The Competitive Enablement Platform
Last week’s edition of ☕️Coffee & Compete 🤜🤛 was a 2022 retrospective.
And it would be fair to argue that we’re too deep into 2023 for another one…
But when you consider that both the Lunar and Chinese New Year’s haven’t started yet, I think we’re in the clear.
So in today’s newsletter we’ll be taking a look at the three biggest takeaways from Season 2 of the Competitive Enablement Show.
And if you’ve got a second, we’d love your help planning out Season 3!
Take this short survey and let us know what, who and how (okay maybe not how’) you’d like to see on the Show this year.
Thirty-six episodes. Eight CE LIVEs. Two live-ish. And four VERSUSes.
We hosted more than 50 experts on the pod this year who dropped some serious knowledge and wisdom.
We packaged it all up and are happy to be bringing you the Best of Season 2 of the Competitive Enablement Show.
Throughout all the episodes, three important themes came up over and over again.
Here they are.
We’re past acknowledging the problem and onto solving it.
Budgets will be tighter and competition will be greater. If you haven’t grasped this problem already then we can’t help you.
If you have, then read on.
Dooly CEO Kris Hartvigsen says the way your team can win more deals in competitive markets is by doubling down on your competitive research.
“You really need to understand the pains and challenges of your buyer a lot better. You have to be better researched because everyone’s chasing less pie.”
For his part, Craft Ventures COO Brian Murray is telling companies in his portfolio to go beyond researching your buyers.
Given the current and future volatility of the market, you need to deeply understand your competitive landscape and the competitors within it.
“Your competitors can do some crazy stuff in these moments. That’s why it’s more important than ever to understand your competitive landscape.”
All of this advice leads to the same end goal: closing the competitive revenue gap.
The revenue you should have won, but you lost to the competition.
No matter the economic climate, losing deals to a competitor hurts bad.
But today, losing to a competitor can be fatal.
And that’s why closing the competitive revenue gap is the most important trend our guests talked about this year.
It’s a fundamental part of your compete program. It’s complex. It’s top of mind for all our guests this year.
It should be for you too.
2023 will be the Year of Win-Loss Analysis.
Getting valuable insights into why you’re losing deals, and using them to turn losses into wins is the most actionable way to close the competitive revenue gap.
And if you’re a compete pro like ServiceTitan’s Jennifer Roberts, it’s how you can make your compete program strategically business critical across the org.
“Win-loss allows me to speak quantitatively and tell leadership and other stakeholders why we should care about something.”
A win-loss program is no magic bullet. You need to work win-loss insights into your compete program in order to enable your reps.
And you’ll need to rely on more than just win-loss data if you want to get a strategic seat at the table.
As Forrester’s Derek O’Grady puts it:
“You have to triangulate win-loss data to really build your story. I think if you provide evidence across different listening posts and package that together, it’s really powerful and has credibility.”
No matter how you slice it, win-loss analysis is going to become increasingly crucial in 2023.
Better get ready for it now.
Reps who are enabled with intel close more deals faster and for more money.
It’s a reality Jason Smith covered in his Compete Week 2022 keynote speech.
Here’s what he had to say:
“When we look at the reps using compete content, they win more deals, discount less, and close faster. At least one of the three — often all three.”
How you do it is a different matter altogether. But the recipe is consistent.
It’s part building a culture of compete, part collecting and curating intel, and part creating excellent content.
You’d also be wise to talk to a seller and understand what they want from your compete content.
“What helped me buy into the internal brand of competitive enablement was consistency and relevant information. Sellers will start to trust that you’re on top of the competition.”
Ultimately, the three takeaways from Season 2 of the Competitive Enablement Show are interdependent.
Enable your reps with better intel — like intel from your win-loss program — and use it to close your competitive revenue gap.
Nail all three of these key points and your 2023 might be your best year yet.
|Thanks for reading this week’s edition of Coffee & Compete. As always, please reach out to me and the rest of the team with your thoughts and feedback.
And If you know someone who isn’t already subscribed to Coffee & Compete, be a good friend and tell them about us.
If your competitive intel game is too strong for automation, too pure for data privacy, and too rebellious for accuracy — then Klue AI is probably not for you.
Jess Petrella walks through how to speed up two of the most time-consuming tasks: competitor SWOT analysis and customer research.
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