Description
Understanding your competition is critical to refining your sales strategy and positioning your solutions effectively. This milestone sets up a system in HubSpot to track and analyze competitor involvement in deals. By creating custom properties and reports, your team can log competitor data, identify trends in win/loss rates, and refine messaging to address competitive challenges. This process gives your team the insights needed to outmaneuver competitors and close more deals.
Process Summary
- Custom Property Setup: Add properties to deal records to capture competitor information, such as the competitor’s name and perceived strengths or weaknesses.
- Competitor Data Collection: Train the sales team to log competitor details during deal stages.
- Reporting and Analysis: Build reports to analyze win/loss rates against competitors and identify patterns in competitive outcomes.
- Testing and Refinement: Test the system to ensure data is logged accurately and reports provide actionable insights.
- Team Training: Train sales reps and managers on using the system to track competitors and refine sales strategies.
Requirements
- Input on competitor data to track, such as key differentiators and objections.
- Collaboration to define reporting metrics and formats.
- Feedback during testing to ensure the system aligns with sales goals.
Key Outcomes
- Clear visibility into competitor involvement across deals.
- Improved messaging and positioning strategies to address competitive challenges.
- Data-driven insights into win/loss trends for strategic decision-making.