Knowing your audience is an essential part of your business strategy. Another vital piece of that puzzle is knowing who your direct competitors are, how they work, and using that information to outperform them. This is why B2B competitor analysis is important when creating both your business and marketing strategy.
What is a B2B Competitor Analysis?
A B2B competitor analysis is an examination of the competitors working within your industry. Not only does a competitor analysis help you identify your competitors, but it allows you to carefully evaluate their strategies to see where they’re succeeding and where their weak points may be.
When done right, a B2B competitor analysis will tell you:
- Who you are competing against
- The strong points in their strategy
- The weak points in their strategy
- Any potential gaps or missed opportunities in their strategy
This analysis can give you insight into who makes up their customer base, what they need, and how you may be able to outperform your competitors by utilizing industry trends.
How to Perform a Detailed B2B Competitor Analysis
If you’re ready to take your business and marketing strategy up a notch, then you’ll want to consider conducting your own competitor research. With the right market research tools at your side, this can be a lot simpler than you may think. Not quite sure how to get started? Simply follow along with this B2B market research template:
1. Identify Your Competitors and Categorize Them
You want to take the time to categorize your competitors appropriately:
- Primary Competition: These individuals are your direct competitors, and that means they likely have similar products and services as you do and target the same audience as you do.
- Secondary Competition: While these competitors may sell something similar to you, they are likely selling to a completely different target audience. For example, you may be selling Porsches while your competitor is selling Chevys. While you’re both selling cars, those looking at your products are interested in a much more luxurious, high-end product than those looking for a Chevy.
- Tertiary Competition: These are considered competitors that do not sell the same products as you but are still within your niche. For instance, if you sell jewelry, a tertiary competitor may sell gemstones. These are important to note if you are planning on scaling your business later on down the line and expanding on your products/services.
2. Analyze Each of Your Competitor’s Online Websites, Social Media Sites, and Reviews
Research your competitors’ online presence. This means looking at their website, their social media profiles, and checking out their customer reviews on these locations and other online business listings.
This helps give you an idea of what they are doing, who they are interacting with, and how. It also tells you if their customers are pleased with how business is conducted with your competitors, allowing you to move on to any potential gaps that may need filling.
3. Research Your Competitor’s Sales Tactics/Results, Etc.
You’ll want to not only research your competitor’s sales tactics but their results as well. That means finding answers to questions such as:
- What is their sales process? What does it look like?
- What channels are they using to sell their products/services?
- What does their annual revenue look like?
- What is their average annual sales volume?
From there, you’ll also want to do some research into how they price their products/services, especially if they are similar to yours. Don’t forget to note any promotions they are running and any past promotions to see how customers have responded.
4. Review Their Content Marketing Strategy
It doesn’t matter if it’s in the form of videos, infographics, whitepapers, or blogs – you want to take the time to review what kinds of content your competitors are creating.
Make a note of how your competitor’s audience is responding to their content. Are they leaving comments? Asking questions? Sharing via social media? This will help give you an idea of what kind of content works well and doesn’t when it comes to your audience engagement.
5. Complete a SWOT Analysis
While you’re taking a look through your competitor’s sales, marketing, and business strategies, it’s essential to start running a simplified Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis.
As you analyze each of their strategies, you want to jot down notes regarding where your competitors are succeeding and where they can improve. You want to make sure you find opportunities to one-up them or any possible threats they may impose upon you.
B2B Competitor Analysis Done Right with CadenceSEO Consulting
Here at CadenceSEO, we understand that every successful marketing strategy requires statistical research to back up each move you make to better your business. We work with your team to properly research your market and competitors and formulate a plan of action to see your business dreams become a reality.
Need help conducting your B2B competitor analysis? Then contact us today!