Chasing Competitors: The Never-Ending Rabbit Hole | E76

Ever feel like you're constantly being told to keep a close eye on your competitors? Maybe you're even encouraged to mimic their every move. Well, today, Ruta and Emma from Blame it on Marketing are here to unpack why this might not be the best approach and what you can do instead.

The Competitor Chase: Why Do We Fall Into This Trap?

Why is it that we get sucked into this whirlwind of constantly checking up on our competitors?

Ruta explains,“I think when you have competitors, it's an easy benchmark to look at. It’s something obvious to compare yourself against. ”But Emma adds an interesting point of view, “We fall into this trap because, especially at the c-suite level, there's a perception that copying will lead to similar success.”

It’s a quick way to justify what can otherwise feel like a fumble around in the dark for direction.

Competitors: The Misleading Benchmark

The marketing world, especially within B2B, is crowded. “The market for B2B tech, even professional services, is full of businesses doing a similar thing,” says Emma. “Chasing the tail of your competitors ensures you're always one step behind.” Ruta agrees, “If you're chasing them and there's nothing else to chase, it means you're just... following.” Yikes!

Adapt, Don’t Imitate: Lessons From Personal Experience

Let's talk about an instance at Clear Review, where Ruta and Emma observed a competitor obtain a staggering amount of funding—$68 million to be exact. While this competitor inflated PPC keyword costs and drove market confusion, the duo didn’t react with imitation. Instead, they chose a creative path to success, focusing on campaigns that aligned with Clear Review’s own unique selling proposition (USP).

Strategy and Differentiation over Copying

How can you sidestep the copycat mentality? Ruta and Emma recommend focusing on your ICP (Ideal Customer Profile) and investing in a solid go-to-market strategy. As Emma puts it,

“Your go-to-market strategy should be your North Star, not the competitors.”

By understanding your unique positioning and strengths, you can avoid the superficial allure of imitation.

Finding Your Differentiators

So, what can you do if your products are eerily similar to a competitor’s? “Look for different audiences to target or focus on specific use cases,” Ruta suggests. Emma adds, “Highlight the expertise in your team—if your product director has significant experience, let that shine.” By digging deep into what truly sets you apart, you build something competitors can't easily copy.

Bringing the Whole Team on Board

One of the most powerful ways to ensure your product evolves uniquely is by getting everyone in your team, particularly customer success and product teams, on board with your ICP. Emma states, “Ideal customer profiles are for the entire business. They dictate everything from product roadmap to sales.” It’s a unified effort across the board.

The Final Word: Stay Authentic to Your Brand

In conclusion, it's easy to become absorbed by what your competitors are doing, but chasing after them will only lead to a stagnating strategy. “Blame It on Marketing” wants marketers to focus on authenticity, strategy, and true differentiation based on your unique audience needs. Time to focus on what makes your brand, well, yours!

Ready to break free from the endless cycle of comparison and start leading with your unique strengths? Let us know your thoughts and experiences!