In my morning coffee blog reading time I came across this study done by wordstream which dissects the most expensive keywords and the industries they are in. I’m not too shocked with any one but rather the amount of marketshare of adwords the top 3 combined make up. If you add up the percentages for Insurance, Loans and Mortgage you get a total of 45.8%. (I think the graphic is a little off in the proportion area) Thats almost half the top keywords for both money and traffic that are in those 3 categories. The first thought that comes to mind is if you are in the any of the these 3 categories you are going to need a top notch Google Adwords manager and a healthy budget to survive. Of course this study was done on a national level. The local level competition for Insurance, Loans and Mortgage is a different story.
If you find yourself in one of these 3 highly competitive markets I would recommend these 3 tips to employ to stay competitive:
- Long Tail Keywords – are keywords that are more obscure that might have less competition. These keywords will have less monthly searches however, they will usually be cheaper to bid on. By targeting multiple long tail keywords you will have a better chance of ranking well and therefore increasing your CTR (Click Trough Rate), and when taken as a whole, might be a better source of leads than one of the more competitive keywords with more traffic.
- SEO – Chances are good that if there is this much competition in these markets the same will be true for organic search for competitive keywords. Regardless to stay competitive you will want to do everything possible to increase your organic ranking. Once you develop your best performing keywords list you can develop a landing page using these keywords to boost your organic traffic.
- Optimize – You have spent a lot of time and money on increasing your traffic in a highly competitive market – now make sure you are getting the most out of your clicks by optimizing your landing pages. You will want to continually do A/B tests and multivariate testing to increase your conversions. Increasing your conversion rate by 1% or even by .o5% is equivalent to a CTR increase of multiple proportions.
Personal Note: I find it telling of our economy that the top 3 spots are made up of financial services. The average adspend is almost $50 per click. Imagine an industry that can spend that kind of money for traffic and lead generation. It gives us insight into how much money these industries are making to be able to spend so much for a click. I don’t know about you but makes me want to get out of debt.
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