What does it take to succeed in the technology industry?
Wouldn’t it be amazing if all you had to do to succeed was to be great at what you do? Sadly, we know that’s not the case. Your competitors are vying for attention online and using strategic marketing to get attention even though they might not have the best product or service.
It’s now harder but more important than ever to beat your competitors and close that deal. This article will show you how to understand your competitive landscape and use this knowledge to give your business the edge.
Analyse your environment
If you can correctly analyse your competitors, potential new rival businesses and emerging technologies, you can understand the real size of your potential market and understand how best to penetrate it. You can also find the best way to differentiate yourself by understanding where your products sit compared to your key competitors.
Look at your current competitive landscape and be clear about how this could evolve in the short and long term. You can then define your strengths and weaknesses in line with this analysis and identify opportunities for growth as well as understanding the real threats.
Once you can do all of this, you can take advantage of competitor shortfalls by showcasing the gap that your business can plug to fully solve a prospect’s problem, and you can begin to convince your prospects that they should choose your product or service.
Find out what customers are saying
It’s easy to find out what your competitors think of themselves – just look at their websites. What you really need to know is what their customers – your potential new buyers – think of your competitors and their products. Once you know this, you can understand what might make them move to you. This level of intelligence will also help you to retain your existing and new customers.
You can become a customer-centric business by aligning the primary benefits of your product or service with these customer needs. Let them know how you can solve the problems they have with their current solutions and explain how your product or service is different and better.
Stand out from the crowd
You can use the information you’ve gained from your market analysis and customer understanding to build a distinct brand proposition that helps you stand out from your competitors. You can formulate a marketing strategy which differentiates you from your competitors and enables you to penetrate specific market segments. You’ll then be confident that your marketing budget is being used wisely.
By understanding your marketing environment, you can really stand out from the crowd and grow your business. If you need some support with market analysis and generating an understanding of your potential customers, Larato can help.
Larato are experts in helping technology companies to grow. We can help you to take the guesswork out of case studies. We’ve helped our clients to win over £300 million in new business, which is why I’m ranked as one of the UK’s top 5 business advisors.
Here’s what one of our recent customers said about us:
“I enjoy the dialogue I have with Larato and would not hesitate to recommend them to any commercial leader who wants to strengthen and grow their business.”
Managing Director (wholesale), Global Carrier