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5 Steps to Competitive Intelligence Success


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Marketing without competitive intelligence is like hitting a pinata blindfolded. How would you know who you're competing with or what your strategic advantages are if you don’t have a firm grip on your competitive landscape?

This slide deck is part of a webinar that shows you how to get a leg-up on your online competition in five steps. Whether you’re looking to formulate a comprehensive competitive strategy or just to build competitive intelligence into your current marketing plan, this resource will help you gain insight into how to use competitive intelligence tools to stay informed and adjust for shifts in your industry.

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5 Steps to Competitive Intelligence Success

  1. 1. 5 Steps to Online Marketing Success Using Competitive Intelligence<br />A beginner’s guide to competitive intelligence<br />Presented by: Lindsey Mark<br />Client Relations<br />
  2. 2.<br />Agenda<br /><ul><li>What is competitive intelligence?
  3. 3. Introduction to Compete and Compete’s Data
  4. 4. 5 Steps to Online Marketing Success Using Competitive Intelligence
  5. 5. Overview
  6. 6. Brief Q&A </li></li></ul><li>The action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the external business environment needed to support executives and managers in making strategic decisions for an organization. <br />What’s Competitive Intelligence?<br />
  7. 7. each month Compete’s Online Consumer Panel measures2 million US online consumers<br />
  8. 8. Compete versus Local AnalyticsWhy the numbers aren’t exactly the same…<br />Compete tracks actual users’ online behaviors.<br />Local Analytics tracks individual pages of a website using a javascript tag.<br />
  9. 9. Competitive Opportunities, there are...<br />Use local analytics & competitive intelligence,we will. <br />Local analytics is a great way to understand your own website. <br />However,<br />Some questions can only be answered through competitive intelligence tools. <br /><br />
  10. 10. Step 1: Identify the Competition<br />Understanding the Competitive Landscape<br />
  11. 11. Benchmark<br />Identify competitors in your industry.<br />Brainstorm<br /><ul><li>List Competitors
  12. 12. large & small
  13. 13. direct & indirect</li></ul>Identify Industry Leaders<br /><ul><li>Who had success in site engagement & popularity</li></ul>Look for the “Why” <br /><ul><li>New product offerings
  14. 14. Higher engagement</li></ul> tambako/<br />
  15. 15. Industry Timeline<br />Identify industry events that may affect site traffic<br />Include<br /><ul><li>Product Releases
  16. 16. Industry News
  17. 17. Events</li></ul>Correlate<br /><ul><li>Which events may have caused shifts in site performance</li></ul>Identify<br /><ul><li>Industry Trends
  18. 18. Seasonality
  19. 19. Stellar Performance</li></ul><br />
  20. 20. Metrics, what are they good for?<br />Loyalty = Visits<br />Popularity = Unique Visitors<br />Engagement = Average Stay<br />
  21. 21. Investigate<br />Trend Analysis Deep-Dive For Top Performers<br />Analyze Domain & Subdomain Activity<br />Search Activity<br />Traffic Referrals<br />Identify the root of your competition's stellar performance using competitive intelligence tools. <br /><br />
  22. 22. Step 2: Synthesize the Data<br />Analyze reports and identify areas of opportunity <br />
  23. 23. Gathering information is only the first step of the process. <br />Reporting vs. Analysis<br />Synthesizing information and applying insights to your overall business objectives.<br />What’s the difference?<br />
  24. 24. Search Strategy<br />Questions to Ask Before You Begin.<br />Search Marketing<br /><ul><li>Who also competes for these keywords?
  25. 25. What is my position in the market?
  26. 26. Who am I targeting?</li></ul>Search Engine Optimization<br /><ul><li>What kinds of content/keywords will attract the visitors I’m looking for?
  27. 27. What keywords would I like to rank higher for?</li></ul><br />
  28. 28. Critical Thinking<br />Is paid search more or less important to this year versus 2010?<br />
