You can gain a great sense of your competitors’ conversion rate by analyzing their pay-per-click (PPC) advertisements. Furthermore, by comparing your own campaign with that of your competition, you get an insight into the strengths and weaknesses of your ads.
The PPC ad analysis is performed in several steps.
Determine who is your competition
First, let us tell you a “secret”: there are probably more than you think. Where are they, and what do they know? It should be noted that sometimes the greatest offline competitors have virtually no online presence, and vice-versa, those competing offline do not go after the offline market. This isn’t unusual at all.
Estimate the quality of your competition
Check out their website, their destination pages, their social media engagement, etc. Are they using targeted ads? Are they using paid search advertising? What are their strengths and weaknesses, compared to you? Who is their target market?
If they’re a leader in your field, where do you stand in comparison? What is their core message? Can you get this message across to the customers in a better way? Are they taking full advantage of their online assets? How quickly do they respond to changes in the market?
What’s your competitors’ approach?
How do your competitors approach their markets, and how is it different from your business? With this information, how can you use your own approach strategy in your paid search advertising campaigns? Are they saying the same that you’ve been trying to say for years? Who is their target?
What can you “take” from your competitors?
Do you want to copy their advertisements, their web, their keywords?
In any case, you should definitely do the following:
- Analyze their meta tags
- Analyze their metadata
- Analyze their destination pages / web pages
- Analyze their ads
Optimization
What have you learned from the analysis and what do you wish to include in your campaigns? Bear in mind that whatever you find is meant to be a sort of guide, a general direction in which to look. Simply taking and applying the ways of your competition to your business will most likely yield poor results. Every major strategy change needs to be tested and compared to the components and results of past campaigns and strategies. Only in this way you’ll be able to estimate the qualitative changes in you approach. The testing period shouldn’t take forever, Take a month, test it all out, and then optimize and continue following your competition and how they react to new trends.