Competitive monitoring in a small and very competitive Market — Updated

As most of you know by now, in October we launched Foody a food ordering & delivery startup.This is the 2nd major launch of our team after AtYourService and I now understand what all the fuss is about second time founders :)I do not have words (maybe that comes with your 3rd startup) to describe how much better our work is in terms of quality and efficiency.Now as you probably know, I am kinda of an Analytic nut.The fact that food delivery is a very competitive market (at least 7 serious competitors) means it’s a great opportunity for me to go wild with my Analysis (yayyyy).In the past I wasn’t sure if I should write such a transparent blog.I say that because I will actually reveal stuff that gives us a competitive advantage, but at the same time we have such a strong culture of sharing, and not doing so would go against that.So here I am sharing some of the competitive analysis we do (obviously can’t share everything, but hope I `ll be able to share more and more in the future).Before I jump right in, i`d like to clearly state the following:Monitoring the Market (especially in a tiny Market like Cyprus) is not easy and definitely not an exact science.The data is not bullet proof and we know it.This is true every time you do analytics with limited data, or every time you do analytics in a small marketMy data is wrong.Nevertheless, it’s better to have an estimation than not to.At the same time, we constantly try to compare these numbers with numbers we get from other sources and all data we receive actually show we have a larger market share.So I guess it’s time to make my first big claim!Foody currently has about 63% of the Food ordering Market.Let me tell you how I got that resultMethodologyIn order to monitor the Market I use 3 tools:

  • Google Searches for the brand name and different spellings
  • Alexa Rank in Country
  • Similar Web Traffic estimates from country.

Tool #1 Google Keyword plannerI use the number of searches of the exact name of each competitor as an approximation of its traffic. See more here

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