Visit Covid-19 news, #LockdownLessons, links and sacoronavirus.co.za
Advertise on Bizcommunity

Subscribe to industry newsletters

Find out how you stack up against your competition using data, not just intuition

Jellyfish, a leading digital partner to South African and international brands, stresses the importance of using and understanding your digital brand IQ through the use of accurate data analysis and comparison.
Frank Chamaki | Unsplash

“It's more important than ever for marketers to understand how fluctuations and shifts in consumer behaviour affect one’s brand position in the digital marketplace,” explains Alex Davies, VP of Jellyfish Analytics. “For instance, do you know how your direct competitors have fared through Covid-19, or how your position has changed in relation to them and the wider market? What key metrics should you be looking at to get an objective view? Using the Jellyfish IQ, we can answer these pertinent questions.”

What is Jellyfish IQ?

Jellyfish IQ (JIQ) is the company’s proprietary analysis tool for evaluating a brand’s digital footprint. This comprehensive audit delves into the brand’s digital ecosystem, allowing one to benchmark business performance against competitors.

Maxine Gibb, senior account manager at Jellyfish South Africa, explains the relevance of JIQ in the context of the digital marketplace: “I would recommend using JIQ if a brand wished to conduct a thorough competitor analysis, especially if they want insight into the South African market and to understand what the threats and opportunities are for their brand.” Gibb goes onto say that: “We’ve used the JIQ very effectively to highlight just how a business has performed from a digital perspective over the last 12 months and, once we’ve made an accurate assessment, we can clearly see the gaps and opportunities in their operations.”

JIQ has also been used in unexpected ways during Covid-19. “Another interesting way that we have recently used JIQ was as part of a process to determine at what point a local brand should reactivate their paid media campaigns post-Level 5 lockdown, taking a look at competitor activity amongst other key indicators,” Gibb states.

Ashkan Forouzani | Unsplash

So, why does competitor benchmarking matter so much?

Effective measurement and benchmarking allow a brand to find out where it stands against its competition by:
  • Giving a clear picture of consumer experience and perception with an apples-to-apples comparison
  • Showcasing key strategic opportunities within their digital ecosystem and competitive landscape
  • Offering clear measurements for future benchmarking
  • Supporting future digital strategy

These insights clarify whether you’re headed in the right (digital) direction and whether there are other opportunities you could be undertaking.

How is the JIQ conducted?

To conduct a brand assessment, the Jellyfish data team compares the brand’s digital assets to three competitors, without accessing any internal systems. The in-depth analysis covers major pieces of the digital landscape to offer a holistic brand perception. These key pillars of insight include:
  • Brand and category performance
  • SEO
  • Social
  • PPC
  • Site performance
  • App analytics

After the analysis is completed, Jellyfish delivers a report with clear next steps and recommendations to push brand performance further.

Kieran Wood | Unsplash

Understanding your digital footprint using industry metrics

Jellyfish helps brands understand their digital IQ relative to their competition using relevant data comparisons. To do so, they look at four specific areas of the brand: apps and website, media-specific data, business and capacity data, as well as the wider economy data.

The JIQ uses all this data to benchmark a brand’s business performance against its competitors using 12 key industry metrics that reveal the consumers’ experience and perception of the brand in comparison to competitive contemporaries. These include:

1. Brand demand - which relates to the volume of searches for your brand and how this changes over time. It is a clear indication of brand health.

2. Traffic share - by creating a category with one’s key competitors, Jellyfish can analyse movements in traffic share over time. This may correlate to shifts in market share and identify those competitors who are growing in the market.

3. Traffic source - is a metric that looks at where a website’s traffic is coming from and benchmarks it against the competition.

4. Traffic breakdown by device - mobile presents very different opportunities and challenges from desktop, so an analysis of traffic share by device versus your competitor’s strategies will allow a brand to focus more on customer experience indicators, which are unique to the device from which the most traffic is generated.

5. Organic search visibility - is an amalgamation of demand, keyword positioning and estimated CTR. It allows a brand to establish visibility score over time, which gives one a solid understanding of the visibility quality in the online/digital landscape.

6. Domain authority - understanding your site’s DA compared to competitors is a good reflection on the link qualities the site possesses and the ability to rank well on the search engine results’ pages.

7. Social footprint - social follower numbers are a topline-only guide and can be influenced directly by social media spend. Taken in context, and at a deeper level, one can analyse the data to report on brand sentiment and engagement.

8. Paid search visibility - competitive search share can act as a barometer for competitor spend as fluctuations in paid visibility often result from budget increases or cuts, as well as market changes.

9. App analytics - your apps are a customer retention tool and, by ensuring an upgraded and improved user experience, you can rely on continued engagement. Receiving customer feedback and addressing the right issues is crucial to maintaining and increasing engagement.

10. Net category engagement - one report in isolation doesn’t tell the full story. This is the reason Jellyfish looks at global engagement numbers, over a period of time, in order to correlate different metrics together and, in doing so, gain a clear understanding of the overall engagement.

11. Net category growth - relates to movement in traffic share over time, for example, traffic to key newspaper sites across the globe collectively. This identifies competitors who are growing faster or losing market share. It also helps you understand your position in relation to others in your industry, giving you perspective, and an understanding of what activity worked and what didn’t.

12. Site speed - bounce rates, conversion rates and engagement often correlate with the website speed, both on desktop and mobile. The site speed will reveal the technical competency of the brand.

Olav Ahrens Unsplash

Trust your intuition, back it up with data

Always trust your intuition, but make sure you back it up with the facts. Understanding your data will help you support your brand’s future digital strategies by taking a proactive step in understanding where you sit in your competitive set. JIQ will give you a crystal-clear picture of your customer experience and perception with an in-depth comparison to your competitors, which you can use to discover strategic opportunities within your digital ecosystem and competitive landscape. Find out more about JIQ.

Jellyfish South AfricaWith offices in Durban, Johannesburg and 30 other cities around the world, the Jellyfish Group aims to be the first-choice global partner for any brand's digital requirements. As one of a select few globally managed Google Marketing Partners, Jellyfish also offers services in Strategy, Paid Media, Programmatic Display, Social, SEO, Analytics, UX, Training and Creative.
Comment

Related

News

Let's do Biz