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Simplifying Competitive Analysis to drive Sales


admin_enablix - September 8, 2018 - 0 comments

Start from the basics In our experience, here are two commonly asked competitor-related questions in a sales cycle.

  • Who do you consider your competitors (for this offering)?
  • How is your offering different from Competitor A and/or B?
These are valid questions. And not having a useful response to these questions can really hurt your prospects of winning. However, companies often complicate the process of enabling their revenue teams with competitive information. Here are some simple tips to enable revenue team with competitive data. Track Competitors – Are you tracking your competitors? Do you have a list of your primary competitors that you bump into all the time? If not, then putting this list down is an excellent place to get started. Do not assume that your sales teams know all the competitors. Segment Competitors – Do you have multiple offerings in the market? Do you do business in different geographies? Do you cater to different market tiers? If the answer is yes to any of these questions, it is quite likely that you face different competitors in different segments of your market. Map your competitors to your segments. Your offering’s overall differentiation – You should have an answer to the broader question – What is your differentiation in the marketplace? This question should be answered irrespective of a specific competitor and can be part of your overall corporate positioning. And spelling this out will really help detailed level competitive discussions. When you start comparing your offerings with individual competitors, those talking points should map back to your company’s overall differentiator. Start with simple collateral – There is no limit to the degree of competitive analysis an organization can conduct. However, when your revenue teams are fielding queries about your competitors and the differentiation of your offering, we have seen that simple is better. Why is that?
  • It is easier to digest for your revenue team members and your prospects.
  • A simple piece of collateral is easier to refresh and maintain. Your competitive collateral should be refreshed regularly as your offerings, and your competitor’s offerings evolve.
  • It is easier to templatize a simple format.
Competitive Content Types We have here a list of popular content types for competitive analysis. Competitive Collateral Building content takes resources. And it is quite likely that some of the information needed to create these assets is already available in your organization. You just need to put it in the right structure to scale that information. Moreover, you can start small. You can focus on the Feature Comparisons and Outcome Comparisons and slowly build into a richer library of assets to help your revenue teams compete. Minimize Sales Barriers CTA]]>

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