Competitor analysis is a crucial aspect of building a successful B2B brand. Kathy Floam-Greenspan, the President of Pomerantz Marketing, emphasizes the importance of understanding the competition in order to differentiate and excel in the market. By researching competitors' products, tactics, and communication strategies, brands can gain valuable insights that enable their success.
Competitor analysis is not about copying what others are doing. Instead, it provides opportunities for brands to develop original marketing strategies that highlight their unique value proposition. By comparing their offerings to the broader market, brands can identify areas where they excel and where improvements are needed. This analysis plays a vital role in research and development, guiding initiatives that maximize differentiation and product maturity.
To begin the competitor analysis process, brands should identify five competitors, including both primary and secondary competitors. Primary competitors closely resemble their own products or services, while secondary competitors may have similar offerings but target different audiences. The goal is to understand the brand's current standing and strategize its evolution.
In addition to product analysis, competitor insights can also be applied to sales and marketing strategies. By evaluating competitors' sales tactics, pricing models, and customer engagement techniques, brands can identify strengths and weaknesses in their own sales models. This information can be used to optimize marketing initiatives, review sales collateral, and enhance product messaging.
Furthermore, understanding how competitors utilize omnichannel capabilities is crucial in today's market. Customers expect more channels, convenience, and personalized experiences. By analyzing competitors' content strategy and channel usage, brands can identify market trends and gaps. This analysis can reveal emerging or evolving digital channels that competitors have yet to master, providing an opportunity for brands to capitalize on this sentiment.
Annual competitor analysis is essential for every brand to ensure that every dollar spent, from research and development to marketing, is making the most impact and driving company goals forward. By setting clear objectives, gathering comprehensive data, and analyzing competitors' product offerings, marketing strategies, and sales tactics, brands can refine and enhance their market positioning, product development, and marketing strategies.
Competitor analysis is an ongoing process that requires continuous evolution. However, it is the key to staying ahead of the competition and in front of customers. It is a priority that every B2B brand should pursue to achieve long-term success.
