On March 23, I will be giving a 2 hour session entitled, “Improve your ROI: Proven Tools & Techniques for Integrating Sales & Marketing” at the American Marketing Association’s Spring Marketing Workshop which takes place in Denver, Colorado from March 22 – 25 at the Westin Tabor Center www.westintaborcenterdenver.com.
I was recently asked by a prospective client to summarize how I could help his company develop and implement a competitive intelligence process. While I tend to follow certain steps in setting up a CI process, I was taken aback since this company’s industry is such a specialized niche within financial services, and I am not a “one size fits all” consultant. Here are some of the takeaways that apply to any industry.
I am amazed at how quickly librarians can build off their information expertise and applied it to analytics. Here’s an example of how they dove into win loss analysis. This article discusses an approach to conducting win loss analysis including start-up issues and questions we would pose to customers depending on if we won or lost the sale.
While win loss analysis will give you ideas for product development and competitive intelligence, it’s often too late to regain your customer’s lost business. Consider interviewing wins, and also interview your customers at various intervals in the account planning and post-sales process to boost customer retention!
This is an update of books on competitive intelligence tools and techniques from a 2009 blog. Analysis Without Paralysis was updated in 2012 and now includes 12 techniques, 2 more than the first edition in 2006. Mercyhurst University students and staff published The Analyst’s Cookbook, Volume 2, available only in Kindle format.
One tool that been very popular with Sales forces over the years is “Switching Cost Analysis.” The goal is to help retain your customers! Identify all the hidden costs of the competitor’s solution which might make it more expensive for the customer to switch. Find enough omitted costs and the customer might wonder what else the competitor is not telling them!
Win loss analysis is my favorite tactical cooperative intelligence practice as it offers the best ROI of any sales intelligence tool. As a competitive intelligence professional, you will be more successful in capturing competitive data from sales if you have an understanding and empathy for the challenges and joys of their job. You will most certainly gain this by reading the book Rain Making. You might even be giving your company’s sales and PR folks some tippers from this book.