So you’ve launched a new, innovative product.
Or perhaps you discovered a way to put a new spin on an existing service, and it has taken off in popularity.
And now you’re using Google Ads to promote your well-known product or service.
You dominated the paid search marketing space for a while.
However, others will eventually notice your success and develop their own product or service in order to claim a piece of the market.
You’re now competing with those upstarts in Google Ads.
What can you do to keep those competitors at bay – without breaking any laws, morals, or ethics?
Here are seven legitimate ways to keep up with newcomers in Google Ads.
1. Constantly track competitor trends
You can’t keep competitors at bay if you don’t know they’re there. This implies that you must constantly monitor the Google Ads space for competition.
In some cases, Google Ads impression metrics, such as lost absolute impression share and absolute top impression share, can be used to identify competitors.
In other cases, evidence of competitors can be found through Google Ads auction insights.
With statistics such as impression share and overlap rate, auction insights allow you to compare your performance with other advertisers participating in the same auctions.
In fact, we occasionally import data from Google Ads auction insights into Data Studio for analysis on a daily basis. We prefer to do this in Data Studio rather than Google Ads because it allows us to analyze and present the data to clients more easily.
Other competitor analysis tools, such as Semrush, can assist you in determining when competitors’ ad budgets have increased.
2. Investigate Vulnerabilities and Opportunities
Once you’ve identified your competitors, look for ways to outperform them.
For example, if the competitor is new to the market, they may not have the budget to run ads 24 hours a day, seven days a week. Look for times when they aren’t advertising and make sure you are.
If your competitor has decided not to advertise on weekends or evenings, consider scheduling some campaigns for those times.
3. Be Patient With Them
When a new competitor enters the market, your revenue may suffer.
As a result, you may be tempted to reduce your budget – or turn off your Google Ads advertising entirely – because you aren’t seeing the same results as you once did.
However, if you stick with it, those revenues will usually recover. You must be patient.
Some advertisers, for example, will begin with a large launch budget that quickly dwindles. As their budget shrinks, your returns will increase.
Other competitors will realize how difficult the market is and will cease advertising. They’ll go back to the drawing board, and your revenue will be able to recover once more.
You might be able to outlast competitors if you keep your cool.
Another reason not to stop advertising in the face of declining revenue: Google rewards consistent advertisers.
Experience has taught us that turning off your Google Ads campaigns (especially those using automated bidding strategies) can result in much higher costs per click when you turn them back on.
One of our former clients, for example, would go from a $50,000 monthly budget to zero every few months. When we reactivated his campaigns, his cost per click increased from $100 to $200, then to $300.
Even if you have to cut back on your advertising, keep it going in the face of stiff competition.
Then, while you’re waiting, do everything you can to optimize your spending.
4. Don’t Extend Yourself Too Far
It’s tempting to advertise in every market you serve when you have little competition.
However, if you spread yourself too thin, you leave yourself open to the competition when they enter the market.
As a result, if you plan to advertise nationally in the United States, we recommend budgeting at least $5,000 per month. That should provide you with enough power to compete with new entrants.
If $5,000 is out of reach, instead of going nationwide, focus your advertising on your best-performing states or cities.
5. Make Your Clicks More Valuable
If your strategy is to outlast your competitors in order to succeed in the long run, you must ensure that every click counts in order for your budget to stretch further.
If you’re getting a lot of clicks but few sales, it could be because your competitors are undercutting you on price.
However, if your product outperforms theirs, you can justify charging a higher price.
As a result, include that pricing in your advertisements. It will assist you in qualifying visitors before they click, allowing you to maximize your budget.
Simultaneously, lean into your messaging to explain how and why your product is superior to the competition’s (see next point).
6. Demonstrate Your Advantages
As previously stated, you should clearly distinguish yourself from the competition, especially if you’re at a higher price point.
Use your ad messaging to communicate those differentiators and to contextualize your price.
You can also use your messaging to highlight immediate benefits, even if they are only temporary.
For example, if you work in an industry that is experiencing supply chain issues and have items in stock, you could say: “In Stock & Ready to Ship!”
If you don’t have any stock, you can try something creative like “Deep discounts for December 2021 ship dates.”
7. Have a solid post-click strategy in place
While you’re putting these strategies into action, make sure you have a solid post-click strategy in place.
If your landing page is not perfectly aligned with your ads, it will undermine everything that has come before it.
You Have the Ability to Compete
When you have a popular product or service, new competitors will always emerge.
But you don’t have to accept the competition without a fight.
Instead, use paid search advertising to your advantage and fight back!
Learn more from SEO & PPC and read 3 Paid Advertising Tasks You Should Automate Every Day & the Tools You Need.