Post by lizaseo11 on Nov 9, 2024 2:17:46 GMT -5
According to USAID – Internews, in 2019, 85% of the population in Ukraine are active Internet users, 70% of the country's population use the network every day. Just imagine, 7 out of 10 of your potential clients can learn about you in the digital environment. Moreover, according to the results of the same study, 60% of users are not inclined 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 business? See how your competitors do it and use the information to develop your own marketing strategy.
Competitors' market share: who to follow and who to forget?
In order to apply effective and working tools (possibly) slightly spied on by competitors, it is worth understanding who to take an example from. Here it is worth assessing the market share of the main competitors for a piece of the pie.
It is worth making a small remark right away: you can compete with companies NOT in your segment if they provide similar services or sell similar products, but differently, while satisfying the needs of YOUR audience.
In essence, determining market share is quite simple. You need to understand what percentage of the volume of goods or services sold (in monetary or piece terms) is in the total volume of 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:
the first place in search results is a company that “eats” 32.5% of clients;
the second one 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 to the following search results pages.
These shopify website design figures are approximate, as they depend on prices, service level, and website design quality. But for a basic assessment, they are worth accepting. Special services, such as Similarweb, will help to conduct a more in-depth assessment.
Positioning and USP: “…I’m not a wolf, I’m a grandmother…”
Do your competitors have catchy company names?
How do they describe themselves and their activities?
What is their unique (maybe not so unique, but more on that another time) selling proposition?
Write down all the criteria and rate them (or better yet, let a potential consumer rate them) on a 10-point scale from the most ridiculous to the most creative. Highlight similarities and compare them with the market share you obtained in the first part of the competitor marketing analysis.
positioning
Prices and products: what's the price?
Assortment policy is inseparable from pricing policy - every economist and marketer understands this. And it is necessary to evaluate this IN CONNECTION!
Identify how many product categories, brands, products in each category (and in total) are represented by your competitors. For each item, conduct an analysis and compare prices with purchase prices (if you have such information). Or derive the average market price and assign the competitor to the red category (above average) or green (below average).
The results of familiarization with prices and assortment are best summarized on one chart. Then you will get an accurate picture of the "temperature" in the market.
Popularity of competitors' brands in the market or "you'll recognize it from a thousand..."
The customer's readiness to purchase a product is determined, among other things, by brand loyalty. But where does loyalty come from if there is no recognition? It's a vicious circle.
Find out how often the brand name is mentioned on the Internet and create a "recognition" table. Both a basic search by company name in Google and special services like Popsters or Wobot will help with this. They will allow you to track company mentions (use all the possibilities of combining the name in all languages) both in social networks and on abandoned forums. This will also allow you to determine the sources of customer attraction by companies, such as: tender platforms, various ratings, media, mentions by bloggers or influencers.
Yes, still compare the results with the market share data of your competitors.
Internet Marketing Tools of Competitors: What's Behind Enemy Lines?
Competitors' websites
The analysis of competitors' websites 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 data, literacy of description),
interactive elements and ways to engage the client (video, unique photos, lead magnets).
Don't forget to check out the blog and portfolio. How much do they "praise" themselves? Can you tell that competitors are experts in their field based on the content on their blog? How full are these pages?
Yes, we still rate everything on a 10-point scale.
Competitors SEO Tools
What queries are your competitors promoting and how successfully? This is only “spy” analytics, which you will not collect on your own. Use the services Megaindex, Ahrefs, Serpstat and Spywords. With their help, you will receive an analysis of competitors' search queries for receiving orders, data on their contextual advertising (and even with what budget), the presence of a link mass and the use of other methods of promotion in search engines .
Social media
Facebook, VKontakte, Odnoklassniki are just the tip of the iceberg of resources that unite various audiences around the world. Using the same Popsters service, analyze competitors in social networks: find all relevant business pages and competitor groups, determine the popularity of posts and publications, and identify the performance trend of certain companies from the "hot" list of market share.
PR with influencers and video content
Do your competitors have their own YouTube channel or do they advertise through bloggers? Do they use video content? If so, how?
