It analyzes millions of websites and finds snippets of code that tell you what integrations, platforms and plugins are behind a company’s product. Examine the products within the top 50 results, along with the ads that are displayed in response to your query — more likely than not, you’ll come across companies you’ve forgotten about, or maybe even learn about a few newcomers. Send me email with comments and questions: myk[at]myxys.com. Join my Telegram channel - Marketing Journal - to discover interesting articles, books, and resources on marketing, product growth, startups, and SaaS. It’s not easy to find information on market share. Porter’s Five Forces is a framework that examines the competitive … Navigate to the tool’s Ranking Keywords module and type in a competitor’s URL. In this article, I will share the competitive analysis framework my team and I have developed (through weeks of research and dozens of iterations), and give you some tips on where to look for data that isn’t publicly available. This one requires some time, but it’s very effective in the long run: you’ll be surprised at just how much your competitors give away at event presentations and in interviews, without being aware of you listening. Knowing a company’s founding year helps you put things in context in your overall analysis. But a good guess is all you need —  as long as you have a relative sense of where each competitor stands in the hierarchy. Even decision makers with the same title, same goals, and same challenges might have different priorities and stakeholders to convince depending on the size of their organization. Between 2016 and 2017, Amazon was mentioned almost 3 times more frequently by senior executives on earning calls than any other company. The competitors you pick for the analysis determine the insights you’ll get at the end, and the decisions you’ll make, based in part on those insights. Alternatives can satisfy similar or related customer needs with completely different functionality. From the SEO perspective, there are two most important things about competition you should focus on: the keywords they rank for and the backlinks they’ve got. →. In the spreadsheet, I like to divide the factors into collapsable sections (yes, these do get pretty lengthy). What are the main factors that impact price (number of seats, volume etc.)? Do they have an affiliate program? What story are your competitors communicating to customers? Using tools like Google Analytics and Facebook Business Manager to read the data on your business is very important. Is their time zone convenient? How do you know if that’s a good thing or a bad thing without a benchmark? How do customers like your competitor’s product? If the SaaS world feels like a blur these days, it’s not just you. What is the one thing that’s most highlighted in customer case studies? Competitor analysis begins with identifying present as well as potential competitors. You should also consider how company culture and internal processes impact the business and its bottom line. In simple words, competitor analysis (also called competitive analysis) is a process to – Identify who the competitors are: These include both current and potential competitors. Mining product reviews helps you get valuable voice-of-customer data —  including pains and problems that you can use to develop your own strategy. For this approach, companies need to optimize their sales, marketing, and support in a way that allows them to build a relationship with the customer over the customer lifetime. What are the characteristics and needs of each competitor’s ideal customers? General competitor analysis tools. For an entrepreneur/ business person to penetrate whichever market successfully, he or she should always identify their competitors. Notice that the red circle on the left looks larger than the red circle on the right. The enterprise sales process is reserved for highly complex products sold at a high price. If you also rely on a self-service model, you need to compete on brand or some other factor. If you can’t find a company’s revenues online, Jason Lemkin of SaaStr offers a simple formula you can use to calculate a ballpark revenue estimate, simply based on the number of employees at the business (read more). It’s time to plot your own product on the canvas and see how it compares to the competitors. You’ve likely heard the saying “Keep your friends close, but keep your enemies even closer.” When it comes to conducting a SaaS competitive analysis, that’s not the whole story. Get a full competitive analysis framework that's been real-world tested, and learn the tips and tricks for capturing competitor data and conducting research. Get all the latest & greatest posts delivered straight to your inbox, Competitive Analysis: How To Conduct A Comprehensive Competitive Analysis, 2017, there are over 5,000 products in the martech, SaaS companies can't win on features alone; they must win on brand and customer experience, Amazon was mentioned almost 3 times more frequently by senior executives on earning calls, sales enablement and acceleration industry, SaaS Startup Strategy | Three SaaS Sales Models, The 3 Competitive Defenses of Enduring SaaS Companies, A Step-by-Step Guide to Conducting Competitive Analysis, Stop Ignoring Your Competitors And Learn How To Do Competitor Analysis Instead, How to Write a Great Business Plan: Competitive Analysis, Why Competition Is So Bitter in SaaS: Oligopolies and Dominant Strategy Equilibriums. Here’s why you should conduct a SaaS competitive analysis, or “study the enemy.” Studying the ‘enemy’ can help you understand the battlefield. 2. Product categories have gotten more crowded. It pays to understand how satisfied are customers with a competitor product. Freemium vs Free Trial vs Hybrid Customer Acquisition Model in SaaS: See all 6 posts Think otherwise? Who are your target customers (and companies)? This is one of many factors that helps it recruit and retain top talent year after year. 1. Business & Company metrics 1.1. If your company is a year old, how fast did your competitor grow when it was at your stage? But what problems does your competitor's product focus on most? Jason Lemkin of SaaStr offers a simple formula you can use to calculate a competitor’s revenue estimate, provided you know how many people work there. In marketing competitor analysis, you assess the strengths and weaknesses of your rivals. You’ll find a map of each brand’s mentions in Awario’s dashboard and reports, along with the breakdown of mentions by language. This goes back to the DNA of the business —  it’s a strength you can’t just copy. Because employees leave anonymous feedback, they don’t hold back on what they love (and don’t love) about their employer. To use this framework, you may already have a fully functional product, an MVP, or even just a product idea. Competitive Analysis Kit Needham. For Facebook ads, simply open a competitor’s Facebook page and click on Info and ads . Competitive Analysis Templates One undisputed fact for every entrepreneur is that their businesses will always have a competitor, if not competitors. The best place to dig through employee reviews is Glassdoor. Large companies invest millions of dollars to investigate market share but most SaaS companies don’t have such resources. What are the weaknesses of your competitor’s product? One common and useful technique is constructing a competitor array. A competitive analysis is just one input in your growth strategy —  and a limited one at that. Mergers or acquisition is one of the easiest ways for companies to enter a new market or get rid of a competitor. What core problem does your product solve for your target customers? For example, is their CEO or somebody else on the team an industry influencer? What do the like the least about your competitor (top complaints)? BuzzSumo is a great (and free) tool to help you out. All you need to do is sign up for Awario (there’s a free 14-day trial available), create an alert for the names of your competitors’ CEOs or other key figures (don’t forget to put the names in double quotes to search for an exact match), and select YouTube as the source for the search. It should come from customer feedback, talking to prospects, and ideas your colleagues are sharing internally across your company. Take the number of employees the company has listed on its LinkedIn profile and multiply that by $150,000 if well-funded ($200,000 if modestly funded). The five factor model by Porter was created to help businesse… The subscription economy has made it easier to switch to competing products. Enter the URL of a competitor’s website and navigate to the Search section – it will show you if your competitors have any search ads running, and, if they do, what their target keywords are. Do they sponsor or exhibit at industry conferences? All of this will help you spot strengths and weaknesses in your competitors’ sales strategy to help you shape your own. Chart their past growth over the years —  a helpful comparison as you through. Demo, or perhaps a perks program in partnership with other tools ve created employees leave anonymous feedback, or. Clicking on it to see a VC’s name missing from the category you’re competing in they... 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