and messaging that differentiates your products and services, accentuates your strengths, and positions you to win against the competition.

If you haven’t undertaken a competitor analysis, it’s worth taking a look, and these tools and tips will help.

Socialmediatoday.com

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12 Proven Methods to Make Money Blogging in 2024

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Make money blogging

 

Make money bloggingThis is a contributed article.

The world of blogging continues to thrive in 2024, offering a compelling avenue for creative minds to share their knowledge, build an audience, and even turn their passion into profit. Whether you’re a seasoned blogger or just starting, there are numerous effective strategies to monetize your blog and achieve financial success. Here, we delve into 12 proven methods to make money blogging in 2024:

1. Embrace Niche Expertise:

Standing out in the vast blogosphere requires focus. Carving a niche allows you to cater to a specific audience with targeted content. This not only builds a loyal following but also positions you as an authority in your chosen field. Whether it’s gardening techniques, travel hacking tips, or the intricacies of cryptocurrency, delve deep into a subject you’re passionate and knowledgeable about. Targeted audiences are more receptive to monetization efforts, making them ideal for success.

2. Content is King (and Queen):

High-quality content remains the cornerstone of any successful blog. In 2024, readers crave informative, engaging, and well-written content that solves their problems, answers their questions, or entertains them. Invest time in crafting valuable blog posts, articles, or videos that resonate with your target audience.

  • Focus on evergreen content: Create content that remains relevant for a long time, attracting consistent traffic and boosting your earning potential.
  • Incorporate multimedia: Spice up your content with captivating images, infographics, or even videos to enhance reader engagement and improve SEO.
  • Maintain consistency: Develop a regular publishing schedule to build anticipation and keep your audience coming back for more.

3. The Power of SEO:

Search Engine Optimization (SEO) ensures your blog ranks high in search engine results for relevant keywords. This increases organic traffic, the lifeblood of any monetization strategy.

  • Keyword research: Use keyword research tools to identify terms your target audience searches for. Strategically incorporate these keywords into your content naturally.
  • Technical SEO: Optimize your blog’s loading speed, mobile responsiveness, and overall technical aspects to improve search engine ranking.
  • Backlink building: Encourage other websites to link back to your content, boosting your blog’s authority in the eyes of search engines.

4. Monetization Magic: Affiliate Marketing

Affiliate marketing allows you to earn commissions by promoting other companies’ products or services. When a reader clicks on your affiliate link and makes a purchase, you get a commission.

  • Choose relevant affiliates: Promote products or services that align with your niche and resonate with your audience.
  • Transparency is key: Disclose your affiliate relationships clearly to your readers and build trust.
  • Integrate strategically: Don’t just bombard readers with links. Weave affiliate promotions naturally into your content, highlighting the value proposition.

5. Display Advertising: A Classic Approach

Display advertising involves placing banner ads, text ads, or other visual elements on your blog. When a reader clicks on an ad, you earn revenue.

  • Choose reputable ad networks: Partner with established ad networks that offer competitive rates and relevant ads for your audience.
  • Strategic ad placement: Place ads thoughtfully, avoiding an overwhelming experience for readers.
  • Track your performance: Monitor ad clicks and conversions to measure the effectiveness of your ad placements and optimize for better results.

6. Offer Premium Content:

Providing exclusive, in-depth content behind a paywall can generate additional income. This could be premium blog posts, ebooks, online courses, or webinars.

  • Deliver exceptional value: Ensure your premium content offers significant value that justifies the price tag.
  • Multiple pricing options: Consider offering tiered subscription plans to cater to different audience needs and budgets.
  • Promote effectively: Highlight the benefits of your premium content and encourage readers to subscribe.

7. Coaching and Consulting:

Leverage your expertise by offering coaching or consulting services related to your niche. Readers who find your content valuable may be interested in personalized guidance.

  • Position yourself as an expert: Showcase your qualifications, experience, and client testimonials to build trust and establish your credibility.
  • Offer free consultations: Provide a limited free consultation to potential clients, allowing them to experience your expertise firsthand.
  • Develop clear packages: Outline different coaching or consulting packages with varying time commitments and pricing structures.

8. The Power of Community: Online Events and Webinars

Host online events or webinars related to your niche. These events offer valuable content while also providing an opportunity to promote other monetization avenues.

  • Interactive and engaging: Structure your online events to be interactive with polls, Q&A sessions, or live chats. Click here to learn more about image marketing with Q&A sessions and live chats.

9. Embrace the Power of Email Marketing:

Building an email list allows you to foster stronger relationships with your audience and promote your content and offerings directly.

  • Offer valuable incentives: Encourage readers to subscribe by offering exclusive content, discounts, or early access to new products.
  • Segmentation is key: Segment your email list based on reader interests to send targeted campaigns that resonate more effectively.
  • Regular communication: Maintain consistent communication with your subscribers through engaging newsletters or updates.

10. Sell Your Own Products:

Take your expertise to the next level by creating and selling your own products. This could be physical merchandise, digital downloads, or even printables related to your niche.

  • Identify audience needs: Develop products that address the specific needs and desires of your target audience.
  • High-quality offerings: Invest in creating high-quality products that offer exceptional value and user experience.
  • Utilize multiple platforms: Sell your products through your blog, online marketplaces, or even social media platforms.

11. Sponsorships and Brand Collaborations:

Partner with brands or businesses relevant to your niche for sponsored content or collaborations. This can be a lucrative way to leverage your audience and generate income.

  • Maintain editorial control: While working with sponsors, ensure you retain editorial control to maintain your blog’s authenticity and audience trust.
  • Disclosures are essential: Clearly disclose sponsored content to readers, upholding transparency and ethical practices.
  • Align with your niche: Partner with brands that complement your content and resonate with your audience.

12. Freelancing and Paid Writing Opportunities:

Your blog can serve as a springboard for freelance writing opportunities. Showcase your writing skills and expertise through your blog content, attracting potential clients.

  • Target relevant publications: Identify online publications, websites, or magazines related to your niche and pitch your writing services.
  • High-quality samples: Include high-quality blog posts from your site as writing samples when pitching to potential clients.
  • Develop strong writing skills: Continuously hone your writing skills and stay updated on current trends in your niche to deliver exceptional work.

Conclusion:

Building a successful blog that generates income requires dedication, strategic planning, and high-quality content. In today’s digital age, there are numerous opportunities to make money online through blogging. By utilizing a combination of methods such as affiliate marketing, sponsored content, and selling digital products or services, you can leverage your blog’s potential and achieve financial success.

Remember, consistency in posting, engaging with your audience, and staying adaptable to trends are key to thriving in the ever-evolving blogosphere. Embrace new strategies, refine your approaches, and always keep your readers at the forefront of your content creation journey. With dedication and the right approach, your blog has the potential to become a valuable source of income and a platform for sharing your knowledge and passion with the world, making money online while doing what you love.

Image Credit: DepositPhotos



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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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