Great tradeshow attendance? Check. Subscriptions to all of your industry’s journals and newsletters? Double check. You’re on top of your marketing game, but always seems that your competitors are constantly getting to new customers first and making more sales than you are. Maybe it’s because you haven’t checked everything off on your marketing list yet. It’s simple – your competitive intel is old news by the time it gets to you.
Your competitor has their finger on the pulse of their competitors (you), customer insights, and industry trends, which is giving them a huge competitive advantage (over you).
Read on to find out how your competitors are beating you by knowing more…
1. Making more warm calls. Your competitor has figured out that people won’t bother with pitches that don’t solve their immediate problems. Now, they’re arming their sales team with insights to help them target the best prospects, understand their prospects’ needs, and how they can best pitch their product/service as the best solution.
Meanwhile, you’re buying mailing lists and hoping that your sales team will be able to land at least one deal for every hundred leads. You don’t want your sales team wasting time on research; you want them making as many calls as possible.
2. Keeping tabs on you. Your competitor is keeping a close eye on your company. They understand your strengths and weaknesses. They are keeping track of the new contracts you’ve have gotten, and analyzing how you won the deal. They use that knowledge to best position themselves to win the next contract.
Meanwhile, you think that you don’t have time to waste by monitoring other companies. You do some research once in a while, but found it extremely time-consuming and not very rewarding. But without competitive intelligence, you’re unable to develop a strategy that keeps your company ahead in the market with the best products/services and the most effective sales and marketing.
3. Predicting the future. Your competitor is effortlessly staying on top of industry trends – especially those involving their customers, prospects, and competitors. They are using this information to constantly evolve their marketing strategy, to stay ahead and to best be able to inform the sales team.
Meanwhile, you’re taking an insular and microscopic view of your company by only focusing on your sales team; whether they’re meeting their goals and quotas. Not paying attention to your business world gives you a tremendous disadvantage on the playing field. You may miss out on opportunities and trends for growth, fail to anticipate and prepare for challenges, and more.
There are plenty of ways to get the information you need to keep up with your competitor, but the best solution is sales and marketing intelligence tools. They gather the information you need to improve your knowledge of customers, prospects, competitors, and your industry.
Company updates: Get a stream of relevant information for companies you care about. From press releases, blogs, and media articles, it’s easy to improve your knowledge about customers, prospects, and competitors.
Event Triggers: For immediate alerts on key opportunities, such as personnel changes, mergers & acquisitions, new offerings, and more, event triggers minimize the research you have to do by putting opportunities and threats in front of you.
Kelly Morgan is the Director of Marketing at HealthRx Corporation (www.healthrx.com). She coordinates all marketing and communication efforts, including corporate image and product management, and is a social media and digital marketing subject matter expert.
Image source: The eCommerce Authority