Understanding and targeting the customer segments of competitors is a smart strategy that helps increase your reach to people who are likely to be interested in your products or services. But how to know your competitors’ target audience? Follow this article by Optimal FB Agency to find out.
What does to target competitors’ audience mean?
It involves any tactic to identify target competitors’ audience. Simply put, you just need to look at the target competitors’ audience and find ways to reach and attract them to your brand.
This is a smart strategy because you are reaching out to people who are likely to be interested in your products or services. If customers are already purchasing similar products or services from a competitor, they are also likely to purchase them from you.
If you can reach the competitors’ audience and show them why they should choose your brand’s products or services. Then, you can find and attract new potential customers.
Targeting competitors’ audience online allows businesses to better understand the market. Also, attract potential customers who are capable of long-term conversion.
By targeting the right audience, you can achieve marketing goals such as increasing conversion rates and followers, and adjust your tactics based on the results to achieve better profits at lower costs. By targeting the competitors’ audience across multiple channels, you can enhance your competitive advantage and expand your target market. In addition, please see more information about: Facebook custom conversion not working
How to know your competitors’ target audience?
If you’re just starting a business and running ads but don’t know who to target, your competitors’ target audience can give you ideas on how to accurately target. Here are some tips to help you know your competitors’ target audience, especially those most likely to purchase their products or services:
Research and identify competitors
To determine your competitors’ target audience, you need to research and identify who your competitors are. These are businesses that provide similar products or services to yours and operate in the same industry.
Information you need to gather about your competitors includes their history, business strategy, traditional activities,… By leveraging this information, you can better understand your competitors, their goals, and the competitors’ target audience.
Analyze competitors’ marketing channels
To know your competitors’ target audience, you need to monitor and analyze their behavior to find out who they are targeting. This includes tracking their advertising campaigns, events, or activities on social media.
You can also visit the websites and social media accounts of your competitors. Analyze their content, images, and themes to understand who they are targeting.
Further, you can look at your competitors’ social media posts and analyze the type of people commenting, liking, and sharing their posts. The marketing materials your competitors use can provide preliminary ideas about the demographics, behavior, and preferences of their target audience.
Read customer reviews
By reading customer reviews of your competitors’ products or services, you can learn about the type of customers they serve and assess the strengths and weaknesses of your competitors.
Reading customer reviews will let you know about the problems customers have with your competitors’ products. This information can help you create better marketing strategies and products or services to attract your competitors’ customers, thereby increasing your conversion rates and sales.
Analyze the website
Most online businesses have a website. By analyzing the website, you can better understand their business operations and target audience. Particularly, you can manually check the content of the website.
However, for technical information for competitive analysis, you can use powerful data analytics tools like Google Analytics, Facebook Insights,… Or website traffic analysis tools to better understand your competitors’ target audience.
Additionally, you can use specialized data analysis tools for your competitors’ websites. This includes website traffic, traffic distribution by country, the number of backlinks, keywords that the website ranks for, average positions,…
Analyze ads
Study your competitors’ ads, including online and offline. This includes Google search ads, social media ads, radio, print media,… This will give you a clearer picture of tyour competitors’ target audience.
Conduct surveys
You might consider purchasing a competitor’s product and participating in surveys to learn how they interact with their audience and assess the quality of their products or services. Through certain questions, you can get an idea about your competitors’ target audience.
If possible, you might also attend industry events or conferences where competitors participate. Observe the participants and gather in-depth information about those interested in the products or services of your competitors.
Strategies to know your competitors’ target audience
The best strategies to know your competitors’ target audience are as follows:
Google Ads
Competitor targeting is primarily executed through Google Ads. This is a paid advertising platform in pay-per-click campaigns where businesses target keywords that most users commonly search for.
In this strategy, you need to identify your biggest competitors and bid on keyword phrases branded to them. When there is a demand for a particular product or service, target customers will search for these branded keywords. At this point, they become high-quality potential customers and convert into paying customers.
YouTube Ads
A great way to use competitor targeting is to place ads for your brand either before or during a video of one of your competitors. By using Google’s advertising services, you can create video ads and display those ads to audiences while they are watching a competitor’s video.
There are two ways to set up competitor targeting in YouTube ads: target by the competitor’s channel, or create an audience based on common interests with customers targeting the audience of specific websites.
Social media platforms
With the rise of social media platforms such as Twitter, Instagram, and Facebook, it’s easy for businesses to see which brands customers love and care about. There are many ways for customers to interact with their favorite brands on social media, and you can use this to attract more customers and increase conversion rates.
You can engage in competitor targeting on social media by marketing to people who like other brands similar to yours. On Facebook, you can display ads to people who like a competitor’s page. On Twitter, you can display ads to those who follow a competitor.
Geotargeted ads campaigns
In this final tactic, you leverage not the online presence but the physical presence of your competitors. You set up a geofence around or near the physical business locations of your competitors and display ads to people who are within or near this area. Brands can use this strategy to attract customers who are visiting one of the competitor’s businesses.
By now, you should have answers to the question, “How to know your competitors’ target audience?” Hopefully, this information will help you in implementing effective online advertising campaigns and growing your business activities.
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FAQ
Using search engines to look up keywords related to your business can reveal many competitors. Social media can quickly show you what trends and issues your target audience cares about. Tools like SEMrush and Ahrefs can take your research to the next level, helping to identify who your paid search competitors are.
To view competitor information in Google Ads, you can:
Use Google search by going to Google, entering a search query, and checking if anything appears under “Sponsored”.
Access detailed information about auction insights on Google Ads by logging into Google Ads, clicking on Campaigns in the sidebar, and viewing the “Impression Share” column. By monitoring the Impression Share over time, you can evaluate your performance relative to your competitors.
Use Google’s Keyword Planner tool. Log into Google Ads, click on “Tools and settings” at the top navigation, then click on “Keyword Planner” under “Planning”. Next, click on “Discover new keywords”, enter relevant keywords into the box, and click “Get results”. Now, look at the “Top of page bid” column to see how much competitors are spending on keywords.
