How_to_Keep_Your_Eye_on__the_Competition

A recent SBI post shared that 78% of sales strategies are hopeless. This finding is a result of SBI’s 8th Annual Research Report. You can get a copy of the report and sign up for a workshop here

 

In our report, there are 6 reasons why you might have the wrong sales strategy. The #1 reason: Your sales strategy is the same as your competitors.

 

From our report, here’s how this can impact your success next year:

 

“When a sales team has the same strategy as the competition, the sales experience becomes a commodity. When this happens, there is no longer the ability to differentiate on anything other than product or price. Unless the company is lucky enough to sell a product superior to others, an advantage that is likely to be short lived, the pricing pressure will result in missing the number.”

 

You may be wondering how you can keep your eye on this. To determine if you’re sales strategy is unique, download the Competitor Spy Tool. It gives you 3 ways to keep your eye on your competition.

 

1.  Answers You Need:  The tool provides you with 16 questions to guide your efforts. By answering these questions, you are on your way to differentiation. 

 

Example:  What market is the competition targeting? By answering this, you can begin to answer if you are the same or unique. If they are focused on manufacturing, can you serve that market better? Or, because they are so focused here, can you win in technology? Reps often struggle to explain how you’re different from the competition. Knowing your market strengths will help them explain this better.

 

2.  SWOT:  This stands for strengths, weaknesses, opportunities and threats. Perhaps you’ve heard of or used this before. The strengths and weaknesses are your own. They are internally-focused. You can compare yourself against your competitors’ strengths and weaknesses.

Once this is done, you can look externally at opportunities and threats. These are market-focused macro factors. Ideally, you want to focus your efforts where you have strengths and market opportunities exist.

 

Example:  You are a dominant player in Asia. The markets there are projecting high growth over the next 3 years. Your strength combined with the market opportunity gives you a leg up on the competition. Invest and crush them.

 

3.  Keeping an Eye on the Competition:  This gives you 3 easy ways to track the competition on an ongoing basis. 

 

Example:  Are you following your competitors on LinkedIn? Often they will message and announce things like new products or strategies. This is an easy way to track how they’re responding to market conditions. Follow the company page, executives, marketers, product managers and groups they’ve created. It’s amazing what you can learn through listening. 

 

Conclusion

As the sales leader, it’s your job to give your team the tools for success. The #1 way to do this is to separate your strategy from the competition’s. If you’re the same, it will come down to Competitor_Spy_Tool1price. 

 

Start with the Competitor Spy Tool and keep an eye on your top competitors. If you’d like to take a deeper dive, sign up for our workshop

 

 

ABOUT THE AUTHOR

Ryan Tognazzini

Works closely with B2B companies to solve strategic business problems so that they will make their number.
Learn more about Ryan Tognazzini >

Ryan joined SBI in 2010 as a Senior Consultant. Since then, he has worked extensively with emerging growth technology companies, including SaaS, enterprise software, systems integrators and OEMs. Additionally, Ryan works alongside numerous private equity investors, performing both sales and marketing due diligence and organic growth initiatives inside their portfolio companies.

 

Among a long list of accomplishments, he developed and implemented a sales and marketing strategy that resulted in the turnaround of a $1B IT integration clients. He executed organic growth initiatives to help a $100M software company achieve 40%+ year-over-year growth in preparation for an IPO. And he worked with a $1B enterprise software client to transform their sales and marketing go-to-market strategy for their cloud and SaaS offerings. Not surprisingly, in 2014 he was voted SBI Employee of the Year by his peers.

 

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