Part 2 of 3
Here’s another bite-sized nugget on the path to discovering what our competitors can teach us about target prospects. If you missed the first installment, find it here: Part 1
4) Mediums your competitors are NOT using to reach your target prospect.
With the move to digital, a lot of companies are not pursuing “old school” print or direct marketing methods. Depending on the demographic, this could be an error on their part. It’s hard to nail down whether a competitor is using any of these methods since the data for ad placement isn’t readily shared.
Do some legwork, check industry journals, etc, and if you don’t see any of your competition, it might be a useful medium. Or your competitors may be relying strictly on outside B2B reps and missing a good inside calling campaign to reach decision makers more effectively. Being where your competition is NOT can be a great competitive advantage if used effectively.
5) How well your target prospect’s needs are being served.
If your competition is unfavorable, it’s good to know why. If you’re selling to consumers, sites like Yelp, Vault, or Glassdoor are valuable. They can be useful to non-consumer direct serving companies: the employee reviews can often tell you what the vibe at the company is and that may point you to some opportunities to exploit.
Hoovers is also a great sight for various insights that tell you a lot about your competition and industry.
6) Who your target client is NOT.
Those subtle differences between your company and that of your competition can tell you who NOT to pursue as a client. This is true for companies across industries. For instance, let’s say you’re an IT Network Switch provider. You see that XYZ Network Switches are serving clients with revenues over $10M. But, nobody is serving the $1-5M client niche. You may find that $1-5M is a client you can serve well and profitably.
Keep an eye out next week for the next installment of “10 Things Your Competitors Can Teach You About Your Target Prospect.” We’ll post article three on the same day/time for your convenience.