Performance analysis tools are essential in the process of understanding application behavior, identifying critical performance issues and adapting applications to new architectures and increasingly scaling HPC systems. State-of-the-art tools provide extensive functionality and a plenitude of specialized analysis capabilities. At the same time, the complexity of the potential performance issues and sometimes the tools themselves remains a challenging task, especially for non-experts. In particular, identifying the main issues in the overwhelming amount of data and tool opportunities as well as quantifying their impact and potential for improvement can be tedious and time consuming. In this paper we present a structured approach to performance analysis used within the EU Centre of Excellence for Performance Optimization and Productivity (POP). The structured approach features a method to get a general overview, determine the focus of the analysis, and identify the main issues and areas for potential improvement with a statistical performance model that leads to starting points for a subsequent in-depth analysis. All steps of the structured approach are accompanied with according tools from the BSC tool suite and underlined with an exemplary performance analysis.