Competitive Marketing on the Internet: SEO, Social Media, Paid Ads and More
Today, the internet is one of the most competitive and coveted marketing spaces in the world. Virtually everyone in your target market is going to be on the internet. Not everyone listens to radio or television, but just about everyone uses Facebook, Google or any number of other websites on a day to day basis.
Understanding how to competitively market on the internet is a cornerstone to success. Here’s how.
==> Getting Ranked in the Search Engines
The key to getting great search engine rankings is to figure out exactly what your competition is doing, then do it better than them.
You’ll need to get a lot of backlinks to your website, as well as build your site in such a way that Google can read and understand it.
SEO is extremely competitive. Getting ranked will require a lot of time and attention. The payoff of a #1 to #3 ranking, however, is astronomical.
==> Blogging and Content
Believe it or not, blogging and content can also be considered competitive marketing.
With blogging and content, your goal is to win your users’ trust. You want them to perceive you and your brand as the “go to” brand online.
You’re competing with everyone else who’s trying to win over your customers.
The main competitive tool you have in this arena is content quality. The better your quality, the more likely people are to pay attention to you.
==> Social Media
Social media helps you build, maintain and even forge new relationships.
Use tools like Twitter and Facebook to stay in touch with people and have two-way conversations. Use LinkedIn to get in touch with potential investors, mentors and potential clients.
==> Paid Advertising
Paid advertising is the quintessential example of competitive marketing online. The two primary areas of competition in paid advertising are Click-Through Rates (CTR) and average lifetime customer value.
If you have a higher CTR, that means you’ll pay less for advertising. That’s because in reality, even though CPC ads are charged on a CPM basis, networks like Facebook or Google AdWords just display your pricing in CPC for convenience.
A higher lifetime customer value means you can afford to pay more to acquire each customer. The business with a $500 average customer value is going to be able to outspend the business with a $100 customer value every time.
==> Developing Your Strategy
What areas are your competitors strong in? What areas are they weak in? What areas as a whole are underutilized in your industry?
Based on the answers to these questions, formulate a strategy. Your strategy should be based on what you’re good at, the amount you can afford to invest, what your customers want and what your competitors are weak in.