Article | August 29, 2021
Competitive analysis is a phenomenon of understanding your competitors’ approach in the market. It elaborates on their product, sales, and marketing strategies. By doing this, you expand the horizon of your market research and meet customers’ requirements.
Competitive analysis is an effective method to advance your marketing tactics and build a strong presence by making your businesses stand out from competitors in terms of every aspect.
Significance of Competitive Analysis in B2B
As per the report of Hinge Marketing, businesses that conduct competitive analysis perpetually grow up 70% faster than brands that don’t. Therefore, competitive analysis is highly advantageous to grow a business and reach desired outcomes. It provides valuable information such as qualitative and quantitative data, products strategies, marketing arrangement, customer-centric approach, technological planning, various perspectives, etc.
Appropriate and thorough competitive analysis helps in delivering positive ROI by enhancing sales and brand recognition.
Let’s take a look at some robust strategies to do competitive analysis in B2B.
Top 7 Steps of Competitive Analysis
There is no certain formula. Yet, some steps are indispensable to do competitive analysis in B2B which help in building brand image and make your business journey easy and profitable. Here are some most crucial steps.
Categorization of Competitors
One of the most crucial steps of the competitive analysis is to know thoroughly about your competitors. There are different types of competitors such as potential, direct, indirect, replacement, etc.. Therefore, it is essential to identify your competitors’ types before finding out their marketing strategies.
Advanced Technological Adoption
To stay in the competition, you must be aware of technological advancement. Different competitors adopt different technologies for different purposes such as artificial intelligence, marketing automation, account-based marketing, augmented reality, programmatic advertising, etc. You should discover what kinds of technologies are utilized by your competitors. Incorporating these advanced technologies enhances your marketing approach and allows you to provide a fantastic experience to your target audience.
Search engine optimization is the need of the hour in this digital era. There are different practices of SEO that help in enhancing your Google visibility and organic searches. With the help of SEO analysis, you discover different keywords, hashtags, website rankings, etc., that your competitors utilize to gain business objectives.
Marketers use different channels to promote their products or services as they find a diverse audience on different platforms like Facebook, Twitter, Instagram, website, blogger, LinkedIn, etc. Therefore, it is crucial to find out which platforms they are selling their products and receiving positive responses. Also, make a note on how those platforms are performing as per the audience’s expectations.
Evaluation of Sales Strategies
A sales strategy is a plan for establishing your products or services in the market for your target audience. It includes the buyer’s persona, sales process, product positioning, methodologies, etc. In addition, evaluating the sales strategies of your competitors provide you a detailed understanding of how they are introducing their products and making profits.
Evaluating Audiences’ Engagement
Undoubtedly, your calculative approach will help you make your marketing approach better, but ultimately you need to understand your audience thoroughly. Your competitors are creating their strategy according to their audience. Therefore, doing a profound research on your audience will undoubtedly give you favorable insights. You need to keep important questions in your mind while evaluating audience engagement.
How are your competitors approaching the audience?
How is the audience responding to their products?
What Kind of queries does your audience have?
Positive and negative feedback
What are the requirements, responses, suggestions coming from the audience?
Analysis of Content Strategy
Analyzing your competitors' content strategy will make you know how your competitors are implementing their content strategy to attract the audience. What kind of content do they use, like blogs, infographics, videos, etc.? What is the frequency of their content posting? Do they take any technical support to advance their content strategy?
Essential Tools for Competitive Analysis
Some most prominent tools can help you analyze your competitors’ approach in B2B marketing by providing valuable information, statistics, channel analysis, audience engagement rate, etc. Some of these tools are Quick Search, BuiltWith, WooRank, Google Adwords, and SEMrush.
Competitive analysis is an important part of your marketing strategy that makes your presence steady in the market and gives you sustainable development. There are certain practices of competitive analysis that have been mentioned above. You can implement those tactics in your strategy to reach what you are looking for.
Frequently Asked Questions
What are the different kinds of B2B marketing research?
There are different B2B marketing research types to give you intended outcomes. They include brand research, client research, market research, client persona research, etc.
What are the required skills to do competitive analysis in B2B?
Competitive analysis in B2B is a meticulous task which requires technical skills, analytical thinking, perseverance, problem-solving, time management, critical thinking, etc.
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"text": "Competitive analysis in B2B is a meticulous task which requires technical skills, analytical thinking, perseverance, problem-solving, time management, critical thinking, etc."
Article | August 29, 2021
Content experience refers to the overall experience associated with assessment, engagement, consumption and responding towards a stream of various brand contents across different channels, platforms, and devices during the complete journey from prospects to customers. When content experience is done successfully, it delivers the highest possible extent of personalization, relevance, consistency, timeliness, and convenience. This is because; content experience focuses on the holistic approach.
Article | August 29, 2021
As we enter 2021 with a fresh and positive mindset, we are also entering the New Year with a brand-new set of tactics to help reach new consumers by placing brands, products and services at the forefront of desired audiences.
When it comes to brand marketing, storytelling is pivotal when trying to create relationships with consumers. By utilising emotion and taking a humanistic approach in this, brands are able to provide consumers with reasons as to why they should buy into their products, without a pushy, non-emotive hard-sell.
