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Competitive intelligence 101

Competitive intelligence 101

Product Marketing Alliance
PRO

February 10, 2021
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  1. Competitive
    Intelligence 101
    Beat your competition.

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  2. Why do we care
    about competitors?

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  3. Don’t try keeping up with
    the Joneses.

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  4. It’s learning what customers expect and
    want from us.

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  5. Formstack’s Platform Evolution
    March 2018
    December 2018
    April 2019
    July 2019

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  6. Our Competitors

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  7. How do you
    prioritize competitors?

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  8. Types of Competitors
    Direct Competitors
    Indirect Competitors
    Replacement Competitors

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  9. 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?

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  10. What does the market say?
    Screenshot from G2

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  11. What do your competitors say?

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  12. What do your customers say?
    Talk to your sales team
    Look into your website’s SEO
    See your competitive paid ad efficiencies

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  13. Market
    Competitors
    Customers
    YES

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  14. Where do I start to research
    competitors?

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  15. Competitor 1 Competitor 2 Competitor 3 Competitor 4

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  16. Messaging
    Teardown
    What do they say they do well?
    Who are they trying to tell?
    Have either of those changed over time?

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  17. Where to research?
    Competitor website and blog
    Product review sites
    Free trials of competitor products
    Competitive feature sets

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  18. 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).

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  19. Quick ethics quiz.
    Never lie about a competitor.
    Never imply you’re going to make a purchase.
    Don’t buy competitor lists. (GDPR)

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  20. Preparing your
    sales teams.

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  21. 1 2 3
    Creating Battlecards
    Use your positioning statements!
    Go and No Go Areas Trap Questions
    Objection
    Handling

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  23. 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

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  24. Tracking your success.

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  25. Develop a Win/Loss
    program around
    compete.

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  27. 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]

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