By benchmarking yourself alongside your industry and against your competition, you will be able to gain a better understanding of your position in the market and to discover potential opportunities.
Read this guide to gain insight into your level of performance within the industry, focusing on how you can improve and set goals accordingly.
We’ll cover the following key points:
How to measure traffic trends in your industry
Understand your growth potential for website traffic and engagement
Analyze traffic trends period-over-period
Understand which traffic sources are sending the most traffic to your website compared to your competitors
Monitor the overall traffic changes in your market to see how your site performs compared to your competitors by using Category Share. We recommend monitoring your overall traffic share on an ongoing basis to measure the efficacy of your marketing activities and flag potential threats in your market.
From the SimilarWeb home screen, hover over Research at the top of the screen and click on Web Category Analysis to analyze an entire industry.
Within Web Category Analysis, you can analyze a SimilarWeb predefined industry under “All Categories” at the top left of the page. You can also create a custom category within domains that are more relevant to your business by clicking the “+NEW CATEGORY” button.
Select Category Share on the left-hand navigation bar to compare your traffic share to the leading players in the industry and to analyze trending patterns.
Toggle between % and # to analyze changes in traffic share and volume for the top players in the category.
Focus your analysis on specific countries and time periods by using the settings bar at the top-right of the screen.
To identify threats in your market, you can search for changes in traffic % and see which domain “stole” your traffic in a certain month. You can then investigate further into this activity by going to Website Analysis -> Marketing Channels
Benchmarking your competitors’ website traffic and analyzing the quality of their traffic is important in understanding how effective your marketing activities are. This analysis will allow you to better understand your growth potential, areas for improvement, and competitor strengths.
In the top search bar, type a competing website you would like to analyze. Use the COMPARE button to add up to 4 additional domains together with your own.
On the left-hand navigation bar, go to Traffic & Engagement to understand and benchmark their reach, health, and performance.
You can understand your competitors' reach by looking at the Total Visits column.
4. To analyze the traffic over time scroll down to the graph and click on Monthly Unique Visitors.
5. Understand the audience quality by comparing Pages Per Visit, Avg. Visit Duration and Bounce Rates.
Change the time period and target country to learn about the benchmark in a certain season or in a particular target market.
Looking at the graph, try to identify where there is a change in a certain metric and take the opportunity to optimize. For most sites, the goal is to keep users engaged, nurture their interest, and encourage them to take the next step. The higher the number of page views and time spent on site, the more likely it is that users are highly engaged and willing to explore.
Understand the source of the change for the entire time period by analyzing your performance compared to previous periods. Using this method, you can also learn how your business is growing, and at what rate, by doing a year-over-year analysis to your website.
Looking at the graph, try to identify where there is a change in a certain metric
Stay in the Traffic & Engagement section. For this analysis, remove all the competitor sites by clicking on the X button that appears when you hover over a site.
Choose the relevant time frame, and select the option ‘Compare to previous year’ or ‘Compare to previous period’.
Use Total Visits to analyze changes for the entire time period
Scroll down to the graph to see which specific months had an impact over growth/decline in traffic
Toggle between engagement metrics to understand period over period changes in traffic quality
When analyzing monthly visits period-over-period or year-over-year, toggle between the line chart and bar chart to see which devices were driving impact.
Understand how you can optimize your desktop and mobile marketing strategy by analyzing your competitors’ marketing channels traffic. By comparing your performance against the industry, you can understand where your weaknesses are, where you should invest more, and which channels show the greatest potential to generate high-quality traffic.
Stay in the Research Section, under Traffic, go to Marketing Channels.
Re-add your competitors in the top bar (you need to be in compare mode to proceed) and hit Compare.
By looking at the Channels Overview you can see the breakdown of traffic generation across different channels.
Click the Select a Category on the right side of the table to benchmark the performance of you and your competitors to the entire industry.
Note: You can pick a prepared SimilarWeb category or you can create your own.
Look for gaps between the grey area (category traffic) and competitor data to identify the channels where you have potential in gaining traffic that your competitors are not investing in.
To learn more about how you can benchmark your performance against competitors, check out our comprehensive guide: "How to Use SimilarWeb for Competitive Benchmarking."