  29. 29. Inbound & Outbound Traffic<br />Uncover where your competition is getting traffic & where that traffic leaves after visiting.<br /><br />
  30. 30. Critical Thinking<br />In the past month, the shopping category was Zappos’ 2nd largest referrer. In which segment can we see cross-shopping behavoirs? <br />Hint: the answer is highlighted<br />
  31. 31. Hypothesize <br />Jump to conclusions about opportunities in…<br /> Search<br />SEO <br />SEM<br />Traffic Data<br />Partnerships<br />Service Initiatives<br />Product Offerings<br />Retargeting<br /><br />
  32. 32. Step 3: Take Action <br />Analysis & Implementation, an iterative process<br />
  33. 33. Management cannot be expected to recognize a good idea unless it is presented to them by a good salesman. <br />David M. Ogilvy<br />
  34. 34. Actionable Metrics<br />Implementing competitive intelligence is iterative.<br />Creating buy-in is imperative.<br />
  35. 35. It’s important to remain objective.<br />Things are notalways as they seem. <br /><br />
  36. 36. Understanding Search Referrals<br />Dig yourself out of a keyword rut.<br />Take advantage of search work tested & implemented by your competitors.<br /><br />
  37. 37. Identify Opportunities in Search<br />Strategy transparency in the search spend<br /> Hypothesize why your competition had stellar performance? <br />Ask yourself if this tactic is repeatable?<br />What would your company or brand do differently?<br /><br />
  38. 38. Copying is a form of flattery<br />Use your successful competitors as a model for your own success.<br />Remain true to your core values.<br /><br />
  39. 39. Relationship Building<br />Which websites are key to your competition's traffic acquisition strategy? <br />Affiliates<br /> Advertisers<br /> Publishers<br /> Influencers<br /><br />
  40. 40. Prospecting<br />Find the right partners, publishers & clients using thorough qualification tactics.<br />Spend more time perusing and less time qualifying.<br /><br />
  41. 41. Step 4: Fix your Leaky bucket<br />Identify lost opportunities through referral traffic reporting<br />
  42. 42. Create Conversion Funnels<br />What does our current funnel look like?<br />What does your future conversion funnel to look like?<br />
  43. 43. Identify Where Customers Drop-Off<br />Using outbound traffic reports<br />Identify marketing opportunities in competitor's destinations. <br />Be aware of shifts in destination share.<br />Hypothesize why visitors leave to the listed destination sites. <br /><br />
  44. 44. Critical Thinking<br />Where can you find retargeting opportunities in this example report for <br />
  45. 45. Retarget and Incentivize <br />Nurture customers & ask for referrals<br />Creatively engage your current customer base. <br />Woo loyal customers with special offers and referral bonuses. <br />Encourage your best customers to becomebrand advocates.<br /><br />
  46. 46. Step 5: Stay Hungry & INFORMED<br />Drive for knowledge, leverage tools, push your company forward<br />
  47. 47. Keep Tabs <br />Frequent checkups help ensure your website stays healthy. <br />Monitor your benchmarks and KPI’s regularly.<br />Integrate competitive intelligence data into your marketing practice. <br /><br />
  48. 48. Tune In<br />Automate Alerts to keep up with your industry.<br />Set-up Google Alerts<br /><ul><li>Competition’s name
  49. 49. Industry terms
  50. 50. Techniques</li></ul>Continuously Update<br /><ul><li>Make the search results specific & pertinent </li></ul>Review Daily or Weekly<br /><ul><li>Alerts have no value if not reviewed
  51. 51. Put the feed in your mail client or RSS reader</li></ul><br />
  52. 52. Lather, Rinse, Repeat<br />Like any online marketing strategy, there is no simple fix.<br />Arm yourself with the tools needed to succeed. <br />Commit to integrating competitive intelligence into your existing digital marketing practice.<br /><br />
  53. 53. Marketing without Competitive Intelligence is like hitting a target blindfolded<br /><br />
  54. 54. Today we learned…<br />
  55. 55. Resources<br />
  56. 56. Thank you! <br />Presented by: Lindsey Mark<br />Client Relations<br /><br /><br />