December 23, 2016
Two competitor analysis techniques. Make the time to use them.
By Maureen McCabe
We hope you will say, “thank you for writing the blogs”, as you leaped over your competitors when you completed the competitor analysis and adjusted your online marketing strategy for your website.
The first three techniques steps were outlined in Part 1 of this series, How to Perform a Simple Competitor Analysis. In Part 2, you will learn the final two competitor analysis techniques: how to search for competitors online and a nifty tool to help you understand your customer base better and track important statistics.
4. Search for Competitors Online
- How do their search rankings compare to yours? (Refer to How to Use Google Webmaster Tools which was rebranded to Google Search Console for your metrics)
- Size up their Social Media presence
- Which social media sites do they have a profile?
- Which sites are they actively engaged on i.e. writing comments biweekly or more often?
- How many followers/likes and comments/sharing on their posts?
- Do they dominate the conversation on social sites to a greater or lesser extent than your brand?
- Does their published online content (website, on-site blogs) seem superior or inferior to yours?
- How do they demonstrate trust and confidence?
- Video testimonials
- Hyperlinks to various review sites i.e. TripAdvisor, HomeStars?
- Client reviews
- What type of media coverage have they received? i.e. TV, radio, magazine interviews
- How many “trust badges” are displayed on their site?
Today, trust badges are the website equivalent to the merit badges that awarded to Boy Scouts, Girl Guides, Brownies etc. These badges demonstrate your expertise in various activities. You proudly wore these badges on your uniform. (I was grateful to my mom who sewed many on my sleeve as I didn’t earn the sewing badge for three years! To be candid, I’m very competitive, not bragging, just a fact, I was the only “Brownie” both in my pack and the city of Thunder Bay where I grew up, that had them sewn on both of my sleeves.)
- Do they belong to the Better Business Bureau, BBB?
- Is their website secure? i.e. Do they have an SSL certificate installed and is it up-to-date? Look for HTTPS:// in the domain name or the “padlock” which is displayed in the browser. If they have an e-commerce site the SSL company’s logo should be displayed.
- Are there logos indicating certifications, memberships, professional associations, and awards? Note where are they located on the site; they should be in the footer, and perhaps the About/Why Choose Us page or elsewhere.
5. Use High-Tech Software Tools
Finally, go beyond what you can do on your own. Take advantage of specialized software programs that give you detailed, pertinent, and reliable data to base your decisions on. Lead Conversion Software (LCS), for example, will help you understand your customer base better and track important statistics such as click-through rates, segmented conversion rates and landing-page performance.
Competitor Analysis Techniques
The five techniques outlined in Parts 1 and 2 are simple and easy to perform, but they do require time and effort. It’s worth the investment of your time; it will compel you to enhance your website as now you will think like a customer or prospective customer.
Need help conducting your competitor analysis? Contact McCabe Marketing for a review of your website and marketing!
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