scenario
SalesIntel operates in the competitive category of company and contact data vendors, of which there are hundreds. When I joined, SalesIntel held the fifth position in global market share, measured by total active users.
challenge
Several contenders held greater market share, while other entrants grew at alarming rates. Although many customers had previously used other alternatives, SalesIntel often lost competitive negotiations with large, more established industry leaders who claimed to produce superior products.
objective
My goal was to determine the strongest, most competitive vendors based on functionality and market share, in addition to adjacent and indirect competitors. I reviewed all relevant, publicly available information impacting the market and synthesized key insights to cross-functional teams.
solution
- Our team focused on overtaking market share from the more popular vendors. Through win/loss interviews, we determined that customers evaluated our solutions against three dozen competitors.
- I identified the common denominators in features, built a feature comparison chart, and maintained a spreadsheet of quantifiable metrics indicating product quality, differentiation, pricing, and scalability.
- I demoed each solution in search of bugs, feature limitations, and poor UX.
- I disseminated competitive intelligence via a dedicated Slack channel, monthly training sessions, battle cards for sales teams, and by making myself available to address prospects' questions.
impact
Based on my findings, I proposed 9 novel features that many competitors did not offer. The cross-functional enablement program contributed to the acquisition of 8 customers in less than 3 months with contract values 53% higher than average.