Do you know what your top competitors are doing next? Organizations are always looking for ways to improve their sales process. Knowing where your competitors stand can give your sales team a big advantage. This information helps your sales reps analyze performance and take action. If you want to start using competitive intelligence, this is what you need to know.
What Is Competitive Intelligence?
Competitive intelligence is the information that a company collects about their business environment, competitors and customers. That knowledge helps companies develop their sales strategy and understand gaps in the market.
Why Do Sales Teams Need Competitive Intelligence?
Competitive intelligence puts your sales reps a step ahead of others in the market. In fact, 77% of companies say that having competitive intelligence plays an important role in their sales process.
Competitive intelligence makes it easier for reps to understand your company’s position in the market and identify new opportunities. When you know what your competitors are doing, it makes it easier to see how your products and services stack up. You can also prepare your sales reps with the right information to answer customer questions about why your product is better able to meet their needs than a competitor’s offering.
How To Gather Competitive Intelligence
There are several sources teams can use to gather competitive intelligence, including:
- Company websites
- Social media
- Press releases
- Customer reviews
You can do this manually or you can invest in a tool that does it for you. FirstRain delivers world-class intelligence on the industries you target and on your specific competitors. Our proprietary intelligence-gathering technology monitors over one million data sources and processes more than 600,000 new documents a day.
Then it extracts the most relevant, actionable insights and displays a concise summary in each Salesforce account record. It also offers a customized view of your customers, markets and competition. This information tells sales reps where to focus their time and how and when to engage with your customers.
Leveraging Competitive Intelligence In The Sales Process
Armed with the right information, you can improve your sales process and close more deals. When your sales reps know what competitors are doing, they can come up with new strategies and stand out to key decision-makers.
Reps can also leverage competitive intelligence to build credibility with customers. Using competitive intelligence, they can prepare for tough questions or objections from prospects. This makes it much easier to build relationships that generate sales. People will buy from the companies they know, like and trust.
Supercharge Your Sales Process
The sales landscape is changing every day, but sales intelligence solutions like FirstRain can help you stay one step ahead. FirstRain gives sales reps up-to-the-minute insights on prospects and competitors. This tool provides reps with the information they need to identify new opportunities, build credibility and make more sales.
Ready To See How FirstRain Helps Your Team Make Quota?
Let us show you how FirstRain helps sales reps close more deals. Talk to one of our experts and get a demo today.