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Peter asked the Chief Revenue Officer (CRO) of the fast-growing cybersecurity company their thoughts on this figure.
“…It’s a bit sh*t, isn’t it?
Our competitive marketplace is greater than ever before and only increasing. In the past, we didn’t need to focus heavily on competition or how to be better than competitors because we were the best, right?
However, in today’s world, if we don’t change and adapt and start doing things differently… that number could potentially get bigger.”
This quote is from one of many conversations we’re having with revenue and GTM leaders. Their responses when they see their Competitive Revenue Gap is often the same: they’re shocked, angry, and determined to do something about it.
Winnable in that the buyer had the budget, justified the spend, you solved the problem, but they decided to buy your competitors’ product instead.
This figure comes from RAIN Group, but is backed by comparable data (33%) we’ve pulled from our own research.
Either way, millions of dollars are slipping through your fingers and going straight to your competitors.
Product gaps. Being late to the deal. Pre-existing relationships.
These are just a few of the reasons why a deal is lost but the chips were stacked against you.
There are more examples to include here, but the point remains the same: you don’t always stand a 50:50 chance in every competitive deal.
In markets with hundreds of competitors and new threats emerging rapidly, the reality of how deals are lost is often on the margins.
Deals are lost because the buyer couldn’t understand how you are different from the comparable vendor at half the price.
Deals are lost when the buying process itself erodes trust. Your seller made inaccurate or out-of-date claims about the competition, or couldn’t handle FUD (fear, uncertainty, doubt) made about them effectively.
Trust, value, and differentiation are critical… and fortunately, also trainable.
These neck-and-neck deals are increasingly becoming a reality, shared Kris Hartvigsen, CEO at Dooly.
“There’s more heat in deals with more people chasing less pie. You’ve got to figure out how to navigate around it. That means equipping folks with the right information so they can outmaneuver when the competitor is getting more aggressive.”
Revenue leaders know that they no longer have cushion or time for their reps to figure things out. Reps need to learn quickly, execute, and hit quota. Fast.
With fewer opportunities and more competition, they’re focusing on sales efficiency and performance over growth at all costs. Eyes are on programs that will increase wins and revenue without increasing costs.
They’re not interested in big projects that take a long time, They need to see results quickly.
“How can I increase our win rate without massively expanding cost? These are the two trade-offs I’m always trying to figure out,” shared Scott Barmmer, CRO at Reputation.
We have to look at the return on investment and payback to be measurable in the short term.”
In a market with fewer opportunities, losing winnable deals to competitors is an unnecessary efficiency killer; an execution error no one can afford.
Product changes take too long. Better hiring (and ramping) takes too long.
Pricing changes cost too much. Sourcing more pipeline in a tighter market is an uphill battle.
Enabling your sellers to execute against competitors more effectively?
That’s a problem that can be solved within a quarter, that can generate more revenue without needing a single additional opportunity or new product feature.
Greenhouse Software has been working with Klue to close its competitive revenue gap. Their sellers using Klue have closed 3.4X more in revenue than those that didn’t. Here are a few things that helped tip winnable deals their way:
Meet sellers where they’re at, with what they need to win more competitive deals. Whether it’s a battlecard update on how to position against a competitor’s new product line or a new customer story of a client that churned from a competitor.
“Klue’s battlecards are life saving. I feel prepared going into calls where I know competition is close with the most up-to-date specifics on how we differentiate.”
In a more crowded market, sellers need to be experts on their products and alternative solutions out there.
“I’m able to prepare myself and serve as an expert on our competitors which helps educate customers to make the best decisions. Klue absolutely helped me end the year as a top performer.”
What can we do today to improve sales execution and tip more of those deals that are hanging in the balance?
Start by calculating your own competitive revenue gap with our calculator here.
Then present this data and an action plan (using our template) to your revenue leadership team so that you can begin to close the gap
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