If a competing brand were to take over all of your in-store shelf space, you would do anything to regain control. So why don’t big companies step in when their brand is being hidden from Google searches?
In many ways, the first page of Google searches is today’s top retail ranking. Consumers use online search to make purchasing decisions throughout their customer journey—sometimes even while in-store (according to Google, in-store mobile searches have increased by 15% in the last few years)!
And the consequences are devastating. The brands that don’t appear organically in search are left behind in the marketplace and could lose millions of dollars in potential sales.
Simply put, the brands that fall behind online typically lack the SEO strategy and lengthy content needed to compete effectively on Google. So what specific problems does this cause? And what can be done to reverse the effects?
Mistakes in building customer-centric strategies
For marketing strategies to be effective, brands must understand their customers’ needs throughout the buying process and provide helpful, relevant resources at each stage.
What many marketers get wrong is the type of content they create and where it is promoted. By focusing on overly promotional and disruptive content, many marketers try to force a conversion early in the journey. As a result, they actually drive consumers away and leave a bad taste in their mouths. This ultimately creates a barrier to purchase and reduces the company’s ability to increase sales.
Marketing Technology News: MarTech interview with Brandon Rae, VP of Sales at Vibrant Media
Incorrectly allocated marketing budgets
Gaining online market share is all about leveraging a healthy mix of channels, but many big brands are reluctant to change and misallocate their marketing budget as a result.
Many brands stick with online strategies that have worked for them in the past: they spend most of their marketing budget on advertising, partnerships, and direct selling. Still, some marketing strategies fall short in the ever-changing digital landscape. For example, disruptive digital ads are often ignored and their impact is difficult to measure – making ROI murky.
This outdated mindset can also limit a brand’s openness to newer, more impactful channels that amplify all marketing efforts.
Take social media marketing and organic search. 80% of consumers say they use Instagram to decide whether or not to buy something, and 90% use online searches before going to a store. Still, both channels typically make up a small portion of big brands’ marketing budgets. When building ROI-based marketing strategies, this data cannot be ignored. Otherwise, brands risk pouring money into channels that are less cost-effective and more difficult to measure.
Lack of understanding of who competitors are
Many retailers assume their market interests should still be other big brands that have competed with them in business for decades.
However, our research shows that many big brands are not beaten by other industry giants. Instead, they’re losing market share to content hubs and online publishers — non-traditional competitors snatching up online traffic and potential customers. And that’s true across multiple industries, including finance, online streaming, and beauty.
For example Terakeets Google Beauty Industry Market Share Report found that Sephora, the top-performing retailer in the online skincare market, still ranks fifth in overall organic search market share, behind publishers like Allure, Byrdie, and Good Housekeeping. To make matters worse, the brands then often pay affiliate fees to the same publishers to refer customers to them.
To stay competitive online, marketers need to understand who their true competitors are and what strategies they use to be successful. By ignoring these online publishers who prioritize SEO, user experience and content production, big brands are missing out on huge growth opportunities. And the cost could be in the billions.
Marketing Technology News: Strategies and Tips Marketers Can Consider Through 2022
Underestimate marketing potential
Many big brands think too small when it comes to marketing; It’s not just a way to bring customers to the door. Strong marketing strategies can do all the heavy lifting. This includes providing potential customers with helpful information well before they are ready to buy, and then supporting them throughout the process to purchase and beyond.
Optimal marketing efforts reduce customer acquisition costs, improve customer lifetime value, and increase value per visit. And with online channels, it’s often much easier to track those impacts. Combined with the right reporting tools, marketers can measure the direct business impact they are driving, such as: B. Improved market shares and higher revenues.
However, by underestimating the potential impact of their strategies, marketers often feel comfortable in underperforming channels and end up missing out on opportunities for customer growth.
How to reclaim shelf space
Fortunately, market share ebbs and flows based on current branding strategies. Brands that have lost market share to unexpected competitors can still bounce back and regain consumer attention by rethinking their approach.
- Earn consumer attention early and often: Consumers are confronted with a deluge of brand messages and exposure every day. To connect with them, your brand needs to offer content that provides support and answers their questions at the precise moment they are looking for help. SEO-driven content does just that.
Develop a content strategy that touches all aspects of the customer journey and research informative keywords to more effectively engage users in the early and middle stages of the customer journey. This will help your brand reach a larger audience, build a cohesive story, and nurture relationships until consumers are ready to buy.
- Reconsider your marketing budget: It’s important to truly understand the return on investment for your marketing efforts in order to develop more effective strategies. It’s about understanding which channels are performing best. Metrics like marketing ROI, customer acquisition costs, customer lifetime value, and value per visit can help you understand the impact of your strategies and ultimately make it easier to advocate for more executive support and a larger budget.
Ask yourself: Which channels directly affect the company’s sales? How much revenue did they make last quarter and how much potential do they have? Which balance of channels brings the most returns? These answers should help you develop a more effective strategy and ensure you’re making the most of your budget.
- Understand competitor winning strategies: Know who your competitors are in organic search by regularly checking the page one ranking of websites for your target keywords. Then examine what they do differently than you do. What kind of content do they create? What keywords are they targeting on their site? What gaps exist between their content and keywords and yours? Who is your target audience? This knowledge will help you create new, powerful strategies to rank higher, regain market share, and drive more business to your website.
To understand your market share in organic search, you need to know where your brand stands among the competition and where your growth opportunities lie. Big brands that are losing customers to non-traditional competitors should critically review the strategies that are contributing to their market share to develop more effective plans to edge out competitors and attract more customers.