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Competitive Research for SEM: Identify Your Value Through Deeper Competitive Analysis By Ayat Shukairy

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From the SMX West Conference in San Jose, CA March 13-15, 2018. SESSION: Competitive Research For SEM. PRESENTATION: Competitive Research for SEM: Identify Your Value Through Deeper Competitive Analysis - Given by Ayat Shukairy, @ayat - Invesp, Co-Founder. #SMX #33B

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Competitive Research for SEM: Identify Your Value Through Deeper Competitive Analysis By Ayat Shukairy

  1. 1. #SMX #33B @ayat Identify your value through deeper competitive analysis Competitive Research for SEM
  2. 2. 2nd CRO company in the US. 65% av. uplift within 12 months 500+ CRO projects 12 different countries 7,000+ successful tests 13 years CRO experience BY THE NUMBERS
  3. 3. #SMX #33B @ayat SOME OF INVESP CLIENTS…
  4. 4. #SMX #33B @ayat
  5. 5. #SMX #33B @ayat
  6. 6. #SMX #33B @ayat “ Be big and fast and flexible.” – Reed Hastings
  7. 7. #SMX #33B @ayat Competitive analysis is NOT about copying your competitors. Remember, there is a good chance they do not have a clue what they are doing
  8. 8. #SMX #33B @ayat • Assume competition is right • Consider it from an Opportunity Cost perspective (what aren’t you doing?) • Lack of thoroughness • No clear goal What not to do?
  9. 9. #SMX #33B @ayat • Positioning • Benchmark • Monitor • Out-do Four outcomes you need to keep in mind
  10. 10. #SMX #33B @ayat “The most meaningful way to differentiate your company from your competitors, the best way to put distance between you and the crowd is to do an outstanding job with information. How you gather, manage and use information will determine whether you win or lose.” – Bill Gates
  11. 11. #SMX #33B @ayat The most important aspect of a competitive analysis is to solidify the goal for conducting it: 1. Are you conducting it to come up with a better UVP? 2. Are you conducting it to compare site features? AB testing ideas? 3. Are you conducting it to peak into their PPC or email marketing strategies? But what is your goal – what do you want to know?
  12. 12. #SMX #33B @ayat THE MORE SPECIFIC THE GOAL, THE MORE PRECISE THE OUTCOME
  13. 13. #SMX #33B @ayat Comp analysis for UVP
  14. 14. #SMX #33B @ayat Value proposition What do you do? • Summary of how your product or service benefits your customers • It presents the most compelling reasons why a prospective buyer should become a customer and highlights a benefit or feature that sets you apart from every other company in the market.
  15. 15. #SMX #33B @ayat
  16. 16. #SMX #33B @ayat Boring
  17. 17. #SMX #33B @ayat
  18. 18. #SMX #33B @ayat
  19. 19. #SMX #33B @ayat
  20. 20. #SMX #33B @ayat
  21. 21. #SMX #33B @ayat
  22. 22. #SMX #33B @ayat What makes you different Source: http://bit.ly/2hkZ8sb
  23. 23. #SMX #33B @ayat REALITY Source: http://bit.ly/2hkZ8sb
  24. 24. Therein lies the real CHALLENGE
  25. 25. 1. What are the top 3-5 features that matter to customers when buying your service or product? (price, scalability, stability, time, Flexibility, etc.) Evaluate Your Offering 2. What are the different options for each of these features which matter to customers?
  26. 26. Interact with your competitor Place an order with your competitor Pick up the phone and call them! Deal with your competitor as a customer would, ask them questions, see what values they emphasize
  27. 27. #SMX #33B @ayat Paid strategy Do they emphasize any of the features in their paid ads? Landing pages Do they emphasize any of the features in on their landing page? Evaluate your competitor Website 1. Do they emphasize any of the features in on their homepage? 2. Do they emphasize any of the features in on their product pages?
  28. 28. #SMX #33B @ayat Time to evaluate For each of the top features, what is different between you and your competitors? Which of the different features do you stand out from your competitors? Rank how different you are for each of these features on a scale of 1 (similar) to 5 (completely different) Can customers really, really distinguish between you and your competitors when it comes to these features? 1 2 3 4
  29. 29. #SMX #33B @ayat Convey and emphasize your UVP: • Pre click • Ads, social media, email • Post click • Homepage • Landing pages • offer pages Now that you know your UVP, what is next?
  30. 30. #SMX #33B @ayat Comp analysis for benchmarking
  31. 31. #SMX #33B @ayat 1. Give users 5-seconds to take a look at your site 2. Ask them 1. what is this site about? 2. What products or services are offered? 3. How does the website make them feel All of these answers can give you insights into your value. Now repeat on a competitor site. Conduct 5-second test
  32. 32. #SMX #33B @ayat Identify user scenarios Every visitor comes to your site to: What task are visitors trying to accomplish? What behavior you’re trying to help and facilitate? Answer a question Find a solution (product/service) to a problem Compare options Convert Complete a task
  33. 33. #SMX #33B @ayat S T A R T S by compiling a series of user goals and actions
  34. 34. #SMX #33B @ayat For each of the top scenarios you identified, conduct a usability test for your top 3 competitor Provide users with the scenario you identified and ask them to complete the task in the scenario You can use usertesting.com , usertest.io, loop11, usabilityhub.com or you DIY with zoom Conduct usability tests
  35. 35. #SMX #33B @ayat Ask usability test participants: • On the scale of 1-5, rate how easy it was to use the website • On the scale of 1-5, rate how much you liked the website • What do you find most frustrating about the website? • What features did you like most about the website? Post usability tests
  36. 36. #SMX #33B @ayat Evaluate – track and benchmark • Task success ration: How many users were able to complete the task • Time to complete a task: How long did it take them to complete the tasks • Task satisfaction rate • Pages/clicks to complete a task Post usability tests
  37. 37. #SMX #33B @ayat Comp analysis for testing ideas
  38. 38. #SMX #33B @ayat Take each of the TOP 5 scenarios and run through the top competitor websites
  39. 39. #SMX #33B @ayat Trust factors: 1. Value preposition 2. Continuity 3. Congruency 4. Web design credibility 5. Social proof 6. Endorsements 7. Memberships For each scenario, record the following
  40. 40. #SMX #33B @ayat Professional design Not cluttered Still there is a problem
  41. 41. #SMX #33B @ayat For each scenario, record the following FUDs factors Incentives factors Does the website orient visitors? How does the site deal with security and privacy? How do they deal with uncertainties you might have as you navigate the website? Does the website use pricing incentives? Does the website use scarcity? Does the website use urgency?
  42. 42. #SMX #33B @ayat Classify the items you collected: Testing ideas: you can test these on your website if you think your visitors might react positively to them? Investigate further: analyze your visitors behavior and how they would react to this. Evaluate data you collected
  43. 43. #SMX #33B @ayat Share these #SMXInsights on your social channels! #SMXInsights § Clearly define your goal when conducting a comp analysis. § Never go in thinking you’re going to copy competitors. § The ideas collected should first be evaluated prior to testing.
  44. 44. #SMX #33B @ayat SEE YOU AT THE NEXT #SMX! Let’s connect! Twitter: @ayat Linkedin: /ayatshukairy/

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