Monthly Archives: May 2023

Many marketers don’t take advantage of competitor audits, so we have to ask: When was the last time you performed a competitor analysis for your brand? If it’s been a while or you aren’t sure how to do a competitor analysis, we can help you through the process.

Too often, a competitor analysis is reserved for the early days of a company or the launch of a new product. But knowing how your competitors are positioning their products is key to ensuring that your content remains relevant.

In this post, you’ll learn the benefits of revisiting your competitor analysis, as well as tips to get it right.

Table of Contents

What is a competitor analysis?
Benefits of Competitor Analysis
How to Conduct a Competitive Analysis
Competitive Analysis Template
Competitive Analysis Example

Benefits of Competitor Analysis

The first and most obvious benefit of a competitor analysis is understanding your position in the market. You can understand where your peers are excelling whether or not you are keeping up.

If the honest answer is that you’re not — that’s okay! Now you know. After the analysis, you can begin an open conversation about how to improve.

1. You can grow your business.

Marketers and competitive research professionals agree that staying on top of your competitor leads to more success. HubSpot research found 90% of marketers report positive impacts on their business from using competitive research as part of their strategy.

2. You’ll see more revenue.

The benefits of competitor analysis can be financial as well. In fact, 68% of marketers see positive revenue impacts with a weekly evaluation of competitive research.

Consistency here is key. Competitor analysis has proven to be most valuable when firms ditch the inconsistent drop-ins and incorporate the practice into their scheduled marketing operations.

3. You’ll find new opportunities.

A thorough analysis of your competition could reveal opportunities — like gaps in your competitor’s offerings. Identifying missing functionality is an opportunity to meet buyer demands that your rivals overlook.

4. Your business can maintain relevance.

With a competitor analysis, you can note what your peers are doing really well. You can then emulate their successful strategies to catch the attention of more buyers.

How to Conduct a Competitive Analysis

So, how do you start? Follow the steps below to evaluate your competitor, learn from your buyers, and then curate your information.

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1. Understand your industry.

The first step is to complete Porter’s Five Forces analysis. It’s a way of determining the level of competitive rivalry in your industry. This framework prompts you to start thinking about how to be more competitive within your market — or if you are more or less likely to find success in a new market.

You’ll evaluate the threat of new entrants, the strength of buyer power, the threat of substitution, and how supplier power affects your ability to be competitive in the niche you want to occupy.

2. Understand your competition.

Doing a SWOT analysis (strengths, weaknesses, opportunities, and threats) on your competitor is the next step. This is invaluable research specifically focused on one rival at a time, and it’s where you’ll start looking for trends in their content strategy and investigating their SEO results.

Proactively seek these out so you can start creating solutions to be more competitive.

3. Understand your buyers.

There are various ways to conduct surveys and perform focus groups, but at the heart of it is getting information straight from the source. Your buyers understand their needs, wants, and what impedes them. It is imperative to consult them.

4. Present your findings.

There’s a reason that Scientist and Science Communicator are different job titles. You can do all the research in the world, but it won’t make an impact until the people in the trenches understand and can make use of the information.

PowerPoint is still very prevalent in big business, so putting forward a focused and concise slide presentation with infographics is the way to go.

Our Market Research Kit includes a resource for getting started with data visualization for marketers.

Competitive Analysis Templates

So you’re ready to conduct a competitive analysis. These templates can help you get started.

1. HubSpot’s Marketing Strategy Kit

Our Marketing Strategy Kit includes resources for getting started with your competitive analysis, including Porter’s five forces analysis and a SWOT analysis template.

You’ll also find guidance on conducting fact-finding surveys and focus groups, creating buyer personas, and a plug-and-play PowerPoint presentation to help you share your findings.

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This is the empty SWOT template we provide inside the Market Research Kit. Here you can gather your findings and keep them organized on one sheet. This chart can easily be plugged into the provided PowerPoint presentation, making sharing findings a breeze.

2. MECLABS

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The MECLABS Institute has a series of competitive analysis documents. If you’re looking to understand the forces shaping your industry, MECLABS’ resources can help you compile the research.

All of the charts that you complete can easily be turned into slides. The visuals make your analysis easy to understand.

3. Semrush Market Explorer

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You may feel overwhelmed about starting your research from scratch. Semrush can help. Before you start surveying the marketplace on foot, you can assess your competition entirely online.

