From Competitive Intelligence to Sales Enablement: Free Webinar

Join us for a free 45 minute webinar on April 22 at Noon Eastern US time (11 am Central, 10 am Mountain, 9 am Pacific).

Getting from collecting competitive intelligence to winning more deals from collected competitive intelligence can be tricky if you don’t have a good road map.

  • Companies collect competitive data, but don’t know what to do with it
  • Sales teams waste time finding the data they need to win competitive deals
  • Product selling is not an effective way to convince customers to buy

Join our informative webinar and learn how to turn your competitive intelligence into sales intelligence to improve your sales force’s close ratios and customer retention.

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Ellen Naylor of The Business Intelligence Source will share her knowledge on how to collect from your sales force, which helps them win more deals and retain more business. Mitch Emerson of Compelligence will show how you can transform that data into competitive intelligence that your sales reps can tap into for each deal. Dean Davison of Forrester Research will show you how to convert your marketing buzz words into conversation that customers resonate with, so they listen, ask questions, engage and buy.

Compelligence offers the first software solution which targets Sales to input and share competitive intelligence that works seamlessly with Salesforce.com. This is awesome since many sales reps use Salesforce.com already, so are more likely to use a system that builds off of what they know.

For more information on the webinar, check out: http://www.compelligence.com/2014/04/01/webinar-from-competitive-intelligence-to-intelligent-sales-enablement/

To register directly, go here.

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How to Incent Sales to Share Competitive Intelligence

Last week I read Using Your Sales Force’s Competitive Intelligence Wisely. The source of this sales intelligence is business customers, and the reps who are the most likely to receive it are those who have formed strong customer relationships and focus on long-term customer satisfaction and placing the customer’s needs first while developing solutions to help the customer to reach their goals. These are the sales people that go above and beyond to help the customer.

Armed with this competitive information, a flexible rep will adapt their selling style and work on better solutions for the customer. Low-adaptive sellers often fail to use customer information to more strongly position a product to meet the customer’s needs, so the customer gets a negative impression of the company’s products, and also don’t see the value of sharing so they stop.

The value of good intelligence through the sales channel is precious to those in product development, strategic planning, marketing and customer service. However, it can be challenging to get sales to share with marketing, the obvious conduit to push good data to other sources in the company. The article suggested that engaging sales in collaboration to develop the company’s strategy can promote communication.

SharingLearningTogetherThe key to success in communication to and from sales is to understand your company’s sales culture, and what might be fun and engaging for them to be cooperative in sharing what they learn in a timely manner. Sales has a shorter term focus than most in the company, and they keep score so you need to give to get. At the very least, you need to thank them publicly within the company, and show them how better decisions for product development or marketing strategy were modified for the better, thanks to an individual sales person’s contribution. They also love publicity about a big sale that was made. Perhaps a competitive tidbit that they learned or shared, helped make the sale.

Go to where sales is to get them to engage. Sales managers communicate at least weekly through a teleconference or digitally on what’s happening. Become a part of this process by contributing content that sales values. Most value news about their customers that you dig up. That gives them an excuse to make another sales call and look knowledgeable. Sales people like to look good and be in the know. They also value information from their peers. Maybe you can facilitate more sharing among peers, even informally.

Most companies have annual or quarterly sales meetings. Insert yourself as a speaker, a panelist, an attendee, however you can best serve them.

Many sales people travel extensively, so they have time in the car or airplane to write, tape or text about what they’re learning. This is when they learn the good stuff: make communication easy for them. Some companies let them call in and leave a recording of what they learn or maybe even a human being answers the telephone and engages in conversation to promote even more real-time intelligence sharing. Others use a text bulletin board.

Many do sharing through their sales force management software since sales uses this extensively in the course of doing business. While this sharing might not be in-depth, it is usually enough for the intuitive person to probe deeper with select sales people and detect patterns that sales alone might not have put together. Their job is to make the sale, not to put all the marketing pieces together. This is something you can share back with sales and sales management. If you get sales management on your side, good sales people will often cooperate.

Exercise your creativity to incent sales to share. A colleague had a PC bag designed that was truly classy. She would give them out sparingly to sales people who gave her excellent leads. They became a status symbol and it was common for the sales person to display the bag in his office rather than use it.

You can have a contest each quarter and give the winner gift certificates on Amazon, dinner for 2, a sporting event, something that you know they will enjoy. You cannot compete with the money they make on the commission plan, but they appreciate the recognition and the treat.

When I worked with sales, they most appreciated that I was responsive to them when they were in touch for competitive data, since many others were not. In return, they supplied me with incredible competitive information. However, this took a couple of years to develop as it takes time to build relationships and you have to earn their trust.

Be creative in how you communicate with sales. Change up your ideas and keep them fresh. Recognize how many touch points you can have with sales, and where you can be the most useful. I guarantee they will open up over time.

Reviewing “Win/Loss Reviews”

This is the first book I have read on win loss analysis where Sales is the primary executor of this process. After all, Sales is the best source for sales intelligence as no one is more directly connected with your company’s customers. This is also the first book I have read where a company is using technology to collect customer intelligence from Sales which includes wins and losses.

Win/Loss Reviews is real-time intelligence collection from selected sales events. It provides Microsoft sales, marketing and product mangers with early warning intelligence like no other win loss process out there. While there is incredible value from deeper interviews of your customers by a neutral third party, there is delay both in execution and the time to assemble good analysis, and get it to the right people.

Author, Rick Marcet describes how he established a scalable win loss process using technology that hangs off Microsoft’s sales force management system. This makes it easy for Sales to input their data, no more than 15 minutes per case. He refers to Sales’ input as micro intelligence.

I particularly appreciate the psychological aspects Mr. Marcet weaves throughout this book to engage Sales cooperatively as so many in marketing and competitive intelligence fail to motivate Sales to share!

  • Sales is the primary beneficiary of these win loss reviews and the cumulative database, and they know it. After all they helped design the system.
  • Sales highly values peer-to-peer interaction, which this database of sales and customer intelligence facilitates.
  • Conducting win loss reviews is part of the sales process and is considered an “advanced” sales skill.
  • Rick also created an APP so Sales can tap into this intelligence on the fly from their Smartphones. Wow, talk about powerful and “for Sales.”
  • Win loss input is essential to be considered for various rewards and recognition at Microsoft.

However, Sales is not the only beneficiary of this real-time intelligence and cumulative win loss database at Microsoft. Product management, product development, executives, and marketing can all tap into the collective “crowd wisdom” from this database, to help them make better decisions with timely information.

Just in case you are skeptical about Sales’ bias in reporting (We win because we’re great. We lose due to price.), Mr. Marcet has factored these biases within his database algorithms.

Kudos to Rick Marcet for developing this process to capture valuable customer and competitive intelligence directly from Sales! This book is a must read for anyone in sales management, marketing especially customer insight, and competitive intelligence.

Win/Loss Analysis book gives you a process to learn why you’re losing business and how to keep more of it!

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