All too often companies have a wishful-thinking way of evaluating the competitive landscape. They’ll spend a lot of time fretting about deals that their sales team has lost for one reason or another.
And that kind of win/loss analysis is certainly very important, as is having the kind of entrepreneurial sales leadership that works closely with your product team and company leadership to adapt its core products and services over time to what the market is demanding.
But that kind of competitive analysis is no longer enough. Why?
Today your sales team is rarely involved in early stage conversations with prospects and clients.
The buyer’s journey today is largely self-propelled, driven by large amounts of searches made and questions asked on search engines and social media channels.
In most industries, by the time your sales team even earns the opportunity to have a real conversation with a potential client, 70% or more of their decision-making process may be over.
So the harsh reality: most companies are only doing a realistic competitive analysis of what’s happening during the final 30% of the buyer’s journey.
As a result, these companies have buried their heads in the sand -- and are completely clueless -- about what their prospects and clients are doing during the first 70% of the buyer’s journey -- during the awareness and consideration stages, when there’s an enormous opportunity to position their company and staff as trusted advisors, educators, and subject matter experts.
During these early stages, your team can really make an enormous impact on how your potential clients navigate their buyer’s journey and compare various competitive alternatives to your company.
It’s a thing of beauty when this happens. But it can also get very ugly when it doesn’t.
To learn more about what full funnel competitive positioning looks like, here’s what we recommend:
Get More Leads, Sales Opportunities, New Customers, and Revenue
Connect the Dots Between Social Selling, Lead Generation, Sales Acceleration, and Closing New Customers
Find Out How Your Current Revenue Growth Strategy Stacks Up Against the Competition and Industry Best Practices