How smart is your Search Engine Marketing | Episode 07
Transcription of Podcast:
Hello everyone. This is the third podcast in the, in this weekly series on how smart is yours, Google AdWords. And, today we are going to be talking about competition tracking. That's, unfortunately, something which companies don't do. I mean, there's this constant urge among marketers to go live, to take a campaign live and get, start getting traffic as soon as possible without realizing that.
You know, all of us, when you do Google AdWords and search engine marketing, there has to be a very detailed, and now this is of what kind of ads, the kind of budget, the kind of keywords that the competition is already doing ads for because that's, you know, at the end of the day, that's really the human insight. That's the area where humans can really add value as opposed to letting the algorithm takeover and the previous two podcasts we have seen examples in the first podcast how Ad testing is getting automated. And the second podcast was about bidding. How, because of smart bidding, the feature of Google is just kind of taking over that whole activity.
So if you're a marketer and advertiser, you can pause your campaigns for a couple of days, sit back and just see what is happening around and today's podcast is about those, three or four tools, which are going to help you do that. So we'll begin that. Something called the auction insights report. And there are quite a few metrics there, which are quite interesting. So there's the impression share that is the overlap rate average position about it to, you know, let's, let's look at a couple of these.
Starting with the impression share. Now in the offline world, there is a metric called share of voice. if you have, if you are doing outdoor advertising, that is, a metric called share of voice, which tells you overall mind space that you are, that you have in the consumer today, consumers mind today, similarly in Adwords, there is something called impression share with details a market share of your ads. So if that a hundred impressions relating to your category, how many of those, what percentage of those are you occupying? So if your management is asking you for your campaign, how many times can the campaign, be spiked up? Right? So if you're spending 5 rupees can you start spending 25 rupees from tomorrow? And the answer to that can be very easily obtained from the impression share.
Next is Overlap Rate. The overlap will show you how often you and your competitor appear in this same search result. This will give you an insight into the players in the market who are neck to neck with. Do you know you, sometimes you kind of equate offline competition with the online competition? The reality that they had completely different buckets online. You could be competing with some very small players, some startups or an example, and you can't help that. And the overlap rate will give you a good idea of the guys who are, who are always neck to neck and always appear alongside along with you. And the important point to note here is that people click on your ad after they've seen most of the ad. So it's always good information to know which ads are running alongside you. So that was the auction insights report. Next week I'm to what is called the oral market analysis, and to do each of us point to, at the beginning of the podcast. So there are tools available like SEMrush, Spyfu or SimilarWeb which give you an overall analysis of the traffic of your competitor.
Right? So if you're running a shoe eCommerce site, and you want to find out if, basically the other competitors in the market, I think getting most of their traffic from, Google AdWords or getting from SEO, one of the good tools, free tools out there is a seminar web. And then there are more detailed oriented tools like SEMrush also, where you can just go and put out your competitor's URL and you will get to know like a full history of their, of their previous search engine marketing that they have done. Including the, there's like the kind of keywords that they're bidding on the actual ads that are live right now, that word life before the kind of budgets. That they have been that, that they have been, um, spending that they have. Sorry. So all of this is available at a single click, you know, so in the initial, analysis of when you are doing the strategy for your Google AdWords campaign, it's always good to know what is the, because this is a question that gets asked a lot.
What should be my daily budget? Now, the two ways to look at it. One is okay, maybe three. The first one is, okay. I'm not a funded company. I'm a startup, so let me just start with a small amount and see how it goes in Baylor. Build it up from there. The next is a medium aggressive kind of outlook where you say, okay, I need X number of leads a day for that. It looks like I have to spend so much, so I will start spending on this kind of budget. The third one is the most aggressive value. See what is the kind of budget that your competitors are having, and then accordingly, you take your budget to that level. And for doing all that, you require the data that is provided into it like this.
The second interesting thing that you see is the ads, especially the long-running ads. If you see ads of your competitors running for a long time, you can be very sure that they are doing that because the ad has worked for them, you know? So getting a sense of why something has worked for a competitor and, and drawing lessons from there can be very useful to a business.
And lastly, let's not forget inspiration by looking at the ad, especially the banner ads. We're looking at the kind of the way in which, the USP has been projected. The visuals, the strength of the visuals. You know, all this can give you ideas for your own brand. So that's it. Those are the best practices for competitive analysis in Google AdWords.
If you want to get, your own list of tools for doing a Google AdWords better than the others, you can go to automation.web-stepup.com and answer a few questions and you will get a shortlist. So that's it for today. If you've, if you like, what we've been, governing in the podcast, be sure to follow us because every week we take up a new team and we discuss that particular activity marketing activity like search engine marketing or SEO can be made more intelligent by using the right tools and also the right features within those tools.