According to Renderforest analysis, in 2019, 86% of online businesses saw sales growth thanks to “light” video marketing content. Yes, video is trending, but what kind of video? Find out after analyzing the materials of your market neighbors.
Bonus from us: mystery shopper!
Who else but the client can get the most delicious presentations of the company's product? So become a "client" of your competitors.
Yes, use a new phone number, email, that is not linked to any of your company's accounts. And, of course, don't show your face.
Get everything you can: commercial offers, newsletters, market analytics (if your competitors have it), reviews, links to research. This will come in handy. And you won't find this on any resource (most often), because such tools are usually used as a control shot!
Summarize the results
The assessment of the above aspects of the company's online presence will give you an unplowed field for developing your own organization. But it is better to systematize the results and put everything into one table. Compare the obtained indicators, first of all, with the market share and the popularity of the brand online.
Were you able to draw one trend? Congratulations, you have identified the main points of your competitors' marketing strategy. It would be ideal if you built a SWOT analysis of your competitors (strengths, weaknesses, opportunities, and threats). By placing yourself on the same field as your competitors, you will understand what tools and indicators your company should use to advance.
You can see an example of such a “field” at this link
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 do best - develop your own successful business. Naturally, with our help!
Below we have outlined some brief highlights of how we conducted online competitor marketing analysis for our clients and the results this work brought!
CASE 1:
The client is a manufacturer of boiler equipment, construction of boiler houses on a turnkey basis for manufacturing enterprises.
What we researched:
analyz_konkurenti_kotli
Just by implementing the client's business page on Facebook and launching targeted advertising, we achieved the following results:
fb ppc
Not bad, huh? And if we hadn't done a competitor analysis, no one would have thought of implementing social networks. And by the way, the client ardently proved to us that his target audience was not in social networks... But as the results showed, he was clearly wrong.
CASE 2:
Client - employment abroad.
The analysis showed that one of the strongest competitors actively used video advertising and had a good YouTube channel. Only by persuading the client to implement video marketing, we got the following results:
video_advertisement
107 applications at a price of 37 UAH. With an average application cost for the entire account of 23 UAH. A mega excellent result. Moreover, this is not even remarketing, but targeting the target
Competitors' market share: who to follow and who to forget?
In order to apply effective and working tools (possibly) slightly spied on by competitors, it is worth understanding who to take an example from. Here it is worth assessing the market share of the main competitors for a piece of the pie.
It is worth making a small remark right away: you can compete with companies NOT in your segment if they provide similar services or sell similar products, but differently, while satisfying the needs of YOUR audience.
In essence, determining market share is quite simple. You need to understand what percentage of the volume of goods or services sold (in monetary or piece terms) is in the total volume of 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:
the first place in search results is a company that “eats” 32.5% of clients;
the second one 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 to the following search results pages.
These shopify website design figures are approximate, as they depend on prices, service level, and website design quality. But for a basic assessment, they are worth accepting. Special services, such as Similarweb, will help to conduct a more in-depth assessment.
Positioning and USP: “…I’m not a wolf, I’m a grandmother…”
Do your competitors have catchy company names?
How do they describe themselves and their activities?
What is their unique (maybe not so unique, but more on that another time) selling proposition?
Write down all the criteria and rate them (or better yet, let a potential consumer rate them) on a 10-point scale from the most ridiculous to the most creative. Highlight similarities and compare them with the market share you obtained in the first part of the competitor marketing analysis.
positioning
Prices and products: what's the price?
Assortment policy is inseparable from pricing policy - every economist and marketer understands this. And it is necessary to evaluate this IN CONNECTION!
Identify how many product categories, brands, products in each category (and in total) are represented by your competitors. For each item, conduct an analysis and compare prices with purchase prices (if you have such information). Or derive the average market price and assign the competitor to the red category (above average) or green (below average).
The results of familiarization with prices and assortment are best summarized on one chart. Then you will get an accurate picture of the "temperature" in the market.
Popularity of competitors' brands in the market or "you'll recognize it from a thousand..."
