Monitoring Local Market Share Through Keywords
Each local market has its own preferences, behaviors, and opportunities that can make or break a business. In today's digital world, this understanding is even more important. Also, it is different from the overall market share.
Local market share is the one that is shared with the local competitors. It is quite complicated to count, yet it is important to get the insight. However, you can track it through your targeted keywords. Read this article to understand it better.
Definition of Local Market Share
Local market share refers to the portion or percentage of a specific market that a particular business or product controls within a defined geographical area. It indicates the company's relative strength in that particular location compared to its competitors.
Analyzing local market share provides insights into a business's performance within a specific community, city, or region, and helps in tailoring strategies to cater to the unique demands and preferences of the local consumer base.
Importance of Monitoring Local Market
Monitoring local market share in the context of SEO (Search Engine Optimization) is crucial for businesses aiming to establish a strong online presence within their immediate geographical area. Here's why keeping an eye on local market share in SEO matters:
Targeted Strategies: Understanding your local market share allows you to tailor your SEO strategies to the preferences and needs of your local audience. By knowing what local customers are searching for, you can create content and optimize your website to better match their intent.
- Competitor Insights: Monitoring local market share helps you identify your main competitors in the local online landscape. This knowledge enables you to analyze their SEO tactics and strategies, giving you a competitive edge in terms of positioning and differentiating your business.
- Geographically Relevant Content: Local market share data aids in crafting content that is relevant to your specific location. This could include location-based keywords, city-specific information, and content that speaks directly to the concerns of your local customers.
- Effective Resource Allocation: Monitoring local market share allows you to allocate your SEO resources effectively. You can focus your efforts on areas where you have room for growth or where you're already performing well, rather than pursuing irrelevant keywords or markets.
- Adapting to Trends: Local market share analysis helps you stay attuned to local trends and shifts in consumer behavior. This empowers you to adapt your SEO strategy in response to changing demands, staying ahead of the curve.
Keyword and Local Market Share Tracking
Keyword tracking, a fundamental aspect of SEO, can be harnessed as a potent tool to monitor your local market share. This method offers a comprehensive insight into how your business is perceived, discovered, and chosen by your audience.
Keyword tracking isn't just about your business; it's also about benchmarking against competitors. Monitor how your business ranks for relevant local keywords in comparison to other businesses in your area. That is why, you should find a tool that can serve you the data about keyword ranking and local market share.
How to Monitor Local Market Share with Sequence Stats
Monitoring local market share with Sequence Stats involves utilizing their capabilities to track keywords and region-specific data. Here's how the process works:
1. Keyword Tracking
Sequence Stats offers the functionality to track specific keywords relevant to your business or industry. These keywords are the terms that users commonly search for when looking for products or services like yours.
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| Picture 1: Rank dashboard in the Sequence Stats |
2. Region Selection
In addition to keyword tracking, Sequence Stats enables users to select a specific region or area of the keyword. This is essential for local market analysis, as it allows you to narrow down your focus and let the crawler crawl specific regions.
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| Picture 2: Add keyword setting. |
3. Data Generation
Once the relevant keywords and the specific region are chosen, Sequence Stats uses this information to generate data based on the user's area settings. This data includes insights into how well your business ranks for the selected keywords within the chosen region.
To see it, you can first create a View that contains keywords that target a certain region. Automatically, Sequence Stats will show the data about the local market share. This way, you can monitor the local position of your business.
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| Picture 3: View Insight which shows the local market share from a group of keywords. |
Conclusion
In essence, Sequence Stats streamlines the process of monitoring local market share by providing both keyword ranking data and the larger context of how your business fits into the local competitive landscape. This empowers businesses to seize opportunities and optimize their local market strategies for better results.
To experience the ease of SEO tasks with Sequence Stats, you can register now and have a free trial!