Ways to Do Competitive Analysis in B2B
Competitive analysis is a phenomenon of understanding the competitiveness of your competitors in the market. It describes their product, sales and marketing strategies. By doing this, you expand the horizons of your market research and meet the needs of customers.
Competitive analysis is an effective way to advance your marketing strategies and drive your business to stand out from competitors in every aspect.
The importance of competitive analysis in B2B
According to Hinge Marketing, businesses that do competitive analysis grow 70% faster than brands that do not grow permanently. Therefore, competitive analysis is very beneficial to grow a business and achieve the desired results. It provides valuable information on quality and quantitative data, product strategies, marketing arrangements, customer-centric approach, technology design, and various perspectives.
Appropriate and complete competitive analysis helps to deliver a positive ROI by improving sales and brand acceptance.
Let’s look at some robust strategies to do a competitive analysis of B2B.
Top 7 Steps of Competitive Analysis
There is no definite formula. But some steps are essential to do a competitive analysis of B2B, which will help build the brand image and make your business journey easier and cheaper. Here are some of the most crucial steps.
Classification of competitors
Knowing your competitors well is one of the most crucial steps in competitive analysis. There are different types of competitors, such as potential, direct, indirect, and substitution. Therefore, it is essential to identify the types of your competitors before finding out their marketing strategies.
High technical adaptation
To stay competitive, you need to be aware of technological advancements. Different competitors use different technologies for different purposes such as artificial intelligence, marketing automation, account-based marketing, enhanced reality, programming advertising. You need to find out what kind of technologies your competitors are using. The inclusion of these advanced technologies enhances your marketing approach and allows you to deliver a unique experience to your target audience.
Search engine optimization is a necessity in this digital age. There are various uses of SEO to help improve your Google visibility and organic search. With the help of SEO analysis, you will find the various keywords, hashtags, website rankings, etc. that your competitors use to achieve business goals.
Marketers use different channels to promote their products or services as they find different audiences on different platforms like Facebook, Twitter, Instagram, website, blogger, LinkedIn. Therefore, it is very important to find out on which platforms they sell their products. Receiving positive feedback. Also, note how those platforms are acting according to the expectations of the audience.
Evaluate sales strategies
A sales strategy is a plan to establish your products or services in the marketplace for your target audience. It includes the buyer’s personality, sales process, product placement, methodology, and more. In addition, evaluating your competitors’ sales strategies gives you a detailed understanding of how they introduce their products and how they make a profit.
Evaluate audience participation
Sure, your computing approach will help you improve your marketing approach, but in the end, you need to better understand your audience. Your competitors tailor their strategies to their audience. Therefore, doing in-depth research on your audience will give you a positive understanding. You need to keep important questions in mind when evaluating audience participation.
- How do your competitors reach the audience?
- How is the audience's response to their products?
- What kind of queries do your audience have?
- Positive and negative feedback
- What are the needs, feedback, suggestions from the audience?
Content strategy analysis
By analyzing your competitors’ content strategy, you can learn how your competitors execute their content strategy to attract an audience. What kind of content do they use for blogs, infographics, videos, etc.? How often do they publish their content? Do they seek any technical assistance to advance their content strategy?
Essential tools for competitive analysis
Some of the top tools can help you analyze your competitors’ approach in B2B marketing by providing valuable information, statistics, channel analysis, and audience engagement rates. Some of these tools are Quick Search, BuiltWith, WooRank, Google Adwords, and SEMrush.