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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Article | August 29, 2021
One of the greatest changes we have seen with virtual selling is the inevitable change in meeting location. No longer in a traditional office setting, location is now entirely dependent upon each participant’s environment and choice. This can range anywhere from your kitchen table to the captain’s seat on the Starship Enterprise. The choice is yours, so choose wisely.
Your background makes a strong statement about you. You are quite literally projecting an image, whether professional or otherwise, to your customer. So make sure that your real or virtual background supports that image by being neat and clutter free, well-lit, and perhaps with a spark of personality.
Real vs. Virtual Backgrounds
Virtual selling offers a whole new avenue of creative control when it comes to selecting a backdrop for your next video call. But which should you choose? Here are some considerations:
The Benefits of Authenticity
You now have the opportunity to welcome clients and/or coworkers into your home, making sales calls more personal than ever before. Video meetings, whether held in your home office or at your kitchen table, can reveal quite a lot about you to your customer. Just as their background reveals a lot to you.
This can be a great advantage to sellers as it both humanizes you and levels the relationship. Instead of vendor-to-prospect, it becomes more human-to-human. Personal elements, like books, pictures, furnishings, can stimulate conversations and deepen connections.
When to Use a Virtual Background.
That being said, sometimes your home simply is not quite conference call ready! That’s the time to consider using a virtual background or green screen for personal privacy or professionalism. When might you want to consider a virtual background? Here are a few questions to help you decide:
Questioning if your background is too cluttered? (Hint: if you’re wondering, then yes, it probably is)
Clashing with busy patterns, stripes or artwork?
In the middle of a home repair project?
Providing TMI with your environment? (“Hello bedroom Zoom callers! I’m talking to you!”)
Anticipating scene-stealing pets or children?
In these cases, a virtual background may be your new best friend.
Considerations when using a Virtual Background
While a green screen allows you to have a little (professional) fun, keep it on the side of realism, i.e., the office of your dreams vs. the space station, or simply a backdrop that allows you to briefly live in a home that is not at the mercy of your children’s toys. In need of a little inspiration?
Pro tip: Canva has a wonderful selection of customizable backgrounds you can download for your next video call.
Be aware that overtly busy or fantastical backgrounds can present distractions that may detract from the overall quality of your presentation. When it comes to backgrounds, you are the star, and your background should quite literally be, “the background.” You’re already competing for the sale, you don’t want to also be competing for the attention of your customers! So select a backdrop that promotes your sales goals, not one that detracts from them.
Avoid Motion Blur
Another common problem seen when using virtual backgrounds or green screens is motion blur. This is when a presenter gestures or moves too quickly when in front of a green screen resulting in blurred elements. It is important to move slowly and with intention when using a green screen to avoid blurring or entire body parts disappearing into the background. Losing an entire hand is quite distracting, is it not?
Bottom Line: Take advantage of the benefits authentic or real backgrounds can provide whenever you can. If that’s not possible, virtual backgrounds are a great option as long as you choose one that supports you and your brand.
Get more virtual selling tips on the Selling On-Video Channel!
Article | August 29, 2021
Many people use digital marketing and social media marketing interchangeably. They believe that engaging in different social media platforms is digital marketing, but this is just a part of it. Digital marketing is an umbrella term that encompasses all types of marketing activities that a brand performs digitally, both online and offline, to promote their services or products. Social media marketing, on the other hand, is one of the channels of digital media marketing. It involves marketing on social media platforms such as Facebook, Instagram, Twitter, etc.
Article | August 29, 2021
To ensure a strong customer experience for all your marketing initiatives, it’s important to take a couple of steps backward to move forward. Building a strong foundation of customer-centric messaging, content development, campaign design, and channel distribution requires investing time and resources into three essential steps: buyer persona development, customer journey alignment, and conducting a content audit.