Closing deals is the endgame for sales representatives but, how can you ensure that sales have all the right information at the right time? How can Head of Sales empower their sales representatives and make sure they are hitting the right chords?
There are countless ways to help sales close more deals and one way is competitive intelligence. Businesses use competitive intelligence to obtain necessary insights on their competitors, to understand what their current priorities are, and what they’re likely to do in the future.
Competitive intelligence helps identify how your competitor is playing in the market, and learn how your potential prospects are using competitor’s product. It is the information gathered about competitors that can assist you in making better business decisions. The intelligence provides sales teams with an understanding of competitors’ marketing strategy, product information, and value propositions to use when selling against competitors.
Why Competitive Intelligence for Sales?
Competitive intelligence for sales emphasizes on empowering them with competitive data to engage in more informed conversations with prospects. Sales reps needs to have competitive intelligence at arm length if they want to get ahead. Having an in-depth understanding of your competitive landscape is crucial if you are in a complex sales cycle. Here are other uses for competitive intelligence data for your sales organization:
- Understand the ever-changing market landscape in order to keep up-to date with your market
- Identify and cover any go-to-market strategies that competitors might be adopting
- Follow the latest marketing, growth, and conversion strategies
Most B2B companies spend a major portion of their budget on competitive intelligence to provide an edge to their reps. There are companies that nurture sales teams to research about competitors, resulting in a major chunk of their time getting spent collecting such information. Salespeople might not have access to accurate and reliable information. There are companies offering custom research capabilities as well as companies offering competitive intel backed by technology. Letting experts do what they do best will always have a positive outcome. However, leveraging competitive intelligence in sales process can give you the final push in closing the deal.