Do you want to know how to attract more customers and outshine your rivals? If yes, then there are several strategies that you can follow such as start understanding your competitors. 

It is not about obsessing over what they are doing but learning how to do it better. Curious, about where to start? 

Let’s break it down step by step and make this whole competitive analysis thing a lot less stressing. 

Steps to Analyze Your Competitor in the B2B Industry

Step One – Identify Your Competitors 

Your first step is to figure out who your competitors actually are. It sounds obvious, right? But in the B2B world, competition is not always as clear-cut as it seems. 

Direct Competitors 

These are the businesses that are offering as same products or services as you and target the same customer base. 

For example, if you sell chicken paws and your target audience is chicken paws buyers, your direct competitors are those who are providing the same product. 

Indirect Competitors 

Indirect competitors are those who might not sell the exact same things as you but still solve a similar problem. You can think about the alternative solutions your target audience could use instead of your offering. 

Let’s say, spreadsheet or task management tools could indirectly compete with a project management SaaS tool. 

Emerging Competitors 

In addition to this, you should keep an eye on startups or small players who are entering the market. They may not look like a threat now, but they could become formidable over time. The emerging competitors mostly bring fresh ideas and disruptive innovation to the table, which can shift the market preferences. 

How to Find Them

• Search online – you can use Google or industry-specific platforms to see who ranks for target keywords. Also, start with a broad search and then narrow it down by niche. 
• Social Media – you should check LinkedIn, Twitter, and other platforms for active businesses in your niche. Furthermore, look for accounts that are frequently engaging with your target audience. 
• Ask Your Customers – Sometimes, your own clients know who your competitors are better than you do. Direct feedback can be a goldmine to identify competitors. 
• Industry Events – Trade shows and conferences are another excellent way to spot established players and rising stars in your industry. 

Step Two – What They Are Offering 

Once you have identified your competitors, now is the time to dig into what they are offering. It is not just about listing their products or services – you must have to know their value proposition and how it compares to yours. 

What to Look for

• Features and Benefits – what specific features do their products or services include? Are they offering unique functionalities that differentiate them? You have to take your time to not how they communicate the benefits rather than just technical specs. 
• Pricing Structure – are they charging a flat fee, subscription, or offering a freemium model? You have to compare their pricing to yours but also consider the perceived values. Sometimes the higher price point signals higher quality or better services. 
• Target Audience – who are they marketing to? Are they focusing on office workers, businesses, or others? You have to understand ideal customer profile can reveal gaps in their strategy. 

Where to Find This Info 

• Websites & Blogs – most companies showcase their offering clearly on their website. You have to pay attention to their products, pricing sections, and case studies. 
• Case Studies – these highlight the kind of customers they serve and the problems they solve. Case studies often include measurable results and provide insights into how effective their solutions are. 
• Reviews & Testimonials – Customer feedback often reveals what competitors are doing well – or not. There are many platforms and specific review sites which can be a great resource. 
• Social Media – you can look at how they present their products or services on platforms like LinkedIn. Social posts can provide clues about their latest updates and priorities. 

Step Three – Analyze Their Marketing Strategies 

Marketing is a huge part of how B2B businesses attract and retain customers. You can analyze the approach of your competitors and can uncover what’s working for them and spot opportunities they might be missing. 

Areas You Should Focus On

• Content Marketing – are they publishing blogs, whitepapers, or eBooks? What topics do they cover? Are they offering resources like templates or tools to attract leads? 
• SEO – what keywords are they ranking for? There are tools like SEMrush, Ahrefs, or Ubersugest that can help you to track this. In addition to this, you can also check the blog titles, meta descriptions, and backlinks to understand their strategy. 
• Paid Advertising – are they running Google ads, LinkedIn campaigns, or sponsored content? You have to analyze the messaging in their ads to know what they are prioritizing. 
• Email Marketing – sign up for their newsletter to see how they get leads. Moreover, pay attention to the frequency, type, and tone of the content they share.

Why It's Important 

Understanding their marketing strategies will help you identify gaps in your own approach. For example, if a competitor has a strong LinkedIn presence but lacks a strong blog strategy – it could be an opportunity for you. 

Step Four – Evaluate Their Strengths and Weaknesses 

Every competitor has their strong points and weak spots. The goal here is to find gaps you can exploit and strengths you can learn from. 

Strengths

• You should look at the customer reviews and feedback to identify areas where they excel. For example, do they have exceptional customer service or a particularly innovative product? 
• Do they have unique selling points that set them apart? Maybe they are using AI or offering personalized experiences. 

Weakness 

• What are the customers complaining about? You should check for negative reviews as they can reveal service or product gaps. Are there consistent issues such as poor customer support or a confusing user interface? 
• Are there needs in the market they are failing to address? For example, they might lack a mobile0freidnly platform or integrations with popular tools. 

How to Get Insights 

• SWOT Analysis – make out their strengths, weaknesses, opportunities, and threats. It is the structured approach that can provide you with a clear picture of their market position. 
• Customer Feedback – you should look at online forums, review sites, or social media mentions. Even neutral comments can provide you with actionable insights.   

Step Five – Benchmark Their Performance

Numbers don’t lie. And if you truly want to understand your competitors and how they are doing, you need to benchmark their performance. 

Metrics to Track 

• Website Traffic – there are tools like Alexa or SimilarWeb that can estimate how much traffic their site gets. You can check for trends – are they growing or plateauing?
• Social Media Engagement – how many followers do they have? What is their engagement rate? There are tools like BuzzSumo that can help you analyze their top-performing content, 
• Market Share – How much of the industry pie do they own compared to you? Market research reports can provide you with this data. 
• Growth Indicators – are they hiring aggressively? Launching new products> expanding into new markets? These are signs of a healthy, growing business. 

Why it Matters 

Benchmarking helps you measure your own performance relative to theirs and identify the areas where you need to improve. It also provides a realistic view of where you stand in the market.   

Step Six – Study Their Customer Experience

The B2B buying journey is complex and long. How your competitors manage their customer relationships can offer valuable lessons. 

Things to Observe 

• Sales Process – how easy is it to reach out to them? Are their salespersons responsive and knowledgeable?
• Onboarding – what does their onboarding process look like for new clients? Are they offering comprehensive guides or training sessions?   ‘

Support – do they offer 24/7 customer service? Is their support team helpful? How do they handle complaints? 

How to Evaluate 

• Mystery Shopping – pose as a potential client to experience their process firsthand. It will give you invaluable insights into how they treat prospects. 
• Customer Reviews – again, reviews can provide insights into how they treat their clients. You should for patterns in the feedback. 

Step Seven – Keep an eye on Their Innovations 

In the fast-paced b2b industry, staying innovative is necessary. You should pay attention to how your competitors are pushing the envelope. 

Where to Look 

Product Launches – are they introducing new features or entirely new offerings? Keep track of their press releases and product updates.

Partnerships – collaborations can signal new directions they are exploring. For example, a partnership with a tech company could indicate a focus on digital transformation. 

Technology Investments – are they adopting cutting-edge tools or processes? Look for mentions of AI, blockchain, or other transformative technologies.

Conclusion 

So, this is the complete guide to analyzing your competitors in the b2b industry. Go through those steps and ensure that you are heading toward success. Evaluating your competitors will give you a sense of how to create your plans and act in a way that yields positive results.