You probably already know that personalizing outreach around your buyer’s needs is important. One of the most effective ways to understand your buyer’s needs is to research if they use a competitor today. This allows you to tailor your messaging and strategy around competitive usage or white space.
Why Should I Know If My Prospect Uses a Competitor?
Knowing if your prospect uses a competitor is important because it allows you to:
- Frame budget assumptions
- Determine the appropriate competitive messaging
- Target the easier opportunities
- Potentially find white space opportunity
Framing Budget Assumptions
Companies that invest in your type of offering today already understand the value it drives, while companies not using a solution like yours may either need to secure budget or need convincing that your offering is significant for the business.
Regardless of how large or small a company is, understanding their selected software may provide you with some insight on budget expectations. You can estimate a prospect’s willingness to invest in your type of technology, judging by the competitors they are already using.
Determining Competitive Messaging
For each competitor today, it’s important to have a competitive messaging strategy that covers all pros and cons as well as your specific, competitive advantage. By not only focusing on your company’s internal strengths and weaknesses but also addressing the competition in a respectful manner, sales teams provide more incentive for a prospect to take a call.
It is important to do your research and know how to position your messaging, before its too late. Some prospects may prefer a list of direct and brass comparisons while others might only need one major value-add that none of the competition provides.
Are you up against your number one competitor or a solution that’s marketed better? Is your prospect a part of a beta group and receiving heavy discounts or maybe even using a free solution? How informed is the prospect about your industry? Do they know the market through and through or are they just using whatever solution was implemented before they started with the company? These are all questions that inform what, how, and when to strategize your outreach messaging.
Targeting the Easier Opportunities
Why not win where winning is easy? Definitely, certain competitors are easier to take customers from than others. If you know why you’re better than a certain solution like the back of your hand, then start there. If you have had success stories of customers switching from solution X to yours, use that to your advantage. It is more efficient to start where you are most confident and then work your way up to the more challenging prospects, who might use stronger competitors.
Finding the White Space
In determining which competitor your prospect uses, you may also identify white space or companies that have yet to invest in your technology. If you are the first to not only identify but target new white space opportunities, you could instantly beat the opposition, becoming your competition’s number one threat.
How Do I Identify Competitive Usage?
First, evaluate your prospect’s software stack and make a determination if they are using a competitor or not (white space). Then, segment your prospects by who they are using and align messaging accordingly.
If a prospect is working with a competitor today, use the competitive advantages mentioned earlier to frame the right story. If a prospect is not working with a competitor today, you can assume an internal whitespace approach focused on company strengths and value-add.
It is also very important to note that not all of a prospect’s information is out there and readily available. Your software stack assumptions may be wrong. Be sure to explore this when you’re on the call by asking what, if any, solution the prospect is using.
It’s as easy as a click of a button. Reachify gives you the software stack intel of your prospect. Below is the real stack of an actual home furnishings brand.
When you reach out to buyers, being able to predict the questions they may have is important. If you can confidently and successfully address a question before it is even asked, you will gain an invaluable connection with the buyer. You can predict and prepare for the various supporting elements that go into answering a question like, “how are you different from my current provider(s)?”
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