Introducing a new product to the market is always exciting when customers line up to explore purchasing options for your new addition! As you promote with Google ads, competitors will see what you are doing, replicate it, and sell their own version.
Here are some ways to put a damper on your competition’s sales numbers!
Keep an Eye on Them: Tools such as Google Ads auction insights allow you to compare your ads with other advertisers participating in the same auctions by using overlap rate and impression share. Other tools will even alert you to competitors increasing their ad budgets!
Beat out the Newcomers: No matter what your business is, there is always competition. Making T-shirts? Someone else is, too. Got an idea? It may already exist. Don’t worry! We can pinpoint if a competitor is new to the market or if they have decided not to advertise on certain evenings or during certain time.
Stay Patient: When a new competitor enters the market, you may notice a slight drop in your revenue. It can be tempting to retreat or put a halt to your Google ads. If you don’t turn off your campaigns, you will benefit from lower cost per click when you re-engage.
Spending Toward the Right Targets: A good rule of thumb is to spend around $5,000 per month to bode well against competition. If this is not feasible, that’s okay! You can always spend less while still targeting demographics, states or other groups that have a track record of stellar performance.
Let Customers Know You’ve Got What They Need: Proactively communicating the message that an item is in stock and ready to ship reflects a positive element of preparedness. Communicating your message effectively can help you take advantage of having goods available.