Modern society is sprawling with tons of service providers and a lot of businesses have more competitors than actual clients. Why ? This could be as a result of an infinite possibility of reasons. It could span from mediocrity on the end of the service provider, bad marketing, management or a host of other reasons. Some of these companies do not actually know why they aren’t turning in as many profits as their competition and keep moving in the same circles. If your business is going through a similar situation, we’re here to help.
The knowledge they say is power, hence wouldn’t you want to know what your competition is doing differently, so as to improve upon your service through their pitfalls ? Having this knowledge and putting the necessary things in place will not only streamline the success of your business, but it will also consequently lay the foundation of your very own market, one where you are the sole proprietor. Curious about how you can achieve this ? Let’s get started.
SimilarWeb
This is a platform which dwindling businesses could use to their advantage. On this site, you can get to monitor your competition based on the online behavior of their customers. Similar Web has a lot of tools to facilitate this monitoring process. Now, the platform enables its users (companies and blogs) to garner a range of intelligence on their designated sites. On this site, you can
• Discern customer engagement on your competitor’s site.
• Find out where their customers come from.
• Analyze the audience.
Customer engagement
This is split into different sectors based on the site’s customer engagement rate. You’ll get to see first-hand information regarding your competitor’s statistics. For instance, their estimated number of website visits. This could be daily, weekly or monthly. You’ll also get to find out the average duration of time customers spend on your competitor’s site. This is called the Time on site and it is important for Google ranking. Also, you’ll get access to the number of pages these customers see, as well as your competitor’s website bounce rate and their customer’s favorite subdomains. This is all the series of information you’ll find with respect to your competitor’s online engagement rate when you use Similar Web.
Customer influx
Where your competitor’s customers come from is another key area you should best look into so as to harness this influx for your site as well. Through the platform of Similar Web, you’ll basically have access to where these customers come from which could be directly from search engines, through links from referred sites, via email listings, through the social network or other means. The statistics are all there and these numbers do not lie. You’ll also get to see the different countries your competitor has customers in, the sites that refer these customers to your competitor’s site, the top destination points on the site, and lastly, a detailed analysis of its search traffic. For this analysis, you’ll see the keywords which brought customers to your competitor’s site and also how much your competitor spends on social advertising and marketing to get these customers. Via Similar Web, it’s all very detailed.
Audience analysis
To a limited extent of ability, you can equally analyze your competitor’s audience. You can see what interests this audience, the similar sites they go to or come from, and similar ads they have looked at, all through Similar Web.
How To Apply This Information
The information you’ve garnered from your competitor’s website is only useful if you can apply it to your own company site. In practice, you’ll need to get on the Similar Web platform and key in your competitor’s site. Not to worry, there is a free version so you need not to worry about the cost. Just click the ‘search’ icon and you’ll see everything we’ve been discussing. You’ll get to see their ranking with respect to global statistics, in their own country and what their business is about. Similar Web breaks this information into snippets which you can understand at a glance view. Now once you know what your competitor’s strengths are with respect to engagement, customer influx, and analysis, you can use this information to your advantage. Here’s how.
When you know everything about your competitor’s online engagement rate, you can figure out how much your competitor has achieved with this engagement and equally estimate the rate of attention you can receive as well. Next, with the influx of customers and where your competitor shines, you can come up with marketing strategies which others use to boost sales and traffic for your site. These strategies could be applied in the direct, referral, mail or social aspect of your company. For these referring sites, you can get on them and estimate what it may cost you to get your site on theirs. For the audience analysis, with the information you’ve gotten from your competitor’s analysis, you can determine where your customers gather and think on how to approach them. You can equally analyze specific groups and even other companies too.
These and so much more insightful information can be yours through the platform of Similar Web. The site is easy to navigate and the details presented on the site are legible and easy to understand. Through this platform, you can see through your competitor’s skeleton and use this vision to your advantage.
