Know your competition

In order to stand out in your market, you need to know who your
competition is and what they are doing vs. what you are doing. And it is
most important to begin by examining the marketplace.

First, take a hard look at the things your competitor DOES do and ask
yourself:

 Does that company have intimate conversations with customers

that lead to conversions?
 Do they have a unique angle to tell their story from?
 Are they providing a solution for customers that you aren’t?
Second, look to see what your competitor DOESN’T do, and then try to
fill in that part of the market.

This will help you identify the areas you need to compete in and give
you a platform for differentiating yourself.

Knowing your competition like the back of your hand should be a

priority and if you don’t know, start learning today.
Learning your competitor’s products and services isn’t about stealing
their ideas, but instead knowing what you are up against. It’s important
to pay attention to what is working for them – and what isn't. You can
gain some insight and ideas of how to improve upon your own product
or service by looking at what they provide and how popular it is.

Gathering and staying on top of competitor intel

In the very first of our Ask Me Anythings (AMAs), IBM’s VP of Product Marketing, Priya Doty,
took to the stage to answer tonnes of questions around gathering and staying on top of
competitor intel - here’s the lowdown.

Product Marketing AllianceRichard King

Differentiate yourself
It’s essential to give your customers good reason to come to you rather
than a rival. To provide this reason, you first need to know what
differentiates you from your competitors. Once you know this, you can
use it to your advantage when competing in the market.

This can be achieved by developing a unique selling point (USP) that

taps into what your customers really want. It should be clear and
obvious - no-one should have to ask what makes you different.
The goal is to offer something that sets you apart and can be seen as
better than your competitors in at least one way. Building solid buyer
and/or user personas from the outset can help you shape and steer
what you want your USPs to be.
Maybe you are cheaper, or you offer more value, or you provide a
different service. Either way, you need to have that one thing that sets
you apart.

You can also be unique in how you market yourself. You have to be if
your product or service is exactly the same as your main competitors.
Think about ways to market differently and be innovative in how you
communicate with your customers so you can stand out that way as
well.

Perfect your marketing strategy

It is not enough in today’s competitive market to have some business
cards, pamphlets, and a generic website. You need to develop your
online and offline presence in a way that makes you stand out from the
crowd. It’s no good just shouting the same things into background noise
- you need your voice to be heard over it.

Make more effort to tell people who you are, what you sell, and why
they should buy from you. It doesn't have to be expensive – cost-
effective promotional ideas include everything from leaflet drops to
campaigns on social media.

Target new markets

When you have one market locked down, selling into new markets can
increase your customer base and spread your risk. This is important in
learning how to handle competition in business as new markets can
lead to faster and better growth.

You should ask: Are there other potential customers similar to your

existing target market? Could you reach a wider audience by selling
online or overseas? Make sure you tailor your offer to each different
market segment.
This idea goes hand-in-hand with finding something unique about
yourself. If there isn’t anything unique in your offerings or abilities, look
for an underserved group. The old saying, “the riches are in the niches”
applies here. Find something people need and be that. Starbucks didn’t
invent coffee but it did brand a lifestyle and coffee-house experience
into that cup.

To find these target markets, you need to analyze your customer data
to determine the typical demographic information of your audience,
their geographical location, their spending habits, and other relevant
patterns.

For a marketing campaign to thrive, it needs to be strategic and highly

focused. Hone in on a specific target market for each of your core
services or product niches, and develop strategies that cater to each
niche individually.

Look after your existing customers

The customer is king! As product marketers,  we know that but how
many of us really create strong processes around it?
New markets are exciting to enter, and when your company is ready,
new markets can lead to a big payoff. However, don’t forget the
customers who are already loyal to your company, as they are your
competitors' target market. They might have become brand advocates
but now the work is in keeping it that way.

To begin with, use customer feedback surveys to gather this

information. Learn how your competitors offer to support their
customers and weigh yourself accordingly to discover the scope of
improvement. Customer support and satisfaction is the door to a
profitable business as it helps businesses win their customer trust and
maintain loyal relationships.
One option you have to continue supporting existing customers is
product development. Introduce new or better products to existing
markets. Continue development on your existing products, like your
bestsellers, in order to renew your commitment to current customers
to the best of your abilities. Through product development, you can
expect to outperform competitors and keep your customers happy.

What is customer marketing?

Customer marketing refers to any marketing activity or marketing campaign aimed at current
customers. Companies invest heavily in their customer marketing efforts to improve their
customer retention, reduce churn, and boost customer loyalty, brand advocacy, and
community participation.
Product Marketing AllianceLawrence Chapman
Find and solve customers' pain points
One likely way to beat your competition is to address the needs of your
shared target audience better than your competition can. Ask open-
ended questions to find exactly what your customers want while using
your products or services.

Certain trigger questions that identify pain points may be especially

effective to ask your customers.

These questions include:

 What is your company's biggest obstacle to growth?

 What is your biggest personal obstacle?
 What matters the most to your supervisor?
  Which tasks occupy most of your time?
 What are your complaints?
 What might account for any recent business or customer losses?
After you identify a customer's pain points, you can attempt to solve
them by discussing their issues using terminology that they use
themselves. Once you have a clear picture of the issue, the next step is
to ascertain who at their company can solve those pain points and who
is authorized to purchase your products and services.

Translating consumer insights into PMM strategies [Q&A with Bumble]

In a recent Q&A, Ashima Praveen, Senior Product Marketing Manager at Bumble, took us a little
deeper into that theory by proving that translating consumer insights data into concrete
strategies can really drive above-market growth.
Product Marketing AllianceEmma Bilardi
Explore partnership opportunities
For businesses, partnership opportunities are very popular right now.
Most businesses are reaching out to others in the hopes of tapping into
a new market or demographic.

These symbiotic relationships help both partners by providing some

sort of opportunity that was not otherwise attainable. When
considering partnerships, think of what your company needs to succeed
more and then act on that opportunity.

Starbucks has partnered with Earthwatch since 2001. One of the goals
of this partnership was to introduce Starbucks employees to the
scientific research behind coffee beans – benefitting Earthwatch’s goals.
Additionally, Starbucks was able to increase employee engagement
through this partnership.
This partnership helped Starbucks develop its ethical approach to
coffee while assisting Earthwatch in spreading sustainable and scientific
practices.

Set competitive pricing

One of the easiest ways to beat your competition is to offer more
affordable pricing. T

o determine the ideal price point, you need a clear picture of what your
competition's goods or services are priced at. Research which
competitors offer the best value. Then you need to determine if what
you are offering brings more value to the table and thus should be
priced higher.  

How to identify a suitable pricing strategy

Having conducted competitor intel, and successfully built a business case, you’ve got the
thumbs up from stakeholders.But before you can sit back and give your team a whopping high-
five, it’s time to address perhaps the most important stage of the whole process: deciding on
your pricing strategy.
Product Marketing AllianceLawrence Chapman
However, if beating your competition is your primary pricing concern,
opt for a competition-based pricing strategy. Using this strategy, you
ignore product costs and consumer demand. Instead, you focus on the
existing market rate for your products or services. You then set your
price to fall within the range of prices that your competitors offer.

The best pricing strategy isn't always about lowering your prices. Since
the market is segmented by lower, middle, and upper-tiered customers,
you need to figure out which group your audience is and price from
there.