Do you know where you’re losing?
What if we told you that we could provide you with a map of where your potential customers are, what they are doing, and most importantly in the digital age- where they are spending time online before they hit the “purchase” button on your competitor’s website?
Sounds like valuable information that any company needs, no? Newsflash: Welcome to go-to-market intelligence- the tool that teaches you where you’re losing on the customer journey.
You know that you’re missing out on the customer journey somewhere along the way. Customers, at the end of the day, are purchasing from your competitors and you don’t know how or where to “intercept” them on their way to making the final decision.
We’re here to teach you how to get ahead of your competitors using a method we call “Zoom out/Zoom in”.
What is “zooming out” when analyzing the customer journey?
You’ve analyzed your market landscape. You see what you do (well and not so well), and on the surface you can see what your competitors are doing that works for them, and also some of what doesn’t work for them. The issue is that you’re operating in a silo of your own actions only. You’re missing everything that’s going on around you.
The strategic part of this is figuring out where you need to focus. What exactly is the problem that you’re trying to solve? Where is your weak point? Where are your customers exactly when they need you - and even before they know they need you?
The solution? Zooming out. This means looking at the customer journey from a bird’s eye view. You’ll see your competitor’s silos, not only your own, which will give you actionable insights on how to act to boost sales and conquer your digital market.
Zooming out includes two steps:
- Slicing and dicing the data in different ways to identify gaps that you must focus on. These are the leaks you have in the customer journey where you are losing out on potential customers. For example, one way to slice data is to look at the customer journey at different moments in time before a purchase. When you look at various time points before a purchase, such as a few days vs. 60 minutes or even 2 minutes, you’ll be able to gain valuable insights into how and where people are making decisions. Another way to slice the data is to look at different cohorts of people than you have considered in the past to understand how to get them into your sales process.
- Identifying parts of the journey - among multiple journeys - where at different points you can see where you are losing customers to your competitors. For example, being able to identify a key publisher, topic, or conversation where users who are engaging in that step of the journey end up choosing your competitor over you.
Let’s take a look at a real-life example. A company in the car insurance space used Konnecto’s GTM solution and suggestions to analyze the 60-minute journey before consumers purchased on competitor websites. Konnecto surfaced the 60-minute journey leading them to discover that consumers were overwhelmingly visiting Yahoo Finance during the awareness stage, and virtually not at all closer to the end of the purchasing journey. Utilizing this information, the company was able to catch users as close as possible to the awareness stage, enabling them to acquire more users for a lower cost before the competitors even began approaching them.
While this is a phenomenal discovery, the issue is that Yahoo Finance can be an expensive place to advertise and therefore ROI may not be high enough. So, we continued analyzing the data to see where the consumers traveled after the early stage (Yahoo Finance) in order to shorten the path to purchase. With data showing where customers were at the 45 or 40-minute mark, they were able to focus their marketing efforts and snag consumers before they ran to the competitors.
The zoom-out stage is critical to get the big picture, but it only comes together once you add in the zoom-in portion of the journey.
What is “zooming in”?
With the gaps visible along the consumer journey, companies need to connect to the user journey to gain traction.
The first step in the zoom-in process is to decide which gaps/opportunities to focus on. After deciding, it’s time to find a way to close the gap by the following:
- Identifying who the specific relevant consumers are
- Building relevant segments
- Pinpointing what they are looking for
- Understanding what their topics of interest are
- Building the right messaging to interest them
- Creating a map of where you can catch them - and the best method to approach or intercept them in the different stages of the journey (this could include messaging, display ads, content, partnerships, influencers, etc.)
This go-to-market intelligence strategy is the key to targeting your potential customers before they even have the chance to land on your competitors’ websites.
Buying mattresses online - an example of the zoom out/zoom in process
Once upon a time, buying a mattress online sounded impossible. After all, it’s obvious that you want to lie on a mattress before you decide to sleep on it for years, no? Not anymore. The mattress industry has reached the digital age and buying mattresses online is now a thing. But, how can mattress companies beat the competition? By zooming out and then in.
Zoom out: By looking at the consumer journey, mattress companies can understand that potential customers are concerned with two main things: warranty and return policy. This seems natural since they are concerned about being uncomfortable and therefore unhappy with a mattress they didn’t try before.
Zoom in: The solution to this problem is to talk about the return policy in the earliest stages of the purchasing process. By focusing on the (easy) return policy, companies can combat fears and make customers feel comfortable making a big-ticket purchase at the blink of a button. Putting the return policy and warranty information in the front changes the offering and the content, therefore putting the specific company at an advantage.
Zoom out/zoom in: your key to closing the market gaps before your competitors
Go-to-market intelligence allows you to use the zoom out, zoom in strategy to make decisions before it’s too late in the customer journey. Once your potential lead hits your competitor’s website, it may be too late. Now’s the time to stop them in their tracks and bring them in for the sale early in the process.
Konnecto’s groundbreaking GTM intelligence platform makes the process easy, performing the gap analysis for you and providing actionable insights and recommendations to beat the competition.