Case Study: Singularu and Kompyte.
Paco Tormo, co-founder of Singularu – an ecommerce marketplace connecting jewelry consumers and jewelry designers – started using Kompyte to identify new competitors. In Paco’s words: “Kompyte identified one German company right as they started selling in Spain – right away. Competitive analysis is work that, if we have to do it manually, we would need one person dedicated to it all day long. Now I also use the system to analyze the strategies of brands that are targeting the same audiences we are – tracking companies that are not my direct competitors, but I can explore how they’re reaching their customers and see how those campaigns are performing for them. It’s funny, the Kompyte timeline has become more addictive than my personal Facebook account – it’s much more interesting to know what my competitors are doing than what a friend ate for lunch today. I incorporated Kompyte into my daily routine right away.” Want to know more? Here’s the full interview with Paco Tormo:
Finding new competitors
I started using Kompyte to track what the competition was doing, but the real surprise came after a couple of days when Kompyte alerted me of a new German competitor entering the Spanish market. That’s the thing that impressed me the most – the Kompyte platform discovered new competitors on its own that I didn’t know about before.
From nothing to a business process
The biggest difference Kompyte has made to our team is it’s given us a system to our competitive tracking and analysis. We used to do it manually and on kind of a random basis, but now I’m aware when new competitors are preparing to launch their business in my market and I’m discovering them exactly as they launch.
Not only do we now have a process, but now we’re seeing everything they do – from which products they are updating on their website to the Google Adwords campaigns they are using to advertise them.
Knowing all about our competition
I now have access to a huge volume of information that I couldn’t achieve by hand, access to a volume of data and updates that would be impossible to do myself and very timesaving.
It would be impossible to have all of this data without Kompyte. What can I achieve with Kompyte? In 30min – maybe 60 when I get hooked – I know all the movements that all of my competitors have done and how effective it was for them.
Breaking down their strategy
Another thing that I find fascinating is when one of my competitors changes their products, I know which day they changed it, even the exact time of day. I know how many products they’re selling on their website and every time they makes a change to their pricing, description or product images.
For me, this is fantastic because I also have a benchmark to reference within Kompyte. If the competitor is a big player, I can see which strategies are working well for them so we can test them for ourselves. I also know which kind of products they are selling. For example, if they are selling bracelets, maybe they know more about the market and maybe this upcoming season is a bracelet season or we can track when they start timing the market for wedding rings.
In e-commerce, it’s critical to know what everyone else is doing in order to be well-timed in your market and not any miss new opportunities.
Learning and taking advantage of the competition
Essentially all of my competitors in the wedding ring market use Google Adwords to target our audience.
At the moment, I’m launching a new product line of wedding rings and I now have proven data on how to enter this market. I track the Adwords campaigns they are using and how each keyword is performing for them in order to determine which ones I should use.
“It’s like I have access to my competitors’ online marketing dashboard and a detailed look at their strategies.”
With Kompyte, you know all of the movements that each competitor has done in real-time. You literally have it all!
Now I can’t imagine myself working without having Kompyte as my secret weapon!