Pros and Cons of Competitive Marketing
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Pros and Cons of Competitive Marketing

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Competitive marketing campaigns are rich with opportunity but also fraught with peril. So how do you exploit the opportunity while leaving the peril behind? Here are five criteria that indicate a ...

Competitive marketing campaigns are rich with opportunity but also fraught with peril. So how do you exploit the opportunity while leaving the peril behind? Here are five criteria that indicate a competitive marketing program has a good chance of success:
1. You competitor is better known.
2. You have an identified differentiation.
3. You make it easy to switch.
4. There is a precipitous event.
5. Your offer is compelling.

A highly targeted approach to competitive marketing usually works better than broad-based general advertising.

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Pros and Cons of Competitive Marketing Presentation Transcript

  • 1. Competitive B2B Marketing The Pros and Cons of Competitive Marketing Christopher Ryan info@fusionmarketingpartners.com
  • 2. To Compete or Not to Compete? This is a decision that is rich with opportunity but also fraught with peril. So how do you exploit the opportunity while leaving the peril behind?
  • 3. First… First, make sure you understand why you want to run the competitive campaign in the first place. To create a winner, you have to be able to identify those who have already purchased from your competitors or are planning to do so.
  • 4. Then… You then need to reach these individuals and companies with an offer so compelling that it upsets the status quo. The point is: Knowing when not to attack a competitor is just as important as knowing when to do so.
  • 5. 5 Characteristics While every situation is different, here are five criteria that indicate a competitive marketing program has a good chance of success: 1. Your competitor is better known 2. You have an identified differentiation 3. You make it easy to switch 4. There is a precipitous event 5. Your offer is compelling
  • 6. 5 Characteristics 1. Your competitor is better known – – Like they say in politics, if you are the challenger or underdog, you attack because you have more to gain and less to lose. – In business, when your larger competitor counterattacks, they put you on a level playing field in the minds of the target audience. – In fact, their counterattacks can sometimes bring you more publicity than you could have achieved on your own.
  • 7. 5 Characteristics 2. You have an identified differentiation – – Few prospects will respond to a generic message like, “We are just as good as Company X.” – To get them to choose you instead of the incumbent, you need to show them how you are unique and better in some valuable aspect. – This can’t be an incremental advantage; it must be a game- changer for your prospect to seriously consider it.
  • 8. 5 Characteristics 3. You make it easy to switch – – It can be a daunting proposition for someone to switch large and complex products or services. – This can even be true for less expensive and non-complex products. – The more painless you can make the transition, the better.
  • 9. 5 Characteristics 4. There is a precipitous event – – Anything that causes a change in the business or sales climate, making the prospect more receptive to your offer. – A precipitous event can create a strong sense of urgency, shorten your sales cycle, and reduce sensitivity to price. – Here are some examples of precipitous events: • A competitor raises their prices • A competitor has a product quality problem • A competitor has a product delivery failure • A competitor has a scandal of some type • An outside force (e.g. regulation or industry shift) changes the landscape
  • 10. 5 Characteristics 5. Your offer is compelling – – Even if you have a unique differentiation, it is easy to switch, and there is a precipitous event, you still need to give prospects a good reason to give up on the competitor. – The benefits of switching have to be greater than the comfort and inertia of the status quo. • This may require a financial incentive so strong that you lose money on the initial transaction. • This is unacceptable for a one-time sale, but can be worthwhile if the lifetime value of the new customer is large.
  • 11. Highly Targeted A highly targeted approach usually works better than broad-based advertising. The biggest challenge in competitive marketing campaigns is locating those who already do business with your competitor. A targeted pay-per-click campaign may be your best option.
  • 12. Unintended Consequences We advise our clients to take the high road in competitive marketing – because an overly negative attack can backfire and subject you to the Law of Unintended Consequences. If your campaign is in bad taste or not supported by a defensible business case, you may end up in a worse position than where you started.
  • 13. Check Back! Download our Complimentary Lead Generation eBook! Check back in the coming weeks to learn more about B2B marketing and lead generation!
  • 14. About Fusion Marketing Partners Christopher Ryan, CEO We Do This: Brand building/messaging Website optimization Content creation Lead generation You Get This: Much greater levels of awareness Higher quantities of qualified leads Ability to generate faster revenue Lots more information at: http://FusionMarketingPartners.com/ http://Greatb2BMarketing.com (blog) info@fusionmarketingpartners.com 719-357-6280