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6 Ways Competitive Analysis Benefits Your B2B Marketing

by Jennifer Beever on October 28, 2014

IntelligenceIn today’s fast-moving business-to-business world, competitive analyses can yield surprising benefits. Here are some of the ways a competitive analysis can help your B2B marketing.

1. Identify what kind of marketplace your business competes in

Is your industry new and fragmented? Growing with increasing competition? Mature with larger companies acquiring smaller businesses? Or declining? The phase your industry is in matters and is an indicator of what kind of marketing (and business!) strategy you should adopt and how much you will need to spend to succeed. For more about the different industry phases, see my previous post, What Should I Spend on My Marketing Budget?

2. Detail what marketing your competition is doing

Are your competitors on social media and you’re not? Are they getting press or running ads in trade publications? Are they going to trade shows that you haven’t thought of? A thorough competitive analysis will give you answers to these questions and help you form your marketing strategy and tactics.

3. Detail what marketing your competition is NOT doing

Have your competitors missed some marketing opportunities – perhaps a niche target audience – that can give you an advantage? Have they not adopted the latest marketing tactics such as messaging on social media and sharing helpful content with prospects and customers? Do they focus their marketing on new customers and fail to woo existing customers with user groups, how-to’s, appreciation and loyalty marketing?

4. Build keyword intelligence for Search Engine Optimization (SEO)

If one or more of your competitors has a good online presence, you can glean what keywords their website, content and social media is focused on. Knowing this you can work to compete on the same keywords or variations of the words and phrases that can give you a competitive advantage.

5. Identify opportunities for a merger or acquisition

Sometimes competitive analyses turn up intelligence about products and services that a business cannot develop due to patents, lack of resources or logistics. You many find an opportunity to merge with a competitor or acquire them. The competitive analysis gives you initial information so that you know what competitors to pursue (and then do much more detailed due diligence and analysis required for M&A transactions).

6. Identify opportunities for co-opetition

Cooperate with competitors? “Are you kidding,” you say? Yes! Your competitors can yield opportunities for joining forces and sharing resources so that both parties can grow in ways that might not be possible on your own.

In one client situation, we delivered a marketing plan with a detailed competitive analysis for a fragmented segment of the travel and entertainment industry on September 12, 2001: the day after 9-11! Needless to say, the travel industry tanked, but our start-up client used our analysis and detailed list of competitors to selectively contact local mature businesses and offer a unique feature we knew the competitors did not have. One competitor took our client up on their offer, and, while they were not able to get the kind of bank loan they wanted right away, they did get some revenue and a little traction in an industry hard-hit by a terrorist act.

Do you know what your competition is doing? Not doing? Whether you scan your competitors every year or do a deep dive when you write your marketing plan, knowing your competition (or co-opetition) is critical and provides big benefits for your business.

Contact New Incite today to start your competitive analysis and marketing plan. We’ve worked with hundreds of companies to do the research and analysis, provide new marketing insights and written plans that become our clients’ marketing road maps to more growth and success.

Photo on Flickr by Stefano Chiarelli. Some Rights Reserved.

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4 Surprising Ways B2B Marketing Campaigns Benefit Business

by Jennifer Beever on October 24, 2014

Raise All BoatsWhen a business invests (or re-invests) in great B2B marketing campaigns, it gets invigorated. That has big benefits. Here are four surprising ways marketing campaigns benefit your business.

In talking to several businesses recently, I realized an important benefit of investing in effective, creative B2B marketing campaigns.

The campaigns we’ve done for clients generated leads and revenue, but they also generated energy with the business owners, employees, suppliers and their community. Great creative campaigns “raise all boats,” meaning they uplift us all.

(Thanks to Dr. TC North for using the phrase, “raise all boats” in his recent blog post about Peyton Manning. I love this phrase.)

Here are some of the boats that get raised by great marketing campaigns.

