In the digital landscape, evaluating competitor websites is essential to establish a strong online presence and effectively compete with established rivals. This process, known as benchmarking, helps position your website strategically. It involves assessing various aspects, including implementation of services, aesthetics, user-friendliness, personalization, navigation, availability, and speed.
When considering the implementation of services on your website, it's crucial to ensure it covers fundamental information that potential visitors, unfamiliar with your company, may seek. This includes:
- About Us: Providing a clear understanding of your company's identity.
- Products and Services: Describing what you offer and its availability.
- Global Reach: Indicating whether your offerings are accessible internationally.
- Differentiation: Communicating what sets your site or services apart, including your online value proposition (OVP).
To effectively benchmark competitor websites, consider a range of criteria that extend beyond surface-level features. These criteria encompass both general marketing performance in the industry and specific factors related to web marketing. Key benchmarking criteria include:
1. Financial Performance: Information on financial performance, typically found in sections like "About Us" or "Investor Relations," as well as electronic copies of company reports. Financial data is also available through intermediary sites like financial news platforms or share trading websites for publicly listed companies.
2. Conversion Efficiency: Comparing your site's conversion rates to published industry averages.
3. Marketplace Performance: Analyzing market share, sales trends, and the proportion of sales generated through online channels. This data may not be directly accessible on competitor websites and might require sourcing from external online platforms.
4. Business and Revenue Models: Assessing whether your business and revenue models differ from competitors in the same marketplace.
5. Marketplace Positioning: Examining how competitors position themselves in the market, considering factors such as product offerings, pricing strategies, and distribution channels.
6. Marketing Communication Techniques: Evaluating the clarity of your customer value proposition, assessing whether your site supports all stages of the buyer decision journey, and analyzing any special promotions or campaigns. Additionally, explore how competitors promote their websites and leverage intermediary platforms for promotion and service delivery.
7. Services Offered: Beyond standard website content, investigate whether online purchases are facilitated, the extent of online customer support, and the availability of technical information.
By thoroughly benchmarking competitor websites across these criteria, you can gain valuable insights that inform your digital marketing strategy and help you build a competitive online presence.
Adapted from: Chaffey, D. and Ellis-Chadwick, F., 2012. Digital marketing: strategy, implementation, and practice (Vol. 5). Harlow: Pearson.