Last December Connexity acquired Hitwise, which records behavioral and media consumption patterns from 20 million websites and 500 million web searches. This is integrated with Connexity’s own data that tracks retail purchase behavior from over 100 million shoppers interacting with 175 million products. While in the past companies have been able to track online traffic patterns of their competitors with Hitwise and other companies, they haven’t been able to understand the nuances of the audiences that visited their competitors. Now they can.
In their new whitepaper–5 Steps to Know Your Competitor’s Audience Better Than They Do: Cutting-Edge Competitive Insights You Didn’t Know Were Possible–Hitwise shares what they have learned about using this info to power your marketing push. They identify steps to take:
Know Your Audience Best
Find out how to deeply understand your competitor’s audience, your shared audiences, and untapped opportunities to engage with customers even better than they do.
Smarter Channel Strategy
What channels are driving traffic to your competitors? Where do your audiences go before and after they visit your site—and how can you bring them back?
Traffic Benchmarking (Evolved)
Benchmarking your traffic against competitors is important, but let’s talk about how to accurately size up the closest competitors in your market and cut yourself a bigger piece of the most valuable traffic.
Search & Keyword Deep-Dive
Most brands already track the keyword rankings of their competitors, but forward-thinking marketers can distinguish how different audiences search, and develop advanced profiles based on who is searching for what.
Brands who master mobile will rule the future of their industry—how can you break down your competitor’s mobile audiences, then make them your customers?
The whitepaper also offers 5 ways to implement this competitive advantage. For example:
#1 To Thine Own Audience Be True
Learn how to deeply understand who is visiting your competitor, where your audiences overlap and where there are unexplored opportunities to engage with high-value audiences. Here’s a classic example: When McDonald’s introduced their specialty McCafe coffee line, they began by closely analyzing people who ate at McDonald’s and drank Starbucks coffee. McDonald’s mimicked some of Starbucks’ marketing messages, and even started adding wi-fi to some locations to encourage lounging, which was a key draw for Starbucks customers.
A cup of McCafe coffee was strategically priced at a slightly lower rate than Starbucks (but not too much lower, so it wouldn’t be perceived as cheap donut- shop coffee). Sure, many dedicated Starbucks customers were still willing to pay a premium for the café atmosphere. However, the convenience of ordering a McCafe Mocha with their McMuffin was enough to pry a sizable market share away from their Starbucks Frappuccinos.
For the other 4 points, download the whitepaper.