As a smart marketer, you need to have complete inside-out knowledge about your business rivals. And no matter how far you go, there are always more competitive insights left to unveil. Approaches like analysing marketing trends to evaluating competitive landscape, traffic dynamics within your market, and its lead players can reveal a lot.
Now, let us move on to some more complex findings that you can explore by the website traffic metrics of your rival. Let us check out six hidden points you can explore within a finger snap with the help of competitor analysis tools! Here are the insights that were found with the use of Market Explorer and Traffic Analytics.
1. Who is Currently Leading the Market?
When planning a marketing campaign, you are likely to check out the insights and strategies of your business rival. You should not judge your competitors just by estimated market share, brand awareness, frequency of PR appearances, etc. If you do that, you will miss the competitor with the best reach and traffic.
If you are looking for a better strategy to find a legitimate digital benchmark, you will have to check out your top 5 competitors. You will have to identify the one holding the highest traffic volume in the last 12 months. Also, note if they demonstrated speedy or stable growth and whether they had any declines over the year.
Also, check out whether or not these ups and downs impact their offline popularity. You can take that company’s website as a benchmark and develop your campaigns considering their successful and unsuccessful steps.
You can take the biggest-on-the-market brand in your industry for the competitive market analysis and enter it into Market Explorer. After that, the tool will automatically gather the top market players in your industry and demonstrate their traffic, aka online market, share, QoQ, YoY growth/decline dynamics, etc. The Growth Quadrat widget divides your competitors within four categories, and those are:
- Leaders: Denotes sites with both the volume and the traffic spike dynamics.
- Game-Changers: Represents sites with lower traffic share yet with big visitor spikes within a short time.
- Niche Players: Means sites having both lower-traffic-share and slower-than-average growth in the online market.
- Established Players: Denotes sites with a comparatively large online market share but a lower traffic growth rate.
Also, check the traffic sources of the companies and keep an eye on the one that is driving the most traffic—no need to go anywhere else to look for this data. Market Explorer divides the key traffic sources of your rivals. Also, this breaks down the impact of each channel.
This is how you can research the traffic volume amongst the businesses and determine the industry leader. Remember, while doing competitive and market research, concentrate on relative numbers, not absolute ones. It is important, especially if you are in search of a benchmark for a specific traffic source.
2: Which Hidden Seasonal Trends Not to Overlook?
Even though you may be aware of all the industry spikes and declines in demand, you still have to learn the seasonality existing for some companies. Sometimes, it is the budget remaining at the end of a quarter and needs to be spent. Thus, you see that there are lots of paid traffic going to the website during this time.
In another scenario, it can happen that a new head of marketing has emerged with fresh ideas catching everyone’s attention to, for example, blogger relations. Don’t forget to check the traffic metrics over current and previous years. Note the peak month of your main competitor by the number of website visits. Then compare data and check if it is similar for the overall market and other industry players. Also, identify the reasons for such a spike. Repeat that same procedure for checking the period of decline as well.
Thus, once you know how the campaign of your competitors worked in a low season, you can decide whether or not a better promotion in this period will help you.
3. Do Your Competitors Hit the Total Target Audience?
Your rival’s target is not important, but who they hit is the question. To discover this, you need to study the audience overlap between your competitors. Traffic Analytics can help you with this with advanced competitor analysis methods. The percentage of shared vs. unique audience will help you point out the present or even the future leader of the competition. Also, with its help, you can compare the positioning of different brands, marketing strategies, and revealing media preferences. All these will help you align your campaigns accordingly.
For example, if you look at top streaming sites, their home pages may look more or less similar. But you will see the actual difference in the viewership of these platforms. If you share the same situation with your competitor, you need to increase the number of common media placements you share. Or, avoid them in the future since this differentiates your audiences.
4. Does Your Competitor have better Communication with the Target Audience than you?
Traffic numbers can say so much about the success of the brand online. It is simple – if your company website doesn’t provide what users want, users will leave. So, switch to Traffic Analytics and unveil your competitors’ key user engagement, which is the average visit duration and bounce rate.
5. How Your competitors Manage to Drive Target Users to the top products?
Once you come to see that you share a certain volume of the same users with your competitor, look at your competitors’ top products/services. Also, unveil the marketing channels performing as the best traffic drivers. With the help of Traffic Analytics, you can cover both areas.
6. What is the Estimated Conversion of your rivals?
Well, this goes for e-commerce website design and online-based companies only. If users visit a web page to confirm a purchase or enter their bank details, they have already bought something.
With the help of insights from the Traffic Analytics tool, check the traffic of the Top Pages related to payment and filter the complete list by “checkout”, “secure”, “pay”, “thank-you”, etc. There won’t be exact numbers. Instead, get some general understanding.
So, these were the insights that would help you know your competitors better. From getting increased traffic to getting more sales, you can better prepare your online business strategies if you analyse these insights and prepare yourself accordingly. Contact for Website Development Services in Melbourne or call 0481184833.