how to use competitive intelligence
DESCRIPTION
How to get started using Competitive Intelligence in your marketing mix.TRANSCRIPT
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5 Steps to Online Marketing Success Using Competitive IntelligenceA beginner’s guide to competitive intelligence
Presented by: Karen Costa
Online Marketing Specialist compete.com
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• What is competitive intelligence?
• About Compete and Compete’s Data
• 5 Simple Steps to Online Marketing Success
• Brief Q&A
Agenda
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The action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executive s and managers in making strategic decisions for an organization.
What’s Competitive Intelligence?
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EACH MONTH COMPETE’S ONLINE CONSUMER PANEL MEASURES
2 MILLION US ONLINE CONSUMERS
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Compete & Local AnalyticsWhy the numbers aren’t exactly the same…
• Compete tracks actual users versus individual pages on websites.
• Compete’s numbers are unaffected by cookie deletion & non-human behavior
• Both technologies have strengths and weaknesses but compliment each other to help you get a better understanding of your competitor’s online strategy.
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How can you add value to your business with Compete PRO?
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• Create a timeline for yourself and your competitive set • Product releases
• Industry news
• Events
• Correlate these events with shifts in site performance.• Industry trends
• Seasonal changes
• Campaign performance
Step 1: Formulate a Strategy & Know the Competition
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Benchmark
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Create Competitive Sets
• Competitors large & small
• Keep an eye out for break-out competition
Identify Industry Leaders
• Who had success in site engagement & popularity
Look for the “Why”
• New product offerings
• Higher engagement
• Marketing Efforts
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Investigate
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• Subdomain Activity
• Search Activity
• Traffic Referrals
Identify the root of your competition's stellar performance using compete’s tools.
Strategy Dive Deep for Top Performing Competitors
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TAKE ACTIONFinding areas of opportunity with compete metrics
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Step 2: Understand Your Competitors’ Search Analytics
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Dig yourself out of the keyword rut
Take advantage of search work
tested & implemented by
your competitors
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Search Analytics- what can we see?
•Daily Search Referrals
•Keywords
•Search Referral Share
•Paid Share
•Average Time Index
•Total Time Index
•Export as CSV•Natural Share
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Step 3: Copying is a form of flattery
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Uncover where your competition is getting traffic & where that traffic leaves after visiting
Build relationships with similar partners (affiliates, advertisers, bloggers, influencers)
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Prospecting
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Find the right partners, publishers & clients using thorough qualification tactics
Spend more time perusing and less
time qualifying
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Referral Analytics
http://www.flickr.com/photos/lfodness/
Uncover where your competition is
getting traffic & where that traffic
leaves after visiting
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Step 4: Fix your leaky buckets
• Create conversion funnels
• Identify where customers drop off using destination traffic reports to find out where users go after they leave your site
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Recapture lost leads so business can bloom
• Create conversion funnels
• Identify where customers drop off using destination traffic reports to find out where users go after they leave your site
• Reward customers for coming back and bringing other new customers with loyalty programs
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Step 5: Stay on top
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Frequent checkups help ensure your website stays healthy. Monitor your benchmarks and KPI’s regularly.
Integrate competitive intelligence as part
of your online marketing strategy.
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Lather, Rinse, Repeat
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Like any online marketing strategy, there is no simple fix.
Arm your organization with tools to succeed.
Competitive intelligence
complements all analytics
packages.
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Time for Q&A.Questions?
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Thank you!
For questions, contact [email protected]
Presented by: Karen Costa
Online Marketing Specialist compete.com