The customer's readiness to purchase a product is determined, among other things, by brand loyalty. But where does loyalty come from if there is no recognition? It's a vicious circle.
Find out how often the brand name is mentioned on the Internet and create a "recognition" table. Both a basic search by company name in Google and special services like Popsters or Wobot will help with this. They will allow you to track company mentions (use all the possibilities of combining the name in all languages) both in social networks and on abandoned forums. This will also allow you to determine the sources of customer attraction by companies, such as: tender platforms, various ratings, media, mentions by bloggers or influencers.
Yes, still compare the results with the market share data of your competitors.
Internet Marketing Tools of Competitors: What's Behind Enemy Lines?
Competitors' websites
The analysis of competitors' websites 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 data, literacy of description),
interactive elements and ways to engage the client (video, unique photos, lead magnets).
Don't forget to check out the blog and portfolio. How much do they "praise" themselves? Can you tell that competitors are experts in their field based on the content on their blog? How full are these pages?
Yes, we still rate everything on a 10-point scale.
Competitors SEO Tools
What queries are your competitors promoting and how successfully? This is only “spy” analytics, which you will not collect on your own. Use the services Megaindex, Ahrefs, Serpstat and Spywords. With their help, you will receive an analysis of competitors' search queries for receiving orders, data on their contextual advertising (and even with what budget), the presence of a link mass and the use of other methods of promotion in search engines .
Social media
Facebook, VKontakte, Odnoklassniki are just the tip of the iceberg of resources that unite various audiences around the world. Using the same Popsters service, analyze competitors in social networks: find all relevant business pages and competitor groups, determine the popularity of posts and publications, and identify the performance trend of certain companies from the "hot" list of market share.
PR with influencers and video content
Do your competitors have their own YouTube channel or do they advertise through bloggers? Do they use video content? If so, how?
According to Renderforest analysis, in 2019, 86% of online businesses saw sales growth thanks to “light” video marketing content. Yes, video is trending, but what kind of video? Find out after analyzing the materials of your market neighbors.
Bonus from us: mystery shopper!
Who else but the client can get the most delicious presentations of the company's product? So become a "client" of your competitors.
Yes, use a new phone number, email, that is not linked to any of your company's accounts. And, of course, don't show your face.
Get everything you can: commercial offers, newsletters, market analytics (if your competitors have it), reviews, links to research. This will come in handy. And you won't find this on any resource (most often), because such tools are usually used as a control shot!
Summarize the results
The assessment of the above aspects of the company's online presence will give you an unplowed field for developing your own organization. But it is better to systematize the results and put everything into one table. Compare the obtained indicators, first of all, with the market share and the popularity of the brand online.
Were you able to draw one trend? Congratulations, you have identified the main points of your competitors' marketing strategy. It would be ideal if you built a SWOT analysis of your competitors (strengths, weaknesses, opportunities, and threats). By placing yourself on the same field as your competitors, you will understand what tools and indicators your company should use to advance.
You can see an example of such a “field” at this link
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 do best - develop your own successful business. Naturally, with our help!
Below we have outlined some brief highlights of how we conducted online competitor marketing analysis for our clients and the results this work brought!
CASE 1:
The client is a manufacturer of boiler equipment, construction of boiler houses on a turnkey basis for manufacturing enterprises.
What we researched:
analyz_konkurenti_kotli
Just by implementing the client's business page on Facebook and launching targeted advertising, we achieved the following results:
fb ppc
Not bad, huh? And if we hadn't done a competitor analysis, no one would have thought of implementing social networks. And by the way, the client ardently proved to us that his target audience was not in social networks... But as the results showed, he was clearly wrong.
CASE 2:
Client - employment abroad.
The analysis showed that one of the strongest competitors actively used video advertising and had a good YouTube channel. Only by persuading the client to implement video marketing, we got the following results:
video_advertisement
107 applications at a price of 37 UAH. With an average application cost for the entire account of 23 UAH. A mega excellent result. Moreover, this is not even remarketing, but targeting the target