Semrush offers a free trial that includes market research tools. Here you can see the size of your industry, available niches for your business to fill, and your competitors’ market potential.

You’ll also see how well your business can position itself with online search engines.

Competitive Analysis Example: The Coffee Shop

Let’s say you want to start a new coffee shop in Boston that specializes in making Asian-inspired lattes. To see the viability of your new business, you would start with the following competitive analysis.

Porter’s Five Forces Analysis

Let’s start by determining the level of competitive rivalry for your business. We’ll explore how the business compares to other coffee shops using Porter’s Five Forces.

1. Competition in the Industry

Boston has a large number of coffee shops, including large chains. Your business will need to compete with large players like Dunkin’ and Starbucks.
Coffee companies Jaho and Ogawa also serve Asian-inspired drinks. You’ll want to make sure that your shop is in a different neighborhood to avoid competition.
While many Asian restaurants sell coffee, they also sell full meals. Your coffee shop offers a different type of experience, so you are less likely to compete with these establishments.

2. Potential of New Entrants

As a drink company, you’re not just competing with coffee shops. Boston’s budding boba scene may distract from your business.

3. Power of Suppliers

If you’re using imported ingredients at your shop, you’ll rely on suppliers to run your business. How reliable is your supplier? Do you have a backup if your primary supplier cannot complete an order?
Instead of having a logo custom printed on your cups, you have a stamp that you can use on your items. You can then use any supplier for cups and sleeves, allowing you to secure the best price.

4. Power of Customers

Let’s say your storefront is near a local college campus. You’ll have a continuous flow of customers as students come in and out to study.
However, these customers have tight budgets. You may need to lower your prices to keep these college students coming back multiple times a week, instead of once a month.

5. Threat of Substitute Products

Coffee has gotten more expensive in recent years. Customers may be more likely to make their own coffee at home.
Larger players have rewards apps, which offer perks like free drinks. You may lose customers to these players that offer free products.

Running a SWOT Analysis

A SWOT analysis can help you better position your brand in your market. For our coffee shop, let’s run a SWOT analysis on Jaho, another Asian-inspired coffee joint in Boston.

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From this SWOT analysis, we learned the following:

The location of your store will be beneficial for the business. Your coffee shop will be in a neighborhood that Jaho does not currently serve.
Having a nice seating area will be essential. You want to make sure your shop has the same cozy atmosphere.
Your menu should include flavors that Jaho does not. This allows your lattes to stand out.

Customer Research

To understand how your potential customers interact with coffee shops, you’ll need to conduct additional research.

Let’s say you’re not ready to interview potential customers. Instead, you can research the demographics of your area. That includes the age and income breakdowns of your customers.

You can also review the Yelp pages of nearby coffee shops. This will help you understand what makes for a good or bad experience in your customers’ eyes.

After this research has been compiled, it’s time to present your findings to your business partner. Then you can make sure your insights are incorporated into your business.

Making the Most of a Competitive Analysis

As you conduct competitor research, make sure you understand how findings affect your business. Pull in relevant statistics to show how you compare. This allows you to make the most of your research and helps demonstrate your points to stakeholders.

Creating as much context around your research as possible is the best way to make connections and find novel solutions. So get digging, get visual, and get more competitive!

Imagine having a bunch of puzzle pieces scattered in different places — that’s not very helpful. If you put them together, they tell a more cohesive story. 

Customer Data Platforms (CDPs) serve the same purpose — they gather customer data from different sources and store that data in a central place. 

Because this data helps businesses better understand their customers and how they behave, CDPs play an important role in helping you make informed product and marketing decisions. 

Today, CDPs are vital for brands across industries. But with popularity comes choice. Businesses now have to choose between a wide range of CDP platforms to ensure they’re properly synthesizing and analyzing the right data points for their brands.

With all of the above in mind, it’s not actually that shocking that the CDP market grew from $1.6 billion in 2021 to $2 billion in 2022.

In this post, we’ll discuss the ins and outs of customer data platforms and the best ones to implement into your strategy.

What is a Customer Data Platform?

A CDP consolidates customer data from different tools and software into one centralized database. This database contains customer interaction data and other information from sources such as websites, mobile apps, email, and social media.

