These words typically call to mind warfare among countries, battles for supremacy that often leave chaos in their wake. But in the world of business, global conflicts, while not life-threatening, still create competitive chaos for battling firms. And it’s critical to note that global competition has changed dramatically over the years. Remember the good old days when it was a topic only affecting huge multinational firms? Today, global issues impact virtually all companies regardless of size and geographic platforms. And what about politics and how it plays such a powerful and often nasty role in those business impacts? It’s appropriate, then, to consider a political quote to answer that question. Anna Lindh was a Swedish politician widely known for her strong commitment to international cooperation, a concept often missing in action today. Her famous words perfectly captures today’s global maelstrom – “Globalization has made us more vulnerable. It has created a world without borders and makes us painfully aware of the limitations of our present instruments to meet its challenges”. While she died in 2003, Ms. Lindh deserves great credit for her foresight in seeing into the future with her warning. Who would have thought that issues like tariffs, supply chain disruptions, boycotting, cancel culture and other crippling issues of the day would personify the very vulnerability Ms. Lindh foretold? For that matter, who would ever have foreseen the global competitive impact of Amazon?
“Everybody Sells” is the time-worn saying we all know. Maybe the mantra should actually be “Everybody Competes”. Politics aside, we sales folks can’t afford to dwell on global news stories. Right. Our eyes need to be laser-focused on our daily responsibilities. Our sales managers and our quotas won’t allow anything less. For what truly matters are our local competitive challenges and how to overcome them. One of my favorite quotes applies – “In the dark of the night, every cat’s a leopard”. This Indian saying provides great insight into selling and the need to understand the competitors we face daily. We must know them and account for them. But what are the important elements of that understanding?
Competitive analysis comes in two flavors. First, there’s the perspective found in business planning to verify the viability of an initiative. It’s helpful, for sure. But it’s far too broad and not at all insightful regarding a specific competitor in a specific deal. The second version involves extensive investigation and loads of data, providing a wide view but also lacking the focus needed. And even if you had the time for deep dives, much of what you discover would be superfluous documentation.
All well and good but what do we in sales do to turn on the lights to see if the cat in the dark is a killer or a cuddler – without spending too much valuable selling time? As salespeople, we love our frameworks, don’t we? So, of course, we start with a pragmatic framework that I’ve often shared to help identify and understand the ten most strategic focus areas regarding competitors…..all in an effort to help you win deals:
- Facts
- Products/Services
- Performance
- Markets
- People
- Positioning
- Value Proposition/Pricing
- Accounts
- Strengths/Weaknesses
- Plans
Operating with this framework, only the information relevant to a specific competitor in a specific deal is targeted. Impactful, opportunity-focused information. The mountains of extraneous publicly available data are distractions and sales teams can’t afford to spend their time learning details that are not on the critical path to winning a deal. Nothing more, nothing less. That’s why we have the framework.
Consider the “People” section. In most competitive analysis templates, data-driven directives promote analysis of your competition’s organization charts and top executives. If high-level executives are truly relevant to your deal and will have a direct impact on its outcome, then yes, target your research on them. But it’s more likely that other people will be more important. Maybe the competitive sales rep or the vertical expert with credible experience in the prospect account’s industry. If these individuals are the relevant characters, your ability to strategize against them is critical and will likely dictate your success. But only you and your colleagues know who is truly relevant and most impactful. Identify them and understand them deeply. And that same mindset regarding the real value of focused information applies to the framework’s nine other areas as well.
How often have you been hazy on competitive information in a pursuit? Of course, I thought so. Think how helpful it would be to have access to a truly focused competitive understanding? Nothing extraneous, only what’s impactful, streamlined to increase your likelihood of winning.
The framework’s ten areas cover the most common competitive topics, those that matter most in specific deals. Of course, some will be less relevant than others based on the situation. Give them less of your attention, keeping your focus strategically on what matters most. Never shoehorn your reality into a template. It simply doesn’t work.
After researching the specifically relevant areas, move on to actions. In selling, forward motion is the key. It’s not what you know but what you do about what you know. As such, you craft five or six truly significant actions resulting from your research in the relevant sections. Specific, date-bound actions, including RACI responsibility designations. And then you act.
Even in the midst of global chaos, focusing on local competitive analysis is critical, conducted in a streamlined and practical way. Don’t wait for your opportunity’s post-mortem to discover what competitive information was truly important. Identify it early and act on it quickly. Then go win the deal.
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