Know Your Enemy

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Back in my days with arguably (the) horizontal SaaS leader I benefited from an amazing Sales Enablement team who, among many other things, kept us up-to-date on the competition through constant training and a flow of excellent, up-to-the-minute materials such as battle cards.

A short while later I was stuck at a start-up where the competition regularly blew me and and my fellow sales pros out of the water and it only dawned on me when I was emptying out my drawer (yes, one of those stories) that there wasn’t a single document containing information about the competition in my desk.

Learn from my mistakes:

• Interview questions “Who is dedicated to feeding CI into the Sales organisation? Precisely how do they do it? How large is their group? How much face time can I expect from them? What deliverables have they agreed to always keep updated”

• With some interviewers in certain organisations you’ll get something along the lines of “We expect our Sales Pros to do that - or is that something you cannot do?” - you’ll want to mentally bookmark this.

• Depending on your own best judgement and how much “edge” you feel you can/must/want to show, craft your reply out of the following elements (and keep the remaining ones top of mind for the rest of the interview process):

  • “Of course I can”

  • “But I like to plan ahead”

  • “And I charge extra”

So if you do take the job - here’s what to do:

Here's the truth: a sales superstar doesn't shy away from understanding their competition. In fact, they actively leverage competitive intelligence (CI) to become a more informed, strategic, and ultimately, successful salesperson.

Why Watch Your Competitors?

Consider the benefits of incorporating CI into your sales routine:

• Unmasking Your Opponents: Visit competitor websites. Discover how they position themselves and how their solutions stack up against yours.

• Boosting Your Value Proposition: Learn from the best practices employed by your competitors. Adapt and refine your value proposition to better resonate with prospects.

• Staying Ahead of the Curve: Knowing your competitors' strengths and weaknesses allows you to highlight your own unique advantages and anticipate future market trends.

• Fuelling Innovation: Competitor insights can spark innovation within your team. Identify gaps in your offerings and develop solutions that address unmet customer needs.

Who Should Conduct Competitive Research?

CI is a collaborative effort:

• Individual Reps: Dedicate a monthly slot to update your "competition spreadsheet." Tracking competitor updates keeps your knowledge base fresh.

• Sales Managers: Distribute research tasks among your team. Debrief during sales meetings to enhance objection handling and messaging. Consider cloud-based shared documents for team-wide access.

• C-Suite Executives: Invest in a six-month research project to gain valuable insights into your competitive landscape. Share findings with marketing to develop targeted campaigns that give you an edge.

Tailoring Your Research Approach:

The depth and breadth of your research will depend on available resources. Here are some key considerations:

• Target the Right Competitors: Focus on direct competitors offering similar services that directly compete for the same prospects.

• Geographical Considerations: Research competitors within your service area. If expanding, identify potential competitors in your target market.

• Prioritize Your Research: Don't underestimate the value of a quick Google search!

Shocking Statistic: 82% of B2B sales reps admit they haven't visited their top 3 competitors' websites in the past 90 days. Don't be part of this statistic!

Unveiling the Treasure Trove of Information:

There's a wealth of competitor data readily available. Here's where to look:

• Personal Networks: Leverage your professional network – online and offline. Connect with industry colleagues, conference attendees, and even competitor reps on platforms like LinkedIn.

• Pro Tip: Network Strategically: Expand your LinkedIn network with competitor reps and business owners. This not only builds your contact base but also provides valuable insights.

• Pro Tip: Client Insights: Ask satisfied clients who else they considered before choosing your company. This can reveal valuable intel on competitor positioning strategies.

• Online Resources: Visit competitor websites, social media profiles, blogs, e-newsletters, and webinars. Subscribe to industry publications and directories. Utilize Google Alerts to stay informed about competitor news.

• Public Records: Access information on building permits, patents, press releases, and annual reports.

Conducting Interviews:

Interviews with former competitor employees can offer valuable insights. They can shed light on internal practices, strengths, and weaknesses.

What Information Matters?

Focus on collecting data that empowers you to make informed sales decisions. Here's a breakdown of key areas:

• Competitor Offerings: What services and products do they offer? How do they position their value proposition? What is their pricing strategy (high, low, or mid-range)?

• Target Audience: Who are their ideal customers? What channels do they use to connect with prospects?

• Client Base: Who are their current and past clients? Who do they highlight on social media?

• Team Insights: What is the average employee experience level? Where do they recruit from?

• Leadership: Who are the key decision-makers? What's their level of involvement?

• Company Culture: Do employees seem engaged? What are the turnover and growth trends?

Using the Data to Your Advantage:

• Organize It: Create a system for easy access to your research findings.

• Analyse It Regularly: Schedule monthly reviews with your team to update and analyse the data.

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