B2B companies often face challenges in finding new revenue streams during times of economic downturn. One strategy that can be employed is targeting customers of competitors, which presents both opportunities and threats. In order to stay ahead of the competition and protect existing customers, B2B leaders need to focus on competitive intelligence (CI).
Competitive intelligence involves analyzing the marketing strategies, pricing models, product portfolios, customer service, and other areas of key competitors’ businesses. With these insights, companies can highlight their competitive advantages and the unique value their customers experience. By anticipating competitors’ moves and adjusting their own strategies accordingly, B2B companies can protect existing customers and target the customers of their primary rivals.
In addition to analyzing competitors’ strategies, B2B companies should also use competitive intelligence to analyze their own customer base. This includes understanding existing customers’ needs and preferences, identifying pain points, and developing strategies to address them. Research shows that Promoters are less likely to be vulnerable to competitive offerings, so understanding customer sentiment, expectations, and satisfaction levels is crucial for retention.
There are several ways to gather competitive intelligence, including using CI platforms, setting up Google Alerts, periodically checking competitor websites and social media, reviewing referral sites, and conducting churn in-depth interviews. Churn analysis programs can identify opportunities for improvement and uncover insights into what competitors are offering and how they are positioning against your company.
Competitive intelligence can also be gleaned from customer satisfaction surveys, front-line service team discussions, and sales win/loss interviews. Analyzing unstructured survey feedback and identifying themes related to feature requests can be an early warning sign that competitors are emphasizing something they feel is a competitive advantage.
Overall, competitive intelligence is crucial for B2B companies looking to improve retention and find new revenue streams in challenging economic environments. By understanding key competitors and their strategies, as well as their own customer base, B2B companies can protect their existing customers and target the customers of their primary rivals.