How to Leverage Price Intelligence for Effective LinkedIn Outreach?
B2B professionals are a notoriously difficult crowd to please because they know all the secrets of the trade themselves. You always have to go the extra mile for them even to consider your offer. And with all your competitors fighting for their attention on saturated platforms like LinkedIn–you’ve got a pretty challenging task.
However, it’s still possible to stand out from the crowd and capture your ideal target’s interest. One such clever strategy is combining price intelligence with LinkedIn outreach. Fusing the two will allow you to supercharge your data-driven targeting and personalization efforts–thus strengthening your brand’s positioning and outreach effectiveness.
But before diving into how you can leverage it for your brand, let’s get the basics out of the way:
Understanding Price Intelligence
What is Price Intelligence?
Price intelligence tells you which competitor brand or product is entering a price war by gathering, analyzing, and leveraging data on pricing strategies across the market. It includes understanding market trends, competitive pricing, and customer behavior to optimize pricing strategies.
More importantly, price intelligence provides you with real-time insights into competitor’s strategies. Using this information, B2B companies can identify trends like price fluctuation, promotional activities, and shifts in consumer behavior.
Therefore, in the cut-throat competitive environment where even a 1% improvement in pricing can result in an 8.7% boost in operating profits, price intelligence gives you an advantage for market dominance.
Benefits of LinkedIn Outreach
LinkedIn outreach is all about finding and nurturing the right audience–price intelligence hands you invaluable data to get it right. From creating Ideal Customer Profiles to identifying market gaps, it can help you target the right prospects on LinkedIn.
Plus, since competitive pricing is the most critical factor in B2B buyers’ purchase decisions, price intelligence data will give you the upper hand in shaping your offer to be the most lucrative one for prospects.
For example, say your competitors are more focused on cost-savings due to economic downturns. Using price intelligence, you can adapt your outreach messages to emphasize your product’s cost-efficiency and long-term value.
Thus, highlighting these in the LinkedIn outreach effort will boost engagement, enhance brand positioning, and build a stronger relationship from the get-go.
Leveraging Price Intelligence in LinkedIn Outreach
Now that you are convinced about the potential of price intelligence to boost your LinkedIn outreach effectiveness, here’s how you can leverage it for your brand:
Identifying High-Value Leads
Begin with gathering and analyzing pricing data across competitors and the market using tools like Price2Spy. Consistently monitor where you stand in comparison with your competitor. Keep an eye on:
- Price changes
- Pricing trends to see how competitors are changing their prices over periods
- Competitors pricing strategy
Using these price intelligence data, understand your customer pain points related to the pricing. Say your data shows that SMBs in specific sectors face tight margins. With LinkedIn’s advanced search features, you can target decision-makers at such companies and reach out with emphasis on your product’s cost-saving benefits.
Segment your audience based on their price sensitivity, lead quality, and revenue potential. High-value B2B buyers are highly price-sensitive prospects, particularly those who are reactive to pricing, discounts, and offers. Focus on this segment and allocate resources for the highest ROI.
The data will also help you find clients who were recently affected by competitors’ price changes, and they will be your primary target. Price2Spy’s price change alerts can be instrumental at this stage–enabling you to craft a dedicated LinkedIn outreach campaign for the impacted clientele.
The goal is to shortlist high-value leads most likely to benefit from your pricing.
Crafting Data-Driven and Personalized Messages
Generic cold outreaches don’t cut it anymore, especially in the B2B space, where 76% of buyers expect more personalized attention based on their specific needs. Thus, leveraging price intelligence insights into your outreaches, you can create more personalized messages with high conversion possibilities.
With the market research in the first step, you already understand the prospect’s pricing pain point. When crafting the personalized message, highlight these points to empathize with their challenges.
Example: “Hi [prospect name], the recent price spike from [competitor’s name] must have added pressure to your budget. Seeing the challenge, let me offer you a cost-effective alternative. I’d love to discuss how our [product/service] can help ease your strain at a lower cost with even more features. Let’s connect if you’re interested.”
Using pricing intelligence, show how your product offers better value than the market. Stress your specific advantages, such as lower costs, better features, or additional benefits, that are in line with the pricing data.
Example: “Hi [prospect name], I’ve been following the market trend, and it looks like [competitor’s name] is charging much higher for features that our products also offer – but at a significantly lower cost. I’d love to show you how our product will provide you better ROI.”
Share insights from your pricing analytics for more personalized offers. This can include offering a comparative analysis or explaining how your pricing strategy will benefit the prospect in the long haul.
Example: “Hi [prospect name], did you know that our [product/service] offers 20% more features compared to similar offerings from [competitor’s name] at the same price? I’m sure you’d like a detailed comparison. Let’s schedule a call to analyze how you can get the maximum value from our offer.”
Leverage dynamic pricing insights in the outreaches. See if the prospect can benefit from seasonal promotions or price adjustments. For example, if there’s a temporary price drop in the industry, capitalize on the urgency with limited-time offers.
Example: “Hi [prospect name], we’ve noticed that prices for [product/service] typically spike during [upcoming period]. We offer a preemptive discount on our product if you want to avoid these increases. But, this offer is only available till [near deadline]. Let’s get you the [product/service] at the best value before the offer expires.”
Automation Tools and Techniques
And finally, although you can do all this manually and as per the book. In reality, outreach automation is crucial to reach all the potential prospects on LinkedIn.
So, if you want to scale your LinkedIn outreach using price intelligence while keeping it super-personalized–use LinkedIn automation tools. The trick lies in balancing personalization and automation.
You can use tools like LinkedIn Helper for LinkedIn outreach automation to set up automated campaigns that send personalized messages based on pre-defined criteria. This will allow you to scale your personalized outreach with pricing intelligence insights.
However, even though you are automating, you don’t want the messages to feel robotic. Personalization is key to helping your prospect identify and grow interest in your offer. Therefore, it’s always a great idea to consistently review the performance of your campaign and optimize it accordingly.
Remember, the goal is to use automation efficiently, not exclusively.
Creating the Most Effective LinkedIn Outreach Campaign
There is no set-it-and-forget strategy for a successful LinkedIn outreach campaign. However, personalization is a dominant need for prospects, even when they consider reading your message. You have to hit the right chords of emotions and need to stand a chance.
Fortunately, pricing is one chord that can draw every prospect’s attention. That makes integrating price intelligence with personalized LinkedIn outreach a high-potential strategy worth investing in.
So, using the above laid out three steps, make sure you adopt this winner’s blueprint in your outreach effort to boost success and drive skyrocketing B2B results.