CDPs, often confused with Data Management Platforms (DMPs), contain both personally identifiable and anonymous users (for example, IP addresses), while DMPs primarily work with anonymous users.

CDPs consist mostly of first-party data, or data collected directly from the customer. They can also store third-party data, or data you get from another company (or third party).

Types of Customer Data Platforms

Not all CDPs are created equal. There are a few main types:

Marketing Clouds: Marketing Clouds refers to a suite of cloud-based marketing tools.
Smart Hubs: Smart Hubs act as a central hub for your company’s marketing technology, or martech.
Marketing Data Integration: Marketing Data Integration CDPs place data first, with API capabilities.
Engines and Toolkit: Engines and Toolkit refers to CDPs that are built by the business if the CDPs available are deemed insufficient or to answer specific needs.

Best Customer Data Platform Companies

Segment

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Segment is a CDP that helps businesses collect, clean, synthesize, and activate first-party data across different touch points like Facebook, email, and website. Through a single API, Segment  can also connect customer data from different business departments, like marketing, sales, service, and web analytics.

Pricing: Free version, $120/month for its Teams, and custom pricing for businesses. 

Optimove

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Optimove’s Relationship Marketing Hub brings customer data together in a single customer view. The GDPR– and ISO-compliant platform combines first-party data, third-party data, on-site/in-app user activity, and campaign response history.

Pricing: Pricing is available upon request.

Totango

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Totango enables users to connect and view data from customer data streams, including contract and transactional data, support tickets, and demographic and behavioral data. You’ll also be able to access and compare real-time customer health data  with other metrics like NPS (Net Promoter Score) and CSAT (Customer Satisfaction score).

Pricing: Free intro version. $249/month for Starter and $1,099/month for Growth. Pricing is available upon request for Enterprise.

Bloomreach

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Bloomreach’s CDP, called Bloomreach Engagement, offers a single customer view, online and offline data tracking, and customer analytics like on-site data, backend data, and offline data. The platform also leverages machine learning to make predictive recommendations like ranking customers based on their actions such as likelihood to make a purchase. 

Pricing: Pricing is available upon request.

Insider

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Insider can connect data across multiple channels such as apps, website, email, and CRM, predict behavior like customer intent using its AI engine, and create personalized experiences at touch points for customers. Customer profile management is centralized with Insider’s journey orchestrator called Architect.

Pricing: Pricing not publicly available.

Tealium AudienceStream CDP

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Tealium AudienceStream enables companies to construct detailed customer profiles, with features like:

Identity resolution: Collecting and matching customer data points across different platforms, devices, and browsers
Cross-channel audience management: Create a solid data foundation to organize audience data

Pricing: Pricing is available upon request.

Blueshift

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Blueshift unifies and organizes first-party customer data in a single customer view. Features include cross-device identity resolution, real-time data, and customizable datasets.

Pricing: Blueshift offers Starter, Growth, and Enterprise packages. Pricing is available upon request.

Microsoft Dynamics 365 Customer Insights

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This real-time CDP combines transactional, behavioral, and demographic data to create comprehensive customer profiles. Features like sentiment analysis enable you to identify opportunities to improve customer experience.

Pricing: Microsoft Dynamics 365 Customer Insights offers multiple pricing tiers. More details are available on their site.

Oracle Unity

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Oracle Unity combines online, offline, first-party, second-party, and third-party data into a single, real-time customer view. Identity resolution enables you to connect individual identities across various channels. Data models built for different industries lets you get granular.

Pricing: Pricing is available upon request.

Emarsys

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Emarsys connects sales, product, and customer data to provide a holistic view of the customer. The platform helps you synthesize historical and real-time data to provide personalized experiences for your customers.

Pricing: Pricing is available upon request.

How to Choose Customer Data Platform Vendors

There are several things to consider when choosing a CDP. Considering the following can help you determine the best CDP for your business.

1. Figure out your use cases.

In order to find the best CDP for your business, you need to determine your use cases. Naturally, combining customer data and storing it in one place is a top reason for using a CDP, but digging deeper can help you get more out of it. Some uses cases can include:

Gain a more comprehensive understanding of the customer journey
Provide a better mobile experience for customers
Create more targeted advertising campaigns

2. Identify necessary integrations.

The next step is clarifying which tools you’ll need to connect to a  CDP. 

