“Competition makes you better, always makes you better, even if the competitor wins.” – Carlos Slim
Not every business sets out to dominate. Maybe being consistently busy and profitable is enough.
But every business will still need to compete. And to realistically contend in your market, understanding competitors is fundamental for whatever level of success you set to achieve.
There are two main categories of competitor to consider: direct and secondary. We’ll address a third later.
In dissecting those categories, you’ll develop an inclusive picture of the competitive landscape and thus, create more effective business and marketing strategies.
Establishing direct competitors is easy. These are companies that offer very similar products or services. Generally, they’ll target the same customer base in the same market.
Think of any number of business-to-business professional service categories, for example, such as general accountancies, project management, IT services, and general legal counsel. Within their areas, they directly compete for a slice of the same client pie.
Begin by analyzing their strengths and weaknesses, including products/services, marketing campaigns, brand image, and customer service.
By examining web sites, digital advertising, and social media presence for announcements, product launches, and marketing efforts, you’ll quickly generate insights into how and to whom they market. Those assets will help you understand their size, market share, and potential – and appetite – for growth.
Secondary competitors might seem less obvious, but they can still significantly impact your business. These companies cater to the same needs or goals of your target B2B customers, but their solutions and approach can differ significantly.
For example, a cloud-based accounting service could be a secondary competitor to an on-site accounting software solution. Both address the need for business accounting, but the delivery method is different. The difference in assessing the viability of one over the other could be the number of users each solution provides for based on cost and features.
The threat of a secondary competitor is always lurking to grab the prospects’ attention. You can ward off aggressive encroachment by emphasizing the unique benefits your solution or service brings that secondary competitors might lack.
Be aware of the “substitute”, businesses that offer entirely different products or services but can ultimately achieve a similar result for the customer. They might not seem like a threat, but they can still divert attention and resources and appeal to customers who might be looking for a completely different approach.
For example, traditional public relations agencies, which carved out a distinct space within marketing and communications, saw advertising agencies, marketing companies, and big consultancies encroach on their space during the advent of web-based communications e.g. social media, digital advertising, and data-driven marketing.
Relative to any competitive threat, data and information can help you make informed strategic decisions. In addition to the many online assets, there are various paid tools and techniques to research and analyze your competitors, such as market research reports and competitive intelligence tools that assess competitive data and news.
By understanding direct, secondary, and alternative competitors, you can develop a well-rounded understanding of the competitive landscape. This empowers you to make informed decisions about your product development, marketing strategies, and overall business direction.
Demanding an innovative departure from predictable product introductions, USG tapped Element-R to help unveil new, patented technology.
We created a high impact event for industry leaders by an industry leader, using several non-traditional elements to make the launch distinctive:
The event achieved the objectives of generating excitement around the new technology while seeding long-term market interest among the 70+ guests from 35 companies. The majority of survey respondents rated the event as outstanding.
In the early days of personalized medicine, few people understood the new science of pharmacogenetics – how medicines interact with an individual’s genes, often causing avoidable side effects. YouScript software by Genelex (now owned by Invitae) was a pioneering technology giving physicians detailed input on these interactions for the benefit of patients.
To gain industry media attention for the relatively unknown company, Element-R recommended a purely educational webinar for the media only. Delivered entirely by an M.D., the webinar effectively informed editors and reporters about the topic – with a bonus: several covered the burgeoning science and the company’s leadership in feature-length articles.
All high-end professional AV and event staging companies show off their best events to attract prospects. Stage Right, Inc. needed to revitalize its digital doorstep and deliver key differentiators.
Element-R created a new, from the ground up website that made the company stand out on two fronts. First, instead of simply showing off glitz, we organized and showcased its capabilities by category, allowing prospects to identify and pair their challenges with a clear solution. Second, we branded and spotlighted the company’s proprietary planning protocols, now known as StageCraft™. Stage Right, Inc. has a modern, responsive site that places its distinctive competencies out front.
When the nation’s oldest senior living community in the U.S. needed to reinvigorate its marketing, Element-R Partners helped Three Crowns Park play to its strengths in a crowded marketplace.
Through a deep dive with residents and staff, we developed messaging that appealed to retirees who don’t want to live in a cold institution or ritzy resort/hotel setting. The new website faithfully presents this welcoming and close-knit community of friendship and relaxed, suburban style living.
To meet a changing world of special education with funding and competitive challenges, the O-School needed to reacquaint its many publics about the organization’s mission and capabilities.
Interviewing staff and multiple influencer groups, Element-R developed a “messaging playbook” that served as the basis for all aspects of its external communication to encourage student enrollment and support funding. The backbone of this effort were two new websites, www.oschool.org and www.bw-center.org, creating a cohesive presence for the School in all of its materials, and bringing it into the 21st Century.
Go bold! Evolved Selling™ software maker Mediafly offers a sophisticated content management and sales enablement solution to organizations worldwide. To really make a statement at its channel partners’ annual conferences, Dreamforce and Sapphire, Mediafly nixed the typical descriptive booth copy, instead drawing visitors in with bold problem statements its audience could relate to.
Together with design partner DoubleTake Design, Element-R developed channel partner messaging and several alternative creative concepts for the booth. We couldn’t have been happier that Mediafly selected this unusual and compelling way to present itself. Traffic was steady at the booths as visitors walked up to say, “can you really solve that problem for us?” The creative concept continues to be used successfully to bring attention to Mediafly’s many capabilities – proving that B2B marketing doesn’t have to be boring!