As Nathan Rothschild said: “Whoever owns the information, owns the world.” Imagine that this is information about your competitors – would you like to receive it?
Why analyze competitors?
According to USAID-Internews, in 2019 in Ukraine, 85% of the population are active users of the Internet, 70% of the country’s population use the network every day. Just imagine, 7 out of 10 of your potential customers can find out about you in a digital environment. Moreover, according to the results of the same study, 60% of users are not prone to critical thinking and are ready to trust information from the World Wide Web. But how to get the attention of this audience for the benefit of the business? Watch how your competitors do it, and use the information to develop your own marketing strategy.
Market share of competitors: who to follow and who to forget about?
In order to use effective and working tools (possibly) slightly peeped from competitors, it’s worth understanding who to take an example from. Here it is worth evaluating the market share of the main rivals for a piece of the pie.
Just make a small remark: you can compete with companies NOT in your segment if they provide similar services or sell similar products, but otherwise, while satisfying the needs of YOUR audience.
In fact, determining market share is quite simple. You need to understand what percentage is the volume of goods or services sold (in monetary or piece terms) in total sales on the market.
On the Internet, this can be determined using search engines. Enter the name of your products or services in the search engine indicating the region where you work:
- first place in the search results is the company that “eats” 32.5% of customers;
- the second – collects 17.4% of visitors;
- third – 11.4%;
- fourth – 8.1%;
- fifth – 6.1%;
- sixth – 4.4%;
- seventh – 3.5%;
- eighth – 3.1%;
- ninth – 2.6%;
- tenth – 2.4%;
- the remaining 8.5% is distributed on the following pages.
These figures are approximate, as they depend on prices, the level of service, and the quality of website design. But for a basic assessment, they are worth accepting. Special services, such as Similarweb.
will help to conduct a deeper one.
Positioning and USP: “… I’m not a wolf, I’m a grandmother …”
Is the name of the companies of competitors audible?
How do they describe themselves and their activities?
What is their main slogan?
What is their unique (maybe not very, but more about that another time) offer?
Write down all the criteria and evaluate them (or rather, let them evaluate the potential consumer) on a 10-point scale from the most ridiculous to the most creative. Highlight similar points and compare them with the market share that you received in the first part of your competitor’s marketing analysis.
Prices and products: how much?
Assortment policy is inherent to pricing policy – every economist and marketer understands this. And you need to evaluate it in conjunction!
Highlight how many product categories, brands, products in each category (and all) are represented by your competitors. For each item, conduct an analysis and compare the prices with the purchase prices (if you have such information). Or print the average market price and define your competitor in the red (above average) or green (below average) category.
The results of exploring the prices and assortment are best summarized in one chart. Then you will get an accurate picture of the “temperature” in the market.
The popularity of a competitor’s brand in the market or “you will know it from a thousand …”
The customer’s willingness to purchase goods is determined, inter alia, as a result of brand loyalty. But where does loyalty come from if there is no recognition? This is a vicious circle.
Find out how often the brand name is mentioned on the Internet and create a “recognition” table. This will help as a basic search by company name in Google, and special services like Popsters or Wobot. They will allow you to track the mention of the company (use all the features of the combination of the name in all languages) both on social networks and on abandoned forums. This will also determine the sources of customer attraction by companies, such as: tender sites, various ratings, media, mentions by bloggers or influencers.
Yes, all also compare the results with the data on the market share of competitors.
Competitors’ online marketing tools: what’s behind the enemy?
- Competitor sites
Analysis of the competitors’ site should be carried out according to several criteria:
- visual component (design, competent structure, clear navigation system),
- completeness of the description of information about the company, services and goods (relevance of the data, literacy of the description),
- interactive elements and methods of customer involvement (videos, unique photos, lead magnets).
Remember to check out the blog and portfolio. How much do they “praise” themselves? Is it possible to judge that competitors are experts in their field based on blog materials? How full are these pages?
Yes, we still rate it on a 10-point scale.
- Competitor SEO tools
What are your competitors’ requests for and how successfully? There is only “spy” analytics, which you yourself will not collect. Use the services Megaindex, Ahrefs, Serpstat and Spywords. With their help, you will receive an analysis of competitors’ search queries to receive orders, contextual advertising data (and even with what budget), the presence of link mass and the use of other methods of promotion in search engines.
- Social Networks
Facebook, VKontakte, Odnoklassniki is just the tip of the iceberg of resources uniting various audiences around the world. Using the same Popsters service, analyze competitors on social networks: find all relevant business pages and groups of competitors, determine the popularity of posts and publications and identify the trend of performance of certain companies from the “burning” market share list. p>
- PR using influencers and video content
Do your competitors have their own Youtube channel or are they advertised through bloggers? Do they use video content? If so, how?
According to Renderforest analysis, in 2019 86% of online businesses saw sales growth precisely because of the “lightweight” video marketing content. Yes, the video is trending, but which one? Find out after analyzing the materials of your market neighbors.
Bonus from us: mystery shopper!
Who, if not the client, can receive the most delicious company product presentations? So become the “client” of your competitors.
Yes, use the new phone number, mail, which are not associated with any account of your company. And, of course, don’t show up.
Get everything you can: commercial offers, letters from the newsletter, market analytics (if competitors have them), reviews, links to research. This is useful to you. And you will not find it on any resource (most often), because such tools are usually used as a control shot!
Summarize the results
By itself, an assessment of the indicated aspects of the company’s appearance on the network will already give you an unpowered field for the development of your own organization. But it’s better to systematize the results and put everything in one table. Compare the obtained indicators, first of all, with the market share and brand popularity in the network.
Could you draw one trend? Congratulations, you have identified the main points of your competitors marketing strategy. Ideal if you build a SWOT analysis of competitors (strengths and weaknesses, opportunities and threats). By placing yourself on the same field with your competitors, you will understand with what tools and based on what indicators your company will advance.
You can find an example of such a “field” here
Now you have a complete base for work. Not ready to spend a lot of time on such painstaking work? Contact our experts, and do what you can best yourself – develop your own successful business. Naturally, with our help!
Below we described brief points from how we conducted a marketing analysis of competitors on the network for our customers and what results such work brought!
The client is a manufacturer of boiler equipment, construction of turnkey boiler houses for production enterprises.
What we examined:
Only by introducing the client’s business page on Facebook and launching targeted advertising we got the following results:
Not bad, right? And if we hadn’t conducted an analysis of competitors, no one would have thought to introduce social networks. And by the way, the client vehemently proved to us that in social. there is no network for its target audience … But as the results showed, he was clearly mistaken.
Client – employment abroad.
Analysis showed that one of the strongest competitors actively used video ads and had a good YouTube channel. Only due to the persuasion of the client to implement video marketing, we got the following results:
107 applications for the price of 37 UAH. With an average cost of the application throughout the account 23 UAH. Mega great result. Moreover, this is not even remarketing, namely targeting to target