Business Competitive Analysis | Top 5 Ways To Target Competitors
Running a business is a tough job! But, no problem on the planet hasn’t been solved already! You can easily derive solutions for the issues you are facing by researching your target competitors. Plus, it gets you an extra edge against the market competition.
Well! Knowing more about competitors is rather an easy task but a detailed one. You have to ask the right questions and come up with relevant strategies that can tailor your way up in the competition.
Moreover, it seems like a step-by-step job! So, how about you stick to the blog and get an understanding of what you can do to thrive in this competition.
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Target Online Competitors Through Social Media
Nowadays, social media platforms have become the most favorite medium of marketing for brands. More and more brands are joining the bandwagon to make their presence strong on social media. Additionally, with such a multitude of businesses present on social platforms, it is easier to find and target competitors of your niche.
Regardless of which platform you use, social media seems to be a dominant option to opt for. Many factors help you determine the strategies your competitor is taking.
Well! As you know, Instagram and Facebook are the two platforms growing wildly into the e-commerce industries. So, let us understand how we can target competitors leveraging these two platforms.
How To Target Competitors Fans On Facebook?
Are you wondering how to target competitor’s fans on Facebook since the platform doesn’t allow you to methodically proceed with targeting? Well! There is a hack that maximum marketers follow. Most people do not know about it, but it is quite easy to proceed with.
Let us move on with the steps already, as I can see you are eager to know them!
Step 1: Log in to your Facebook account and prepare the list of Facebook Pages that you consider as competition.
Step 2: Now go to the “Facebook Ads Manager”, set your campaign, and click on the “Audience”.
Step 3: Here, choose “Create And Saved Audience”. Under this cluster, enter the page you want to target and scroll down to click on “Detailed Targeting”.
Step 4: Under “Detailed Targeting”, click on “Browse” and select “Interests”. Choose your relevant interests and hit the save button.
Well! There will be times when you cannot target competitors’ Facebook fans. Yes, that can happen. In such a dilemma, you can install Facebook Pixel that will assist you in building a custom and lookalike audience for your ad campaigns.
Explore Ultimate B2B Marketing Space On Instagram
No doubt! But Instagram is a creative suite for brands and marketers. Unlike Facebook, Instagram has earned the recognition of being the most compatible platform in terms of consuming content.
The sole reason Instagram has better marketing prospects is that it is mobile-friendly. Not just people! But brands also find this app more exciting and easy to connect with the audience.
Nowadays, people are more into visuals than typos. And Instagram fulfills the exact purpose that can make an advertisement a successful one. The presence of the hottest tools and trends makes this platform the most optimal for your brand because your audience is here!
No wonder why Instagram is thriving in B2B marketing.
Well! Now let us move on and explore other aspects to target competitors!
5 Easy Ways To Target Competitors
As a business, we know that you have spent a lot of time experimenting and researching tactics that can benefit your next move in branding. Yeah! It is getting harder and harder to find the most revolutionary move to target them and perform better.
However, as I said earlier: There is no problem on the planet that doesn’t have at least one solution. All it takes is keeping your eyes and ears open to understand your present dilemma and research the past to find the root solution.
A good marketing tactic to target competitors is not rare. But creatively practicing it is out of the ordinary, especially for small brands.
Big brands have the time and money to do A/B testing and many other experiments on their business models. On the contrary, small brands require a marketing tactic that is so reliable that they do not have to spend time looking for ‘the one.’
Yeah! That is why we have come up with these five powerful tactics.
Target Price Match Competitors
We live in a world of competition where every brand and marketer is in the quest to get the maximum attention from their leads. And here come the most mind-blowing strategies of the era to lure clients and customers in picking you.
The strategy is: match the prices of your target competitors’ products.
Well! It is one hell of a strategy that can get you the attention along with possible conversion.
Here, the only thing you have to do is, get the target competitors lists and compare all the prices of their products to yours. Once you have filtered the required target price, you can select which price you would like to run your ad against.
People who are into branded products cannot stop themselves from buying one irrespective of the prices. But here is a catch! Even if you keep your prices slightly higher compared to your target competitors’, you still get the attention.
Now the customers can bargain with you to sell them the product at lower – or you can say actual prices. And you will do it! In this way, you can build a repo within the market that you are a brand of quality and have better customer service. This tactic can help you have better customer retention.