For example, your company might use marketing tools like Looker, Instagram Ads, and Intercom or customer relationship tools like CRMs, payment processors, email platforms, or help desk systems. You’ll need to determine which of these tools must connect to a CDP, and which integrations are nice to have.

3. Determine your must-have features.

Depending on your needs, there are some CDP features that must absolutely be included. Defining those key features will be critical in helping you pick the right CDP. These features could be:

Advanced security features like ISO 27001 or SOC 2 certification
Identity resolution, which helps you identify users across different channels
GDPR and CCPA compliance
Real-time data
Integration options with tools you use or plan to use

For a more in-depth guide on how to choose a CDP, check out this blog post.

CDPs Can Help Your Business

CDPs are a powerful tool in your arsenal. Uniting customer data is the foundation for better understanding your customers and learning how to improve the customer experience.

Welcome to Breaking the Blueprint — a blog series that dives into the unique business challenges and opportunities of underrepresented business owners and entrepreneurs. Learn how they’ve grown or scaled their businesses, explored entrepreneurial ventures within their companies, or created side hustles, and how their stories can inspire and inform your own success.

Everything You Need to Know about the Disability-Owned Business Enterprises (DOBE) Certification

Minority-owned business certification dates back to the 1970s but only gradually began being considered potentially applicable to entrepreneurs with disabilities some 15 years ago — decades after the passing of the Americans with Disabilities Act in 1990.

This explains why, in 2023, there are only 500 DOBEs across the country despite the numerous commercial advantages.

What is the disability-owned business certification?

A disability-owned business enterprise (DOBE for short) is a for-profit business that is at least 51% owned by an individual with a disability.

The DOBE certification process is wholly administered across the United States by Disability:IN, a global leader in business disability inclusion with a network of over 500 major corporations, and, once completed, brings with it numerous competitive advantages like:

A nationally recognized certification
Preferential supply chain access through public and private sector clients with supply chain diversity commitments
Education, training, and networking opportunities that are exclusively available to certified DOBEs

Additionally, Disability:IN can provide direct introductions to key procurement leaders and corporate buyers whilst also assisting DOBEs in ensuring that they are contract-ready and fully primed to capitalize on all types of market opportunities.

In short, DOBEs enjoy a clear competitive advantage over other disability-owned businesses that are not certified and compete on more of a level playing field with similar organizations that are not disability-owned.

Disability:IN Certification Requirements

A DOBE can be run by someone with any type of disability, both visible or invisible – physical or cognitive – provided the medical evidence submitted upon application can attest that the disability has a significant long-term impact on the person concerning daily life activities.

Where there is less room for maneuver is that the disabled applicant must have at least 51% control of the business and therefore have the final say on all important commercial decisions.

DOBE Certification Process

During the DOBE application process, which can be undertaken online, the applicant must submit documented evidence of their majority stake in the company. These documents may include tax returns, articles of incorporation, and corporate meeting minutes.

Disability:IN uses a sub-committee of around seven of its 70 corporate members to review and approve applications, and it’s usually done within 90 days. If a business has previously been designated as minority-owned by related operators such as the Women’s Business Enterprise National Council or the National LGBT Chamber of Commerce, the approval process can be fast-tracked to 30 days.

Once approved, you’ll need to renew your accreditation every three years (at a cost of $300), which, compared to the potential upsides, is a drop in the ocean. However, business owners are required to notify Disability:IN if, in the interim, there is a change in the ownership structure of the organization.

Why is the disability-owned business certification important?

Entrepreneurship is twice as popular amongst disabled people than their non-disabled counterparts, and overall, one in five or 20% of Americans are thought to live with some type of disability.

In estimating the potential number of businesses that could benefit from DOBE certification based on this data — 500 represents a significant shortfall. However, there is likely to be a multiplicity of factors driving this.

Firstly, not all business owners with impairments will have heard of the DOBE certification program, and many may not self-identify as disabled. Others may incorrectly believe that the disability-owned designation only applies to more extreme cases of disability.

Others still may have concerns that certification may stigmatize the business and potentially put off less enlightened customers.

The reality is that DOBEs can be as discrete as they see fit to promote their accredited status. While some may display their accreditation badge on their website, others may simply use their status for networking and leveraging contracts.

Over to You

We are now over three decades from the ADA, and the evolving pandemic corporate world holds promise for being more inclusive.

