Are you a B2B business owner who is looking for ways to boost customer retention and loyalty?
Do you want to get a deeper insight into the likes, dislikes, and pain points of your target audience?
Wouldn’t it be great if you could also take a closer look into the target demographic of your competitors?
Did you just nod your head in agreement to one or more of these questions? Then it’s high time you start utilizing install base marketing to grow your business.
Install base marketing provides you with a ton of data about your existing and target customers.
Better still, it helps you delve deeper into the buyers your competitors are targeting.
If you’re contemplating hopping on the install base marketing bandwagon, I’ve got you covered.
In this blog, we’ll delve deeper into how you can get an edge over your competitors using install base marketing data. Let’s get started.
Key Benefits of Install Base Marketing
Unlike traditional marketing tactics, install base marketing focuses on providing you with concrete data about your target audience.
The technique is particularly useful for B2B marketers because it helps them identify and profile target buyers.
In the following sections, I’ll elaborate on the main advantages of utilizing install base marketing data.
Closer Understanding of Target Buyers
Understanding the preferences and struggles of potential customers is one of the biggest challenges that marketers face.
It becomes even more difficult for B2B marketers considering the complex buyer’s journey and multiple decision-makers involved.
That’s where analyzing the install base marketing data of your competitors comes in handy.
It gives you a glimpse of the type of buyers who are already using your competitor’s products and services. You get access to plenty of useful information about these buyers, including their company, designation, and team size.
Moreover, you get a clear idea of what kind of solutions your target buyers are already using. Also, you can dig deeper into the common challenges their job entails.
You can even identify potential gaps or flaws in your competitor’s products/services that are leaving their customers dissatisfied.
This, in turn, lets you optimize your offerings and attract new customers. It’s an excellent way of expanding your existing customer base.
Improve Customer Retention and Loyalty
Install base marketing involves analyzing a plethora of data about your existing customers. You get a clear idea of what kind of buyers are currently engaging with your products/services.
Also, you can find out precise details of what they feel about your company and solutions. I find that particularly useful in understanding the struggles that an existing customer is facing with a specific offering.
Having access to this information helps you provide top-notch customer support at the right time. You can send them helpful resources and tools to deal with their challenges.
It enhances the overall customer experience and makes customers loyal to your organization. This, in turn, helps you build an enduring relationship with them and ultimately, skyrockets customer retention rates.
Install base marketing data provides you with plenty of opportunities to upsell and cross-sell products to your customers.
Once you identify the pain points your customers are struggling with, it becomes easier to sell relevant add-on tools and accessories to them.
Also, when you delight buyers with a seamless customer experience, they’re more likely to purchase from you in the future. All these factors contribute to increased revenue and business growth.
The best part is that it helps you stand apart from your competitors, and attract even more paying customers.
How to Gain Competitive Advantage With Install Base Marketing
Now that you’re aware of the awesome benefits of install base marketing, you must be yearning to get started. Let’s check out a few simple techniques to analyze your competitor’s install base marketing data.
Analyze Your Competitor’s Online Presence
Your competitor’s digital assets hold subtle clues into their target demographic. It gives you a glimpse of their current customers and helps you understand how their brand is perceived.
If you want to collect install base intelligence on your competitor, make sure you evaluate the following:
- Company website
- Social media profiles
- Review aggregator sites
- Business directories
Start by heading to your competitor’s official website. Check out any sections that list case studies, customer reviews, and testimonials.
These web pages pack a goldmine of useful install base marketing data. You can find out the names and job profiles of the existing clientele.
Also, you get an idea of the industry/sector they work for. You can even check out the organizations where they’re currently working.
For instance, Salesforce has a section on their homepage that showcases their customers.
Image via Salesforce
Similarly, HubSpot’s website has a separate web page dedicated to case studies and success stories.
Assessing case studies will help you identify the specific challenges that led these buyers to look for a solution. Also, you can find out what they like about your competitor’s organization.
It’ll give you a clear idea of the tools and strategies your competitor is using to acquire and retain customers.
All this information puts you in a better place to develop advanced product features and solutions to attract new customers.
Social Media Profiles
A company website will only showcase the information your competitor wants the world to see. On the other hand, their social media profiles offer a more transparent and unbiased glimpse of how their brand is perceived.
Check Out the comments sections of their social media posts to understand what their audience feels about the brand.
Similarly, you could check out the reviews on their Facebook page to find out what their customers need. Watch out for features/solutions their customers still need.
It’s also a good idea to leverage social listening for a better idea of public sentiments and opinions about your competitor.
Review Aggregator Sites
Similar to social media platforms, review aggregator websites give you a closer look into what buyers think about your competitor.
Here’s a review of Trello on G2.com:
Image via G2.com
Such detailed reviews give you access to plenty of data, including what customers like and dislike about a competitor’s offerings. Also, you can find out alternatives they’d explored before choosing your competitor’s business.
You can even learn more about a customer’s organization, including its size and niche. Make sure you check out review aggregator websites that are relevant to your industry.
Apart from review forums, you can also check out business directories, such as Yelp, Yellow Pages, and Better Business Bureau. These websites feature detailed reviews and ratings that help you delve deeper into your competitor’s clientele.
Depending on the type of business your competitor is running, it could also make sense to check out their reviews on Google.
Evaluate Social Media Ads
Analyzing your competitor’s Facebook and Instagram ads is a great way to enhance your social media ad campaigns.
All you have to do is visit your competitor’s website and social media profiles. It’s only a matter of time before their sponsored ads start appearing on your Facebook/Instagram feed.
Whenever you spot an ad, hit the ellipsis icon on the top right corner and click “Why am I seeing this ad?”.
Image via Facebook
It’ll reveal the precise targeting parameters your competitor is using to run their ads.
Image via Facebook
You get access to the age group, geographic location, interests, and other parameters they’re using to target potential buyers. You can use this information to define the target audience for your social media ad campaigns.
Check Out Q&A Forums
Tracking brand name and branded hashtag mentions on social media is a great way to understand how your competitor is perceived.
You can further boost your social listening strategy by looking at Q&A forums, such as Reddit and Quora.
Identify questions and discussion threads about your competitor’s brand and products/services. Check out the comments to find out the needs and preferences of their target audience.
These discussion threads will also help you identify gaps in your competitor’s offerings. You can identify the current pain points of their customers.
Watch out for any comments that list features or services they wish your competitor offered. Likewise, keep an eye out for comments describing a customer’s experience with their product/service.
Don’t Forget Online Marketplaces and App Stores
Online stores and marketplaces, such as Etsy, eBay, and Amazon, could feature reviews of your competitor’s products. If they’re selling software solutions, I suggest you also check out user reviews on leading app stores.
The Time to Get Started with Install Base Marketing Is Now
Whether you’re looking to amplify customer retention rates or acquire new customers, install base marketing is crucial for every B2B business. Apart from skyrocketing upsells and cross-sells, it also helps you stay ahead of the competition.
If you want to get an edge over your competitors using install base marketing, keep a close eye on their digital presence. The key is to take a closer look at their existing clientele and target customers through their website and social media profiles.
How is your company utilizing install base marketing data? Share your suggestions in the comments section below.