In the previous post you read about how to decide your target market; now is the time when you will know more on how to reach out to your target market through competitive user-base intelligence. As you all know for plotting your target audience in the market, you should have a clear view of the market too. While reaching out to your target market you have a watch of your competitors target audience.
One of the best and elegant ways to find out how your competitors are reaching out to their target audience is through competitive user-base intelligence insights, this makes easy to plan strategies according to the competitors to overcome or sustain the market share. It aims to help businesses improve their marketing communications, sales pitches, campaign plans, etc. in accordance with competitors’ target universe – providing one more dimension to sales & marketing efforts.
There can be various scenarios where you can gain from competitive study, feeding you with Actionable Sales & Marketing Intelligence:
- Competitive Landscape Study : Exploring user-base of your competitor’s products/services, what variation/version in use, any plans for upgrade/ alternate evaluation, contract duration and renewal, etc
- Product/Service Category Scenario: Understand the prevailing situation within best-fit audience (existing customer, ideal prospects, key players in particular industries or market, etc.) regarding usage/adoption of particular product/service/technology
- Partner Install-base Exploration: Discover partners of your organizations of interest (competitor, customer, ideal prospects, etc.).
- Service/Product Line Users : Identify specific types of user segment which can be approached for your product/service/technology
What you can do then?
- Reach out to this new target market with
- Better value propositions
- As complementary/ supplementary offering
- Attractive trade-in programs
- Participate in new deal awarding process (RFIs, RFPs, etc.) or renewals
- Nurture ideal audience with specific messaging/communications
Click here to know more about SMARTe Competitive Intelligence Agent (CIA)