6.5.3: How to Do a Competitive Analysis: A Step-by-Step Guide

Question 1

6.5.3. Original Link

Answer 1

https://cxl.com/blog/competitive-analysis/

Question 2

Napoleon Bonaparte

Answer 2

“Never Interrupt your enemy when he is making a mistake.”

Question 3

Link to study about 74% agreed that competitive analysis is important or very important, 57% admitted that they weren’t very good at it.

Answer 3

https://web.archive.org/web/20180819234411/https://www.conductor.com/press-room/competitive-analysis-search-linked-higher-conversions-data/

Question 4

What is CRO (Conversion rate optimization).

Answer 4

https://cxl.com/conversion-optimization/

Question 5

What questions are detrimental to beating a competitive analysis?

Question 6

Link to value proposition and ideas for testing

Answer 6

https: //cxl.com/blog/value-proposition-examples-how-to-create/
https: //cxl.com/blog/how-to-come-up-with-more-winning-tests-using-data/

Question 7

Peep Laja: “Competitor X is doing Y. We should do that too” or “X is the market leader, and they have Y, so we need Y” This is wrong for 2 reasons which are?

Question 8

More Peep Laja: “It’s the blind leading the blind! So instead of just copying something, have the mindset of experimentation. The thing you copy is hypothesis–and you need to test it. Run it against your current site and see if it makes a difference. Then either implement or discard.”

Question 9

What are the 8 steps to run a great competitor analysis? Explain each in the next 8 cards

Question 10

1. Set your goals

Question 11

What is competitive intelligence?

Answer 11

https://www.cia.gov/library/center-for-the-study-of-intelligence/csi-publications/csi-studies/studies/vol.-55-no.-1/pdfs/CleanedPetersen-What%20I%20Learned-20Apr2011.pdf

Question 12

2. Identify your competition

Question 13

Link to “ask your customers”

Answer 13

https://cxl.com/blog/good-survey-questions/

Question 14

3. Conduct a Competitive Usability Investigation

Question 15

Link to People comparison shop and user testing

Answer 15

https: //cxl.com/blog/people-comparison-shop-stupid/
https: //cxl.com/blog/user-experience-testing/

Question 16

Usability study with a sample similar to your target customers

Answer 16

Let the participants enter a query into Google. See what words they would naturally use when looking for a product or service you offer

Question 17

Link to 5 seconds impression test

Answer 17

http://fivesecondtest.com/

Question 18

Karl Gilis, big fan of comparative user testing

Answer 18

https://twitter.com/AGConsult

Question 19

Link to Heuristic homework

Answer 19

https://cxl.com/institute/online-course/conversion-optimization-audits/

Question 20

What are things to pay attention to when conducting competitive usability investigation? (3 things in the article)

Question 21

Terms: Jaime Levy

Answer 21

https://twitter.com/JaimeRLevy

suggests looking at content types, personalization features and community features on competitor’s websites.

Go beyond main competitors, look at websites in different countries, similar pages out of your business area

“If you sell something online, every shopping cart or checkout procedure can be an inspiration”

Link on personalization: https://cxl.com/blog/personalization/

Question 22

4. Compare Competitor Value Propositions

Answer 22

After experiencing your product, most people remember one reasons to sign up for your service – that should be the main selling point

Question 23

Value Propositions

Answer 23

https://cxl.com/value-proposition-examples-how-to-create/

Question 24

Chris Goward (WiderFunnel) Venn Diagram - What are the 3 ‘P’ aspects)

Answer 24

https://www.linkedin.com/in/cgoward/

Question 25

Why does Chris Goward give a word of caution on PODs?

Question 26

Tony DeYoung

Answer 26

https://www.linkedin.com/in/tonydeyoung

“Most companies try to be everything to everyone and don’t create value propositions that define/target specific ideal customers. The lean, aggressive ones do.”

“Reliable lifts come from knowing your customer and tailoring the value proposition to match that customer’s motivations in a way that no other website will”

Question 27

5. Interview your competitors’ customers

Question 28

What is “snowball recruiting”?

Answer 28

https://en.wikipedia.org/wiki/Snowball_sampling

Question 29

Sean Campbell

Answer 29

https://www.linkedin.com/in/seancampbell/

recommends asking competitors’ customers these questions:

NPS Survey can also come in handy:

https://cxl.com/blog/nps/

Question 30

6. Run a competitive analysis for design

Question 31

Katya Lombrozo

Answer 31

https://www.linkedin.com/in/katyalombrozo/

“Sometimes, all I need is a better visual design than a competitor, but, often, it’s a matter of better explaining the value proposition of the service/product and putting together a more logical flow of elements”

Question 32

What are PPC ads?

Question 33

Khattaab Khan

Answer 33

https://www.linkedin.com/in/khattaab/

“You’re competing for mindshare with your direct competitors”

Question 34

7. Make a quantitative competitive investigation

Question 35

Similar Web, Spyfu, iSpionage, SEMrush:

Answer 35

https://similarweb.com/

gives traffic volume, key traffic sources, and organic and paid keywords

http://semrush.com/

keywords
strategies in display advertising, organic and paid search, and link building

https://cxl.com/blog/link-building-
strategy/

https: //www.spyfu.com/?c=1&g=300&a=2&gclid=CjwKEAjw_6XIBRCisIGIrJeQ93oSJAA2cNtMxz9n0uA1V-g-n8z-uM6jsaxfoSLr4pNnnshJXqGYkhoCNQjw_wcB
https: //www.ispionage.com/

Question 36

8 Run a functional investigation

Question 37

BuiltWith, Ghostery

Answer 37

https://builtwith.com
takes a peek what software was used for the website

https://www.ghostery.com/
examines tags that live on the website

Question 38

Brian Massey, Conversion Sciences

Answer 38

https: //conversionsciences.com/
https: //twitter.com/bmassey

score your competitors on a scale from “Rookies” to “MVPs”

test ideas on competitors who score 7-9 points first

3-6, test them second

less, consider the ideas with great skepticism