And with that in mind, Matthew Hayes, Managing Director at brand agency Champions (UK) plc, explains why storytelling is a must-have tactic for the year ahead.
The art of storytelling
Now more than ever before, resonating with the audience on a personal level is key, and what better way to do that than through storytelling.
Marketing doesn’t always have to be about a direct sales pitch, but rather a connection and relationship that has been built up over time. And with that, comes brand loyalty and customer retention.
When done effectively, storytelling is truly an art within itself. Sales should equate to product education rather than direct instruction. And it is this, that makes people subconsciously realise their need or want for a product or service.
Storytelling takes the customer on an educational journey, allowing them to understand the brand, what it stands for, what the benefits are to them and why its products are good value for money. This then leads customers to build strong feelings of want and desire, rather than just need.
This is all part of creating a brand. Customers begin to feel something about it, which is want warrants a business or product the status of a brand. And it’s this emotional connection that differentiates you from being just a commodity seller based on price, and positions you as a recognisable ‘brand’ that people engage with on a deeper level.
And research demonstrates that messages delivered as stories can be up to 22 times more memorable and effective than facts, which is why brand storytelling is a must-have tactic for 2021.
How to tell a story
Creating a compelling narrative requires a carefully devised long-term strategy. But, while this is an important element, what is perhaps the defining factor in commercial success is its ability to resonate with us, as humans.
Storytelling should be powerful and filled with emotion, in whatever capacity that may be. From laughter and happiness to sadness and grief, emotion can come in a plethora of varieties.
Emotion is what captures the consumer and when a story is both personable and relatable, it builds brand love and deepens the connection between the brand and the consumer.
Not only that, but emotion also impacts the purchasing decisions of consumers and without it, businesses are much less likely to make that all-important sale.
And if brands combine emotion with consumer needs, then they have the recipe for success.
With the rapid onset of digitisation across all industry sectors fuelled by the COVID-19 crisis, the way in which a brand tells their story is having to change in order to keep up with the times and meet the newfound needs of consumers and channels.
With the plethora of channels and shortening attention span of the consumers, video content is the best way to evoke emotion. Put simply, videos are more engaging and because of that, will continue to play an increasingly important role in the marketing mix throughout 2021.
They are easy to understand, digest and share and typically create a deeper connection between the brand and consumer, meaning that people will resonate with it much more.
Storytelling done right
No one is better at brand storytelling and investing in emotions than the world-famous Disney. From its theme parks and hotels to its films, merchandise and staff, the entire brand has been built from the ability to tell a story, and consistency of delivery.
For consumers to truly connect with a brand, they must implement consistency across their strategy, messaging and storytelling. And while there may be creativity in the way these messages are conveyed, the underlying messages and ethos must remain to be consistent.
The Disney experience plays a pivotal role in the brand’s story. It’s narrative and essence completely come to life when consumers interact with its offerings, taking on a role within the storyline. In doing so, deeper emotional bonds are created, bringing the brand to the forefront of both people’s minds and memories.
Similarly, gym-wear brand Sweaty Betty have also become well recognised thanks to its ability to tell a story. What began as a normal brand selling high-quality gym-wear that sat outside of the norm, became known worldwide for changing its narrative by becoming so much more than just a provider of gym-wear.
Sweaty Betty is not only a brand for women, created by women, but a brand that listens to its consumers. It’s messaging such as ‘respect your sweat’ and ‘empowering women through fitness and beyond’ is reflective of inclusivity, body positivity and raises awareness of diversity, using its brand, products and people to continue to tell that very story.
A must-have tactic for 2021
In order to keep up and remain at the forefront of consumers’ minds, brands need to focus their strategies on telling a story.
Storytelling is as old as mankind, dating back to cave paintings and the bible. And modern-day storytelling allows brands to use the full extent of multi-channel media, applying to all of the five senses. It allows the brand to educate, taking the consumer on an educational journey rather than advertising, which can only convey one message at a time.
It can build in sub plots, ethos, ethics and values, bringing the full personality of the brand as well as the people behind these brands to life, while also highlighting how these ‘personality traits’ mirror those of the consumer.
It is through this 'bonding' that the consumer can feel for the brand, rather than simply seeing or knowing about it. Feeling is a pivotal part of branding, and without it, the brand and its products, are just a commodity, based on nothing more than consumer needs and cost.
Brands are consumed based on a want or desire, with price being far less prevalent. Therefore, brands offer businesses far greater profit margins and a more loyal consumer base - the holy grail.
And when executed effectively, the story helps build brand love through evoking a deeper, more authentic connection with its consumers.
As a result, brand storytelling is priceless, and quite simply a must-have tactic for 2021 and beyond.
Article | August 29, 2021
Social media is engrained in our everyday lives so seamlessly it has simply become an extension of who we are and how we communicate with the world around us. The same goes for brands. However, when it comes to crafting that perfect tweet or LinkedIn post to promote and amplify your business goals, it’s easy to feel lost – this is where a social media marketing agency comes in.