Tactics to increase competitive win rate

 

Tactics to increase competitive win rate

 

Today’s marketplace is fiercely competitive. More than ever, markets are dynamic and selling has grown tougher. Increasing your win rate in a competitive market can be challenging. Curious about how you can leverage competitive intel to improve win rates? Read on for tactics on acting on specific competitive insights to capture more market share.

 

Update your messaging to challenge your competitors

Insight: One of your competitors redesigns and updates the messaging of their pricing and plan page to highlight the free advice, education, coaching and support they provide with unlimited access to their academy.

Action: Do you offer top-notch services and resources? If so, you might want to test ungating your content and updating your messaging to place a higher emphasis on the high quality onboarding services and resources offered by your company. Alternatively, you may want to Also communicate this information to your sales reps so they can be sure to highlight your superior onboarding services in competitive deals. Make this an aspect of your business that sets you apart from the competition.

 

Identify new target markets altogether

Insight: Your competitor updates their website to tout new customers acquired and mysteriously removes some customers. You realize they are adding customers in industries you are not currently targeting.

Action: First, outreach to the customers they removed, these may be in the market for a replacement solution. Through prospecting your reps should make note of why that customer moved on, if an alternate solution was acquired and why. Make sure they are aware of your company, product offering and value you can bring to the mix. If you were too late in reaching out, make a note of their probable renewal date and execute a competitive takeout campaign 3 months prior to their upcoming renewal. Be prepared to make them an exclusive offer.
Next, re-evaluate your target markets and new markets you wish to break into. Perhaps this market or industry was not on your radar, or you previously explored this market in the past and discounted it for reasons that now seem trivial. The sales landscape is one that constantly evolves. A good way to grow your business is to expand into new markets. If you decide to enter new markets, develop market entry programs and create focused campaigns.

 

Ramp-up your sales toolkit:

Insight: Your sales content usage report indicates your “Claims & Counters” battle card against one specific competitor is most used by your sellers.
Action: First off, give yourself a pat on the back for creating such a valuable battle card. Then set a reminder to make sure you keep this battle card current by updating the content on a regular basis. ou may want to elaborate on this content by creating a new Fear, Uncertainty and Doubt battle card, a product comparative battle card or an overcoming objections battle card to help your sales reps handle claims and emphasize your positioning and strengths.

 

Get your call to actions clicked

Insight: A competitor has consistently been A/B testing various call-to-actions on their landing pages ranging from a simple color change, to adding visual imagery, to using new descriptive language altogether.

Action: Save time and take the guesswork out of your website optimization by applying aspects of their winning variation into your own strategy. There is a good chance that your new call-to-actions will attract more clicks resulting in more conversions and ultimately more customers.

So what are you waiting for? Taking steps to implement these tactics is sure to help boost your win rate.

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