Learn from competition in B2B Businesses
Are you looking for new insights about your B2B Businesses? You can find out a lot by turning your attention to the competition. They’re an unexpected source of interesting information about your company, from the way your employees feel about you to the effectiveness of your technology infrastructure. The following hints will help you learn from competition.
- Your weak points. The competition is going to capitalize on your most vulnerable areas, whether that’s a problem with your product line or a lack of resources when you’re starting out.
- Problems in customer experience. Your competitors are quick to point out any painful parts of your client experience. If your customers complain about long hold times on the phone, other companies may talk about their responsive customer support.
- Strengths and weaknesses in your employee experience. Many industries see the same people going back and forth between companies on their way up the ladder. You can get a valuable perspective from connecting with these workers and it will help you to learn from competition.
- The overall impression of your perks and benefits. Once your current employees leave for a different company, you can look at reviews on Glassdoor and similar sites to see what they have to say about your benefits package.
- When you’re doing something right. “Imitation is the best form of flattery, ” and you’re going to see it in droves when you’re doing something right.
- When you’re doing something wrong. On the flip side of the coin, you’ll find out the instant you’re doing something wrong. Check out the competition’s social media posts and see what their audience is commenting about, or just watch some of their advertisements.
- The best ways to engage on social platforms. Another way to use competitor social comments is to figure out what customers expect when you talk with them on these platforms.
- The markets you’re missing. Look at your competitors and see which niches they seek out. You might have gaps that skip over these underserved audiences.
- Your key differentiators. Other companies are going to let the world know how they’re different from everyone else, and you can use this information to hone your own list.
- The way you’re perceived in the industry. Some markets are small enough that everybody knows everyone else, and the rumor mill is happy to let you hear some of the choice bits from your competitors.
The next time you sit down to do some market research, use these tips to get the most out of your competitors’ information.
What to Do About It
Businesses that have a lot of images to manage and/or a large sku count usually benefit from product information management platforms. Having images and data stored in one centralized location streamlines workflow and can help your business get ahead of the competition. Catsy has helped companies pull ahead for over 12 years. Sign up for a demo at www.catsy.com/contact-us to gain valuable insight about the technology that your competitors are utilizing to move digital and reduce friction.