Target Audience Of Your Competitor
Before going any further to target competitors’ audiences, you need to be aware of the competitive landscape of your niche. Targeting the audience of your competitor requires two core things:
- Know-how of your own product or services and how you can improve them.
- Know-how of: how your competitor is pitching its audience for the same product or services.
Knowing the strengths and weaknesses of your competitor’s marketing strategies, as well as their product, is bliss.
The first step to target price match competitors’ audiences is by doing keyword research. You can either find out what keywords your target competitors are using. Or you can simply research keywords by niche. The first step in researching keywords is: filtering out those who are mostly used by buyers.
The next thing you might want to do to lure their customers and clients: is to improve your own product or services and present a better deal.
As a marketer, you know that competitor’s weakness is your strength. Use it to your advantage. Also, advertise your products and services via ‘Interest Targeting Methods’. Your buyer must know which is the better deal.
Present Better Product Comparison To Convince Your Buyer
We have talked about how presenting better products than the target competitors’ gives you the extra edge. Well! Let us discuss some other aspects of the same notion.
Outperforming your competitors doesn’t always require you to build a better product. But to build a detailed yet comprehensive comparison landing page.
In many cases, building a better product can increase its average cost that your target audience may not afford. So, here! What you can do is- list out all the better features of your product. And place them against the same product of a niche competitor.
Not everybody’s requirements are the same. And, this is your golden chance to convince them: why you are the better choice for that particular buyer!
When your audience gets to know your product better, they will make a decision. And when you build the comparison thoroughly, the prospects are higher that the decision will be in your favor.
Target Online Competitors’ Fans By Advertising From Google Ads
There can be many ways to pitch a buyer, but according to jewelryecomm.com, there are three core approaches. Here they are-
All three aspects run harmoniously in their own way and pitch your target audience differently. Emails are a direct pitch, whereas social, as in social media, is a tool where you can extend your brand visibility to millions and billions of people. Now, searches. Meaning, Google searches can nudge your target audience to become your ROI.
The thing is, Google searches guarantee you sales. How? When a prospect requires to get a service, they search about it on google. And here it is your text ad, the first thing before any other related search results.
You can tailor your google ads in a way that when anyone uses your target competitors’ brand name or keywords. Your ad will be the first thing to appear on their screen.
Research On Your Target Competitors’ Through PowerAdSpy
Are you confused and don’t know how to proceed with researching the competitors on your chosen platform? Then the ad intelligence software PowerAdSpy is what you need to start with!
PowerAdSpy comes with the convenience of one of the largest ad databases in the world. Along with that, the platform supports more than eight social media platforms, including Facebook, Google, Instagram, YouTube, GDN, NATIVE, Reddit, Quora, and Pinterest.
Basically, this software allows you to decode and reverse engineer the strategies of any ad.
With the robust ad research tools of PowerAdspy, you get one step closer to creating your own successful ads campaign without investing in A/B testing methods.
Here are a few steps to research your target online competitors’ on PowerAdSpy.
Step 1: Log in to your PowerAdSpy account.
Step 2: Choose the desired platform if Facebook is not your first choice.
Step 3: Type the relevant keyword, niche, or brand name in the search box given above. Also, regulate your searches through the four ad filters given right below the box.
Step 4: After adjusting the settings, hit the search button given on the next right to the search box.
Step 5: Pick the most relevant ad result and click the “Show Analytics” given right below the ad.
Step 6: A whole new landing page will load, and you can analyze the ad based on the report given there.
Social media advertising is an effective way to reach your target audience when leveraged correctly. It can prove to be quite a powerful tool to find the audience of your target competitors.
By starting to target competitors fans on social media, you can get a better understanding of what they are up to. Another great way is to follow your competitively priced competitor’s other social media accounts and see some of which ones have the highest engagement on them.
In this digital world, your competition certainly has a strong presence across the internet. You can find their websites and social media accounts as soon as you search their brands on google.
But what about their fan base?
That’s where PowerAdSpy comes in!
With the help of our competitive intelligence tool, you can now research your target competitors’ ads, know their pitching strategies, reverse engineer and modify those strategies, increase brand awareness, and save money!
Try us for free for 15 days and discover the ease of researching ads of target competitors through the most powerful ad intelligence tool- PowerAdSpy!