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Competitive intelligence 101
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Product Marketing Alliance
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February 10, 2021
Education
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Competitive intelligence 101
Product Marketing Alliance
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February 10, 2021
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Transcript
Competitive Intelligence 101 Beat your competition.
Why do we care about competitors?
Don’t try keeping up with the Joneses.
It’s learning what customers expect and want from us.
Formstack’s Platform Evolution March 2018 December 2018 April 2019 July
2019
Our Competitors
How do you prioritize competitors?
Types of Competitors Direct Competitors Indirect Competitors Replacement Competitors
Defining Your Competitors Who does the market say you compete
against? Who do your competitors say you compete against? Who do your customers say you compete against?
What does the market say? Screenshot from G2
What do your competitors say?
What do your customers say? Talk to your sales team
Look into your website’s SEO See your competitive paid ad efficiencies
Market Competitors Customers YES
Where do I start to research competitors?
Competitor 1 Competitor 2 Competitor 3 Competitor 4
Messaging Teardown What do they say they do well? Who
are they trying to tell? Have either of those changed over time?
Where to research? Competitor website and blog Product review sites
Free trials of competitor products Competitive feature sets
Turn into positioning statements For (target customer) who (statement of
the need), the (product name) is a (product category) that (statement of key benefit). Unlike (primary competitive alternative), our product (statement of primary differentiation).
Quick ethics quiz. Never lie about a competitor. Never imply
you’re going to make a purchase. Don’t buy competitor lists. (GDPR)
Preparing your sales teams.
1 2 3 Creating Battlecards Use your positioning statements! Go
and No Go Areas Trap Questions Objection Handling
None
Rolling out your battlecards Go where your sales team is
working Create a pilot program Make training small and interactive Measure a sales readiness score
Tracking your success.
Develop a Win/Loss program around compete.
None
1. Start small and gain confidence 2. Accept you’re not
always the best product 3. Share your success with others Final Thoughts @ClintBuechler
[email protected]