Evaluating or measuring performance against those of others in the same industry
In the previous section, we learned about the importance of benchmarking when evaluating performance. In order to benchmark a website against the standard, you first need to understand who is the standard, meaning what is the competitive set you should use.
Therefore, in order to benchmark against a website’s competitors, you will first need to understand who your prospect’s competitors are.
Below are 3 SimilarWeb PRO functionalities you can leverage to find your prospect's competitors. If you are already familiar with your prospect's competitive set, skip to the next guide.
Find similar sites using the SimilarWeb algorithm. The algorithm consists of several similarity attributes that are based on:
Sites that share the same audience
Sites that compete on the same keywords
Common links to and from the compared sites
Sites that share similar content
There are 2 ways to find similar sites:
Clicking ‘Compare’ at the upper-left part of the screen will allow you to benchmark up to 5 websites. When clicking on the ‘Add a Website to compare’ button, you will be suggested relevant websites based on the SimilarWeb algorithm.
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On the left-hand navigation bar, go to ‘Competitive Landscape’’ to view a list of domains based upon their similarity to your client's website, and will be ordered from highest affinity to lowest affinity. Click on the arrow to the right of each website to open a new tab and browse through the website.
Note: This could also be a potential client for you - to track this prospect by adding it to a list, simply hover over the website name and hit Track.
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On the left-hand navigation bar, click on ‘Competitors’, under ‘Search Traffic’, to view a list of domains based on the overlap of keywords generating traffic to the site.
(!) View Organic and Paid competitors – it might be different for each search type
On the left-hand navigation bar, click on ‘Audience Interests’, under ‘Audience’, to follow the consumer journey over a 24 hour period and see the most commonly visited websites in conjunction with the one you're analyzing. Using this feature is beneficial, as it will give visibility of the real-time competitor environment and highlight new or previously un-considered competition which is ordered in terms of relevance to the consumer, based upon your chosen website.
To learn more about how you can benchmark your performance against competitors, check out our comprehensive guide: "How to Use SimilarWeb for Competitive Benchmarking."