Conversion Conference 2015
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Struggling to keep up with your competitors? Competitive analysis can be a great way to turn that around. It allows you to learn from your competitors, anticipate their moves and benefit from them. By applying a scientific method to that process, the learnings you will get will be more structured, relevant and integrated, thus allowing well-founded A/B tests and ultimately strategic corporate decisions to be based on them. In this presentation you'll learn about a comprehensive framework for gathering such competitive intelligence using a scientific method.
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Conversion Conference 2015
- 1. Using Strategic Competitor Analysis to Improve Your Conversion Rate Theo van der Zee - ConversionReview @ Conversion Conference UK 2015
- 2. Know thy self, know thy enemy. A thousand battles, a thousand victories. — Sun Tzu
- 10. Not known to selfKnown to self Known to others Not known to others
- 13. Know thy enemy
- 14. Not known to selfKnown to self Known to others Not known to others Un-blinded
- 17. Tactics without strategy is the noise before defeat. — Sun Tzu
- 20. Headless chicken
- 21. Ending up in a drawer
- 41. Contextualized
- 43. Benchmarks of UX
- 45. Connected $$$
- 52. Planning $$$
- 53. Collection $$$
- 54. Processing $$$
- 55. Analysis $$$
- 57. Evaluate $$$
- 58. The greatest victory is that which requires no battle. — Sun Tzu
Notas del editor
- Welcome! Presentation about CA. Based on small sample level should be X. Does that seem correct? Let’s get started!
- Quote, excellent book, also on modern warfare (business). Not only know yourself, but also knowing everything about enemy (= competitor) is required to win.
- Did you notice that markets are changing faster than ever? For example, just take a look at the car industry in recent years:
- Maturing competitors: with Tesla there’s no longer just competitors running on gas.
- Informed customers: exploring options and add-ons before contacting you
- Quick judgment: Detroit industry was slow to react to Asian cheap car producing. [AUDIENCE] Who recognizes one or more of the above?
- How to cope with such changing market changes?
- Day 2 of conference on CRO, suppose y’all heard about A/B testing by now
- Unfortunately, almost all ‘testing ideas gathering techniques’ are focussed on own website. Following slides explain why such a focus can be troublesome
- Therefore, even if you’re testing all the things (from local research) many opportunities missed or discovered (too) late, remember Detroit?
- Only local maximum can be reached, explain concept. Top of mountain is best possible outcome after given choices.
- And competitive landscape looks like this, umbrella corporations that normal people rarely see
- Solution: not only look at your own organization, but also outward at your competitors (= competitive analysis). This leads to the following:
- Structured, strategic, CI Removes blind spots (= autonomous cars, electric cars, cars as a service, etc.)
- Structured, strategic, allows you to reach global maximum. “Not just fastest horses, but cars” — henry ford
- Structured, strategic, CI further shows the competitive landscape through your customer’s eyes. Who are you competing against? What’s their offer?
- Meaning that taking one-off actions without a bigger, structured plan in mind, will likely lead to failure
- Unfortunately, that is still how most people do CI (if they’re doing it at all). Illustrated with ad-hoc user testing example
- 1. Manager asks for data on a competitor ‘because he feels he needs it’
- 2. Some data is gathered, unstructured and without a clear objective. Feels like running around like a headless chicken
- 3. Data is saved unstructured, and reported, only to be put in a drawer most likely
- However, competitive landscape has changed rapidly. Remember changes to car industry we’ve discussed? Try adding million channels and data points.
- Therefore, we need our CI to have the following aspects, which will be explained in the next slides
- Relevance: interactions, synergies, no-man-left-behind
- Introduce Rival IQ (no affiliation). Great because it automatically collects, groups, evaluates and alerts (‘hands-off’). (> $199/month). Other tools similar available.
- On top of hands-off: Deeper insights if you want to go hands-on. Dashboard shows some of the options to examine
- For example, most engaging tweets in landscape of your and specified competitors
- Or alerts containing changes to the website, signaling potential strategic repositioning
- Separate mention for UX, as it should be handled separately as well
- Screenshot of example video, showing features like Annotations and Clips to structure the findings
- Loading speed is a huge aspect of UX, therefore separate mention. Company that I hadn’t heard of before
- Not only let’s you compare your performance to your competitors
- But also gives incredibly detailed information on how to improve your performance / website + FREE (freemium)
- Explain relevance of making a cycle and doing each step every time: Consistency, allows for process optimization, no steps forgotten, less errors
- First step: determine needs, establish requirements, develop a plan for this analysis
- Gather ALL relevant data, for instance: running campaigns or A/B tests, upcoming holidays, dev releases. E.g. anything affecting next CI cycle
- Run the user tests as planned, taking into account the collected relevant data. Also, start broad strokes grouping of findings
- Analyse the data based on the objectives that were set during planning. Is the page performing as planned? Does the test answers the questions that were posed?
- Sharing the insights with the customer/client/manager that requested it. If presented, try to use standardized presentations for efficiency.
- Gathering feedback and assessing whether the process satisfied the client's needs and ongoing needs. Consider restarting phase again.
- See how you do relative to competitors (and relative to yourself). This provides context for the changes, and allows you to see patterns more easily
- Show (automatic) benchmarking via Rival IQ. Enter this data into Excel for long-term benchmarks?
- Explain benchmarking for UX: let users do tasks, and rate them on numerical scales. Does require high volume of user testers to get reliable results
- Visually can look like this. Could also be segmented per competitor instead.
- Connected to (strategic) decisions, how to exploit weaknesses, how to anticipate their moves and beat them to the punch. 4 specific examples follow:
- Finding: What influencers are mentioning a competitor (and not you)? Action: Try connecting to them and get them to promote you as well
- Finding: What high-value SEO/SEA keywords aren’t you targeting (properly)? Action: Create and promote content related to those keywords.
- Finding: What content and/or promotion is performing well for them? Action: Use it as inspiration for your own content marketing efforts
- Finding: Who is mentioning, but hasn’t provided a link to your website? Action: Approach them and ask for a link.
- Again the user testing, this time handled via the model
- Large checklist of items to consider for each step is available for download.
- o Decide upon: number of test subjects, deadline, which competitors, etc. o Coordinate with other teams about responsibility, segments, devices, etc.
- o Collect relevant data from other (SEA, SEO, etc.) and previous tests o What psychological drives and systems motivate visitors to take actions?
- o Gather feedback from team members, improve test setup when required o Run the tests, and make highly structured notes of the results
- o View the benchmarks, see if these where positive changes? o Compare the results to other competitors, what can we learn?
- o Save all findings in a structured way; including raw source video o Update relevant benchmarks and documents
- o Discuss findings and process with team members o See how these new findings affect the current strategy
- Conclusion. Learn about competitors, anticipate moves, always be one step ahead. Plan your strategy; structured, relevant, integrated. Base for strategic decisions.
- Questions + business cards on the table/stage