The sales environment is a brutal, win-or-lose battlefield where only the well-prepared and strong-willed survive. To win, savvy sales experts know that understanding the playing field, and more importantly, the competition, is key. This is where the Office of Compete (OoC) comes into play.
Let's explore the concept of the Office of Compete, dissect its importance, and understand how incorporating it can revolutionize your business’s competitive landscape.
The Office of Compete is a centralized function within an organization designed to equip its salesforce with actionable intelligence about the competition and market trends. This group is tasked with educating the sales and marketing teams on how to best position their product or service against competitors to increase the chances of winning a deal.
The Office of Compete acts as a collaborative hub, bringing multiple departments together, including but not limited to, sales, marketing, product development, customer success, and strategic alliances. This interdisciplinary nature allows the OoC to engage in a holistic competitive analysis that spans across all facets of the business.
The most effective way to sell any product is to understand your competitors just as well, if not better, than your own offerings. Establishing an Office of Compete provides this crucial understanding and can lead to critical benefits including the following:
Win rate Improvement: Knowledge is power, and the OoC empowers your teams with an arsenal of insights about the competition, allowing them to engage more effectively with your customers. This can significantly enhance deal win rates.
Alignment Across Departments: Input from broader cross-functional teams ensures comprehensive visibility and alignment across the strategy.
Fast and Accurate Decision-Making: By having a group dedicated to understanding the competitive landscape, organizations are better positioned to react quickly to changes and can make informed strategic decisions.
Stronger Value Propositioning: An in-depth understanding of the competition enables your teams to better articulate your value proposition and differentiate your offerings.
Competitive Analysis: The OoC conducts thorough competitive analysis, looking beyond just feature comparison to dissect competitors' business models, go-to-market strategies, and value propositions. This knowledge can help identify gaps and opportunities to outmaneuver rivals.
Market Trend Monitoring: The OoC keeps track of the latest trends in technology, legislation, and customer behavior to provide the sales team with up-to-date and relevant insights.
Battlecard Development: Utilizing current and relevant intel, they create and manage the development and distribution of battlecards - bite-sized yet effective competitive summaries for the sales team.
Training and Enablement: OoC conducts workshops and training sessions for the sales and marketing teams to keep them informed and equipped with the latest insights on competition.
Step 1: Defining the Mandate and Team: Establish the primary responsibilities of the Office of Compete and allocate team members from cross-functional teams.
Step 2: Identifying Competitors: Create a list of primary and secondary competitors to keep under the radar.
Step 3: Gathering Intelligence: Use both internal and external sources to gather information about your competitors. AI platforms like Aomni can streamline this process by providing real-time account research and competitive insights.
Step 4: Analyzing Information: Analyze the collected information to draw insights and articulate the implications for your business.
Step 5: Creating Battlecards: Use the results of your analysis to create or update your battlecards, ensuring the information is bite-sized, curated, and easily accessible.
Step 6: Continuous Learning: Regularly update your teams with the latest competitive insights and perform ongoing maintenance and monitoring.
In conclusion, the implementation of an Office of Compete can empower your teams to understand the competition and the market at large, making them more adept at winning deals in the highly competitive sales environment. By harnessing the power of tools like Aomni, you can gather real-time account research, actionable competitive insights, and even create personalized sales content in 15 minutes. Classification of such duties under the OoC ensures that competitive intelligence is no longer scattered and siloed but streamlined, resulting in a more competitive and informed organization.