If you’re a disabled business owner in 2023, applying for a DOBE certification can open a multitude of doors — there’s nothing to lose and potentially a massive amount to gain.

If you’re reading this, you likely want to ask for a promotion but are unsure how to approach the topic. It makes sense because asking for a promotion can be nerve-wracking, but it’s necessary for career growth.

If you want to know how to ask for a promotion, you’ve come to the right blog. Here’s how you can prepare for the conversation beforehand and how to discuss it with your superiors.

When to Ask for a Promotion

How to Ask for a Promotion at Work

When to Ask for a Promotion

Before asking your superiors about a promotion, ask yourself if now is the time. Below are a few cases where it’s most likely time to ask for a promotion.

Your work has positively impacted the business.

All your work in your current position is necessary for pushing the business forward. Still, if you notice your work is making a measurable difference — you could have an excellent case for a promotion.

Keep a log of all your accomplishments, such as revenue-boosting projects or highly successful campaigns. Furthermore, ask your manager if you have any other opportunities to impact the business more.

You’ve taken on more responsibilities.

Look at your job description and assess whether your current responsibilities go beyond the initial scope of your job.

It’s normal for a job’s duties to evolve, but if you notice your position is growing into more of a leadership or management role — it could be time for a promotion.

Discuss with your manager the expectations for your current position and how they can fit into a higher role.

You’re ready to grow within the company.

If you’ve been in your current role for at least a year or two, you may feel ready to move and apply the experience you’ve acquired to a more significant role. It’s common for companies to hire internally to save time and resources.

So, if you notice a position in your company is open and think you’d be a great fit, speak to your manager about the opportunity.

You may have a greater advantage than other candidates due to your experience and familiarity with the company.

How to Ask for a Promotion at Work

Before asking for a promotion, research the skills necessary for the role you wish to assume and try to have early conversations with your manager about your career trajectory.

Once you feel like you’re ready to take your career to the next level with a promotion, keep the following tips in mind:

Consider your relationship with your manager.

If you’re on good terms then you can likely have a candid talk with you manager about your career trajectory.

The best managers are the ones who know how to create or find opportunities that combine your skills, interests, and challenges, so these are some things to outline before the conversation.

However, if your relationship with your boss isn’t so splendid, or they are not in a decision-making position, look higher. Figure out who the best person is to speak with, even if they work in a different department.

Be aware of the promotion process.

Before you can ask, you must check to see if there is a formal process you and your manager must follow when handling promotions. Do you have to be at the company for a specific time?

Is there a particular way you need to communicate about promotions?

If you need to figure out your company’s formal procedure regarding promotion, or if it has one at all, then you need to ask your manager.

If you’re nervous about asking your manager about the formal process before discussing a promotion, career strategist Jennifer Brick says to remember one thing:

“If you’re not having an open and candid conversation with your boss about your career ambition and the fact that you want to get a promotion, you’re not putting them into a position where they’re going to be able to help you get it.”

Brick says your manager will be best poised to give you the support and guidance you need to advance within the company.

“[Having that discussion] will make your life so much easier,” she says. “And it’s going to increase your likelihood of getting the promotion and a pay increase, whether you have a formal process or don’t.”

Approach a promotion as an investment.

“In essence, you are asking the company to invest in you,” says Patrick Barr, owner and managing partner of Barr Performance Coaching.

“Therefore, we need to see it as an investment decision, and therefore we need to think about it as a business case,” he says.

Barr says that while job promotions impact the individual, taking the “personal” and emotions out of the question and approaching the topic from a strictly business stance is essential.

“The first thing you need to think about is your impact on the company,” explains Barr. “What is it that you deliver? What is it that you bring in terms of value to the organization that makes it appropriate for the organization to pay you more?”

Barr also suggests making the decision easy for your boss because your boss still has to make a case to their superiors for why you should get a pay raise or promotion.

“The best way to do that is to write out, very clearly, the improvements you have made over the last 12 months in your role and the improvement you plan to drive in the future,” he said.

Align your promotion with the company’s success.

Career Coach Brittany Hayles of Hayles Consulting agrees with keeping a highlight reel of your progress and achievement within your role to present to your manager when you’re ready for a promotion.

Hayles also suggests highlighting how a promotion benefits the company and your team.