1. The business owner gets invigorated, motivated and excited.

Most business owners love their business. They work long hours. They provide others with jobs and add value through their products and services. But, let’s face it. There are some times when business owners feel a little stale – like they need something fresh to re-motivate them. A great, creative campaign will do it! Not only does the business owner have skin in the game – they’ve paid for the campaign – but they also have great pride in a campaign that makes their audience and others in the business community more aware of and excited about their business.

2. Employees are motivated and take more pride in their work.

Employees want to feel like they are part of something fun. They want others to know the company where they put in so many hours. Great marketing campaigns make the workplace more fun and exciting. One tip here – share the plans for and the actual campaigns with employees, and large size posters of the creative art for your lobby and include the images in emails such as your newsletter (customers will see these, too.)

3. Suppliers are proud to be affiliated with successful businesses.

Your suppliers want to affiliate with success. Your success probably means more business for them. Share your campaigns with your suppliers. Who knows – they may share the creative work from the campaign with others they know and help spread the word!

4. Your community loves a successful marketing campaign.

Everyone loves good marketing. “Got Milk?” “15 Minutes?” “Where’s the Beef?” A business’s creative marketing goes a long way to lifting up everyone around them with great messaging, images and branding.

So what’s stopping you from raising the boats with a great marketing campaign? You’ll not only generate leads and sales revenue, you’ll invigorate your self, your employees, suppliers and community.

Contact New Incite today. We’ve worked with hundreds of businesses to analyze opportunities and create effective and fun marketing campaigns.

Photo by Dennis Jarvis on Flickr. Some Rights Reserved

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B2B Marketers: If You Fail to Plan, You Are Planning to Fail

So I’m going to say it again. If you want your marketing to work, you have to first plan it, and then you have to execute the plan. Simple, right? You’d be surprised how many businesses fail to write a marketing plan. Or, if they write one or hire someone to write it, they end […]

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Why Lack of Strategy Will Kill Your B2B Blog

Blogging drives traffic to websites and generates leads. So, hey, let’s jump in and do this. Right? Wrong. To succeed in blogging (and in the bigger universe of content marketing), you need a strategy. Your strategy must identify your target audience(s), your topics, your target keywords, the tone or voice of the blog, frequency of […]

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How to Write for the Web If You Were Born Before 1965

With the proliferation of the new “content marketing,” writing skills for online marketing are more important than ever. And, if you learned to write before or in the early days of personal computers, you may have some habits that no longer work for today’s online marketing world. Recently I’ve been working with clients to generate […]

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B2B Marketer: What’s In Your Toolbox?

You’ve probably heard the saying, “If all you have is a hammer, everything looks like a nail.” In business to business (B2B) marketing now more than ever, there’s a lot of hammering going on – and a lot of noise out there – because marketing tactics keep changing. I see many vendors approaching B2B marketing […]

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B2B Marketers: Why It’s Time to Commit…

…to digital marketing, that is. Your audiences want it, your competitors are probably not doing it, and, there’s proof that digital marketing works for B2B companies. The digital marketing success stories keep getting told as more and more B2B companies are getting on board. Three years ago I did a Social Media Marketing presentation to […]

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8 Elements of the Perfect Blog Post

What does a perfect blog post look like? In this post I paint a picture and show and explain the eight elements of the perfect post, so it’s easy for bloggers to visualize. I recently curated an article on the perfect blog post by Kevan Lee of Buffer. It was chock full of great tips […]

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Why You Should Rethink That Snarky Social Media Comment

I recently published one of my most popular blog posts on the Business 2 Community blog and was happy to see that it was widely shared and liked by readers. Happy, that is, until “the comment.” A person who says they are also a “B2B Marketing Consultant” wrote a comment that was dismissive of my […]

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Customer Loyalty, Your Brand and Revenue – The Perfect Storm

Now more than ever your customers matter. Not only for revenue from ongoing sales, but importantly for brand advocacy. Since today’s buyers rely on the recommendations of other buyers to decide what product or service to purchase, your customer’s recommendation of your brand means more than it ever did before. The customer’s satisfaction with your […]

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