How Competitive Intelligence Helps Win More Deals

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How competitive intelligence helps win more deals

You and your competitors need agility when introducing a product or service to the market. And you have to be better than them regarding business development. You need to know what customers want and why you are the best on the market. However, it doesn’t need to be such a difficult task to undertake. And knowing what your competitors are up to will give you a step up. That’s why we have seen interest in competitive intelligence grow in 2021. And we expect 2022 it be jam-packed. This article is about how competitive intelligence helps win more deals.

Competitive intelligence helps win more deals

Competitive intelligence increases certainty and competitive advantage in an ever-changing world. So, when thinking about your situation, it’s essential to consider competitive intelligence. 

So, what can competitive intelligence ever do for you?

  • Competitive intelligence will improve your certainty and help you make better decisions.
  • Help you understand your known and unknown competitors and their offerings.
  • Enhance your knowledge of your market positioning and result in more sales. 
  • Put you in a position where you are more certain about what customers in your market need. Not what you think they want.

Improve market positioning of your business

Getting a prospect to choose your product or service over the many alternatives is no easy task. Sales teams need to be practised in communicating clearly a defined differentiation, and they always need to convince buyers that they bring something unique to them. 

Competitive intelligence is excellent for pre-call planning. It helps you stand out because many of your competitors are just going through the motions, sticking to the same script and forgetting that the first call is where the first impression is made. Read more: Identifying Competitor USPs: A Guide to Sharpen Your Market Analysis

It’s not all about competitive intelligence

Of course, the sales process is not all about competitive intelligence. Your focus has to be on your prospect and understanding their goals and pain points. But without any insight, you are wasting your time, resources, and opportunities. Demonstrating knowledge of your prospects is the best way to develop trust. 

You build trust quickly

The competition may well be calling them, too. So you need to know who the direct competition is. What are their products, price points, and pitches, and how do they compare with your proposition? Be armed with critical statements to blow your competitors’ claims out of the water. 

Take a look at your competitor’s fundamental weaknesses. Understand how they present their offering to their prospects. Read more: Why a desktop study to answer who is my competition no longer cuts it.

As a business developer, you must know your competitors. And, of course, your market, whom you are talking to and align it to your value proposition. That’s impossible in the absence of competitive intelligence. You can’t claim to be better if you know next to nothing about your competitors’ products or services. Well, you can, but you could be found to be lying. When? When your prospect speaks to your well-prepared competitor. Competitive intelligence empowers sales teams with the insights needed to win deals.

This article is called How Competitive Intelligence Helps Win More Deals

By empowering marketers with more certainty and insight will improve their market positioning. Making getting deals across the line so much easier. Competitive intelligence will help your business succeed. This article was called How competitive intelligence helps win more deals. So the message is unequivocal. Make 2022 the year you use competitive intelligence to improve your market position. You’ll not regret it, and your bottom line will love it.

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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

This is a drawing of the Octopus Intelligence Logo By Octopus Competitive Intelligence, Due Diligence, Competitor Analysls, Market Analysis, Competitor Research and Strategic Business Development to beat your competitors, increase sales and reduce risk

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