The influence of competitor knowledge on business decision making

Deniz Ovalioglu - Data Analyst
December 16, 2022
5 min read

Landing Page & Website Flow

Landing Page Heuristics is one of the pillars to gain insight into your website’s performance. Understanding how visitors interact with your website is crucial, and how your competitors perform is an integral part of this. By analyzing the performance metrics such as pages per visit, visit duration, and bounce rate, you get aware of the effects the website design has on engagement and conversion. Such examples can guide you to approach your own website design with a broader perspective, where you are able to assess your website in context.

The website design and flow can support or ruin the visitors’ experience of your brand. Visit your competitors’ websites and go through the shopping experience. Analyze your competitors’ websites, starting from the first visuals and CTAs on the landing page, to the final step: checkout, and ask yourself different questions, such as:

  • Do they have a chatbot? 
  • Can you make use of the fast checkout process? 
  • How are their products categorized? 
  • Was it easy to navigate to your desired product? 
  • How long did it take to load the pages while navigating?

It’s a useful journey, not only to assess the performance of your brand’s website compared to the one from your competitor, but also to get inspired and understand the impact of experience based on expectations.

The acquisition funnel analysis of your competitors is an important step toward building your own acquisition strategy. Your online acquisition funnel generates conversions, or leads, which is the heart of your growth strategy. You interpret your competitor funnel analysis as a conversion-focused type of website design and flow analysis. Focus on how many steps it takes your competitor to sell a product, or generate a lead. Your competitors might have elongated or shortened funnels that perform better, and that can cost you a significant market share.

Social Strategy

Social channels are important tools to boost your organic traffic and create brand awareness. Understanding the social strategy of your competitor includes more than analyzing the content they post. Here are some things to look for:

  • Go through every channel they own
  • Check the frequency of their posts
  • The diversity of the formats they use
  • The distribution of content 
  • How they repurpose the content across channels.

Such a discovery is an integral part of the competitors’ assessment of social strategies and can suggest what other channels you should be active on. 

Target Audiences

Testing with multiple audiences, as well as optimizing the campaign with a focus on audience behavior, is an iterative process. Comprehend the target audiences of your competitors and compare them to your target audiences. Try to assess the difference between audiences and whether it is valuable for your business to reach that audience. Understanding how your competitors choose audiences will help you gain inspiration for sure, but more importantly, it will tell you more about the strategy of your competitors. Overall, competitor analysis can be very useful in strategy testing to get through to new audiences.

Keyword Analysis

Search engines, such as Google, help you understand the campaign strategy of competitors. By simply searching for relevant keywords and competitor names, or with the help of third-party tools, you can establish whether your competitors are running search campaigns. Moreover, you can identify if they are running competitor targeting campaigns, what kind of keywords bring traffic to their website, or whether you have similar strategies.

The methods above are initial suggestions for understanding your performance in regard to your website, acquisition funnel, social strategy, audience, and keywords. As you get on the same level with your competitors and acquire more market share, the indicators of your performance within the industry might be more granular, which requires deeper analyses.

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