Competitive analysis is an exercise of comparing your business, product, and service to companies and finding similarities and differences. The most critical part of kicking off a competitive analysis is choosing the right competitors to analyze. Otherwise, you will spend tons of time on competitive research with very limited insight to show for it. In other words, the competitors you select determines how you will perceive your company and the final analysis.
Zee came to Distilled after several web development and digital communications positions in the nonprofit space, including the Ad Council, Power Poetry, VolunteerMatch, DonorsChoose and Planned Parenthood. With her background, Zee learned how to make the most impact with shoestring budgets. A graduate of Smith College, Zee studied French Studies and Psychology and studied psychoanalysis at Paris IV – Denis Diderot University. Aside from analyzing languages and humans, she found a home in the tech space, where solutions are complex and (sometimes) easier to come by. Ask her about: user experience, web development, analytics, technical SEO questions, and rescue dogs like hers.
Strategy is more than a bundle of cultivated tactics. When we onboard a new client, we have a whole arsenal of tools to use and reports to run that help us understand the account better. It is easy for us to pat ourselves on the back and say “this is a good strategy for learning the account!” Pardon my language when I say: That ain’t no heckin’ strategy.
Let’s take the example of a guy, we’ll call him Jerry, who runs a coworking space in the city of Bristol, UK. He’s concerned about his keyword rankings, as seen in WooRank’s SERPs tool. Even his main keywords are only providing ‘+100’ rankings. (If you have used our SERPs tool, you know that this is the number we give to search engine results that rank out of the first ten pages in Google and Bing for a certain query.)
“The sales cycle is an average of 9-12 months. When a qualified lead enters the funnel, the revenue generated from that lead is an unknown variable that will not be fully identified until several months into the cycle. In order to increase the probability of a PPC lead turning into a viable source of revenue we need to generate leads at a ratio of high ratio of sales quality leads to conversions (roughly 65%). We will continue to test new targeting in order to reach our 20% YoY growth goal at a reasonable average CPA in order to continually grow the account and keep the sales funnel full every month.”
Increase Clicks: If you have a niche site that has high quality scores and impression shares, but not enough volume to spend your budget, you will want to increase the traffic sent to your site while maintaining control over click costs. This can be done by increasing bids, expanding your keyword list, improving click through rates and refining ad copy. All of these items can be adjusted/improved upon to help reach your budgeted spend.
Use these consumer characteristics to time and target your marketing. For example, airports on weekdays are a great source of business travelers looking for high-end restaurants, while weekends and Spring Break bring more leisure visitors and families looking for more casual dining options. Likewise, dance clubs and bars can benefit by promoting 18 and over events targeted at universities whose student bodies are largely between the ages of 18-21. These are just a few examples of how venues define audiences that can be effectively targeted.
Many people believe that a competitive analysis is unnecessary because they feel that they have a good handle on who their competition is and what they offer. But a competitive analysis can also be used when trying to break into a new market. By conducting a competitive analysis for an environment you are unfamiliar with, you are able to model a new business that included many features that your competitors are likely to offer as well as some unique ones that may drive customers away from their typical company.
The Java program is fairly intuitive, with easy-to-navigate tabs. Additionally, you can export any or all of the data into Excel for further analysis. So say you're using Optify, Moz, or RavenSEO to monitor your links or rankings for specific keywords -- you could simply create a .csv file from your spreadsheet, make a few adjustments for the proper formatting, and upload it to those tools.