James Bond, aside from being hunky and suave spy, happens to be a master of sleuthing and scoping out his competition. As a leading marketer (and in general) you should strive to be more like James Bond. Think we’re exaggerating? That your competitors aren’t as evil as Goldfinger? As cunning as Dr. No? Think again!
In a perfect world your digital advertising strategy would be measured solely for its value and creativity, however in a world in which brands are constantly compared against others, your competitive strategy, especially in the display advertising world, must stand out on its own and in comparison to those of your competitors.
So how can you build a strategy that stands out? Take a cue from the James-Bond-Badassery-Book and start your competitor analysis.
Things you should look for:
- What publishers are they using for most of their campaigns?
- What is the most common mediator they are using for their campaigns?
- How many campaigns do they run per month? Per quarter?
- What CTA’s are they using on their banners?
- What are the messages on the landing pages?
- How does the funnel from text to display ad to landing page look?
How can this information help you? Consider a quick examination of the publishers and mediators used by a competitor over 6 months. You will either see a steady dependency on certain outlets or a rise/decline in particular publishers or mediators. If for example your competitor depended heavily on a particular publisher 3 and 4 months ago but this month has completely ignored them, you can avoid making their mistake and focus on the publisher that works.
Wondering how many campaigns is too much? Want to find the sweet spot number for how many banners and unique campaigns you need to convert potential clients? A great way to find that number is (you guessed it) to see what works and doesn’t work for your competitors!
Another great way to build a strong display advertising strategy is to look and see where your competitors aren’t. By examining existing strategies you will be able to spot untapped resources – or as Sun Tzu said, “You can be sure of succeeding in your attacks if you only attack places which are undefended” – in the world of digital advertising, the undefended is the untapped; and as a marketer, your goal is to get there first and conquer.
By identifying your completion and understanding their strategies, you will be able to develop your own digital advertising strategy that is built on the mistakes and successes of others, minimizing your risk and maximizing your profit potential. Keeping a keen eye on emerging businesses can let you know what potential threats are lurking around the corner, and examining indirect competitors can help you understand more into your consumer psyche.
To truly master spying on your competitors and staying one step of the game, you need a competitive intelligence program that will help you understand the competitive landscape in which you are playing.
That’s where AdClarity comes in.
Just think of us as your very own Ring Camera; with us, Max Zorin (aka Christopher Walken, AKA the elusive and crooked industrialist from A View to Kill) doesn’t stand a chance!
Are you ready for your next mission marketer?