Do you know the warning signs that competitors are changing their positioning strategy to erode your market share? In this post we’re going to review one warning signal that can help with early identification that your competition is closing in on you.
HERE’S THE WARNING: Your Sales team is constantly asking for Pricing or indicating that they are losing deals as a result of price.
If this is currently an issue for your Sales team, it’s time to assess your sales team to identify the root of the issue. The issue, in our experience, will either lie in having inadequately armed your salesforce to deposition your competitors, or your competitors are actively attacking your position in the market. These are the questions you will need to answer in order to identify the source:
Here is a quick test you can run to understand how effective your Sales reps are at pitching your product. Ask 6-10 random salespeople two simple questions:
Odds are you’ll get completely different responses from your reps. Measure these responses for how far off the company messaging they are. If the responses are way off, it’s time to think of re-training your sales team or re-assessing your positioning.
Sales teams will modify company messaging, adjust the positioning strategy and flip the benefits to the client to get the deal to go through. This is what we want! But you need to be aware of how far off the core messaging and value proposition they are going.
Questions about competitor pricing usually mean a competitor has been in the deal for long enough to get into the negotiation stage. It’s key to know when this competitor was identified:
Pricing will always be a sought-after data point and a powerful detail to help your team win. But, keep an eye on it, if it becomes the main reason for winning or losing deals you have entered the race to the bottom where no one wins.
JD Prater, Head of Product Marketing at AWS breaks down how to identify your direct competitors, and create messaging that enables sales.
G2 names Klue the highest-rated competitive intelligence platform on the market and the only platform to also be a leader in sales enablement.
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