She explains:

“In addition to talking about those career highlights and how amazing you are, now align it to say, ‘Because I’ve done all these amazing things when I get promoted, it’s going to give me more autonomy to do even more amazing things.”

Hayles says to focus on autonomy.

“A promotion is supposed to lead to more autonomy,” she says. “It’s supposed to lead to the opportunity to have more control over leadership — whether you’re leading more people or leading more processes.”

So, emphasize moments where you took the initiative alone without being told what to do. This will show that you can be trusted to be more autonomous in your next role.

Essentially, you want to keep your manager in the loop of your career aspirations, and you’ll need to pitch your promotion as something that will benefit the company and not just yourself.

To do this, start keeping track of your progress and achievement as soon as possible, so you can make your case that a promotion will bring the company closer to its goals.

And no matter what — be confident! If you want the company to believe in your promotion, you must first believe in yourself.

Do you sigh internally when you open a cluttered and chaotic spreadsheet?

Same. Spreadsheets can be complex to navigate — even for experienced pros — and an unformatted one just worsens things.

But there’s an easy way to spruce things up a bit — wrapping text. And we’ve got you covered with simple step-by-step instructions on how to wrap text in Google Sheets. This blog will look at the following:

The Benefits of Wrapping Text in Google Sheets
How to Wrap Text in Google Sheets from the Format Menu
How to Wrap Text in Google Sheets from the Toolbar
How to Wrap Text in Google Sheets on Mobile

The Benefits of Wrapping Text in Google Sheets

Let’s illustrate the advantages of wrapping text with the help of an example. Imagine you’re tasked with creating social media posts using a content calendar spreadsheet.

Would you prefer to receive this spreadsheet (look closely and try to make sense of everything):

Or this one:

You likely chose the second option — where the wrap text feature is enabled for all cells.

But why’s that? Let’s break down the reasons why many probably prefer the second option, or in other words, the pros of wrapping text in Google Sheets:

It provides a neat, tidy, and uncluttered appearance and formatting.
Wrapping text offers much-needed whitespace, an important design element.
There’s no hidden or run-off text where the next column partially covers content or spills into other cells.
Wrapping text keeps information more streamlined, making it easier for the eye to navigate and read, thus allowing you to run smoothly through the spreadsheet without visual disruptions.

Next, we’ll dive deep into three text-wrapping approaches in Google Sheets. Before we do that, here’s a quick overview of one of the methods, in case you don’t want to scroll further to find the answer:

How to Wrap Text in Google Sheets from the Format Menu

Step 1: Choose the cells you’d like to wrap text in.

Here’s a quick trick to select all cells in a spreadsheet, which is especially useful when you have dozens of rows or columns — click on the outlined gray box in the extreme left, just above the row numbers (look at the image below).

Step 2: Click the “Format” tab from the menu bar. Then, pick the “Wrapping” option from the drop-down menu.

Step 3: Finally, click on “Wrap.”

Step 4: You’re all set! There’s nothing else to do. The wrap text feature will be applied to all the chosen cells, providing a more organized view of the content.

How to Wrap Text in Google Sheets from the Toolbar

Step 1: The first step is similar to the previous section. Simply pick the cells you want to format.

Step 2: Next, select the “text wrapping” icon in the toolbar, which can be found to the right of the alignment buttons.

Step 3: Choose the middle icon that looks like an upside-down undo button from the three options that pop up, and you’re good to go.

Quick hint: If you hover over the icon in the center, a small-pop up will appear with the word “Wrap.” This will help you identify the right option to click on.

How to Wrap Text in Google Sheets on Mobile

Step 1: First, install the Google Sheets mobile application. Next, open the file you want to work on from the mobile app and select the cells that require text wrapping.

Then, click the “Format” icon near the top of the page to the right of the redo button (see the arrow below).

Step 2: A box will pop up. Click on the “Cell” option, which will allow you to edit different elements of the selected cells (note: the default is the “text” option).

Step 3: Scroll down until you find the “Wrap text” option. Slide the switch to the on position, and you’re done. So, there it is — a simple tutorial on how to make the text fit on Google Sheets from your mobile device.

Does wrapping text make a difference?

Direct answer: Yes, it does.

Remember the 5 Cs: clean, clear, consistent, clutter-free, and no cut-off text. Your Google Sheet will be much more organized and easily read with wrapped text. So get rapping (err, I mean wrapping).