SEO keyword research is the foundation of all successful financial marketing. Sometimes, however, it isn’t enough to do your own research – you need to look towards your competitors too.
Competitive keyword analysis is one of the most effective ways to gain a crucial advantage in a crowded industry. As with anything in marketing, there are pros and cons to targeting your competitors’ keywords.
Here we’ve outlined everything, so you can make an informed decision when it comes to your SEO strategy.
Pros
● Targeting a competitor can be beneficial for new businesses that are setting up in an already crowded industry. By using the same keywords as your competitors you can ‘piggyback’ off the traffic established businesses draw.
● It ensures that you will reach your relevant target audience, and build brand recognition.
● By targeting the business currently in first place on the google rankings means that you are pushing your brand to take the top placement. This method is a lot more simple and less time consuming than traditional trail and error SEO research.
Cons
● Targeting the same keywords as your competitors adds you in the mix of an already crowded area. Competing for the number one ranking of a high volume term, rather than a more specialist term, may prove to be futile in the long run.
● Similarly, high competition will lead to higher bids for advertising key terms. This can lead to a higher cost per install (CPA), cutting into profits and wasting your advertising budget.
So, Is there a way to get the pros while avoiding the cons?
Yes. It can be done, but only with careful research and consideration. When targeting competitor keywords make sure you consider the following;
● Do you deliver a service or USP that your competitor does not? If so, utilise the target keywords to push yourself up in the rankings while also advertising your USP. This should result in traffic coming to you rather than your competitor.
● Is the business/service you’re targeting fully relevant to your own? If you’re going to focus on a competitor ensure it is similar enough so you will be reaching the relevant audience.
● Is the competitor keyword a term that a high volume of people are searching for? Make sure it has a search volume in Google before you go ahead and target your copy around it.
● Get to know your competition and your audience. Once you have build up traction targeting the same keywords, consider optimising your SEO into a less crowded search term.
