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How to Turn Competitive Insight into Revenue Growth

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[Product Marketing Community Conference 2019] No company exists in a vacuum, so how are you adapting your product, sales, and marketing initiatives to succeed in that context? Competitive intelligence is more than collecting information on your competitors - it’s about taking that information and turning it into revenue-generating initiatives across product, sales and marketing.

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How to Turn Competitive Insight into Revenue Growth

  1. 1. How to Turn Competitive Insight into Revenue Growth Ellie Mirman CMO, Crayon www.crayon.co @ellieeille @crayon
  2. 2. Product Marketing as Market Expert & master Translator Product Marketing Custo m ers Co m petito rs Thoughtleaders Sales M arketing ProductMGMT
  3. 3. Product marketing stakeholders Product Marketing Sales Marketing Product Management Competitive Intel / Battlecards Messaging / Collateral Personas / Product Training Messaging / Differentiation Personas / Launch Campaigns Market Trends & Feedback Competitive Intel / Launch Campaigns
  4. 4. Action-oriented Competitive intelligence Framework CAPTURE Track your competitors’ every move on and off their website “WHAT” ANALYZE Identify trends and insights, connecting the dots across data points “SO WHAT” ACT Share relevant insights, collaborate, and set action items “SO WHAT NOW”
  5. 5. Driving revenue growth in Marketing with competitive insight
  6. 6. Level Up Your Marketing Campaigns CAPTURE • Marketing campaigns • Marketing channels • Content published • Social media posts • Landing pages & forms • Calls to action & promotions • Public announcements
  7. 7. Level Up Your Marketing Campaigns ANALYZE • Areas of focus (channels, topics, personas) • Areas of success (high performing content, outlets that garner coverage) • Opportunities for differentiation (channels, topics, personas not addressed)
  8. 8. Level Up Your Marketing Campaigns ACT • Copy tactics that work (SEO strategies, top topics, active channels, target outlets) • Differentiate by leaning into gaps in competitors’ marketing (new topics, channels, personas) • Look ahead – see where they’re investing in marketing via job openings & new hires
  9. 9. Plus… Inform content strategy with differentiated messaging Provide persona training with real customer & market feedback Collaborate on product launches with insight from competitor launches
  10. 10. Case Study: Dozens of micro actions per week from competitive insights q Company had changed social media publishing à updated social media strategy q Competitor was getting customer reviews on a site they de-invested in à discovered recent update to review site and re-evaluated review site strategy q Competitor product video found on YouTube à shared with sales, execs, product management, updated competitive positioning q Internal competitive intel found in employee reviews à summarized and shared with exec team q Competitor’s customer services program improved à alerted services & exec teams to encourage development in services to better compete q Competitor’s content publishing analyzed à shared trends and developed differentiated content strategy
  11. 11. Driving revenue growth in Sales with competitive insight
  12. 12. Win Competitive Deals CAPTURE • Product & service website content • Product details on help sites • Customer reviews & case studies • Pricing & packaging details • Marketing promotions • Content & messaging • Public announcements
  13. 13. Win Competitive Deals Analyze • Product/service benchmarks & comparisons – strengths, weaknesses, opportunities • Marketing/messaging benchmarks & comparisons – strengths, weaknesses, opportunities • Win/loss analysis trends & takeaways
  14. 14. Win Competitive Deals ACT • Create and update sales trainings & competitor battlecards • Create sales collateral, email and presentation templates • Provide real-time alerts with takeaways on market changes • Craft differentiated messaging • Publish customer case studies & success stories
  15. 15. Plus… Share industry trends so sales can speak knowledgeably Provide persona training with real customer & market feedback Target competitors’ unhappy customers for new business
  16. 16. Case Study: INTEL DRIVEN BATTLECARDS Increases Win rate by 59% § Always out-of-date: competitor info static and dis- connected from intel collection § Time-consuming: manual data collection consumed critical resources § Hard to access: manual data distribution via Google Sheets not integrated with sales § Constant feed of intel: automatically collecting intel without losing productivity § Integrated with internal systems: Immediate access where the team works § Dynamic battlecards: Always up-to-date battlecards yielded 59% improvement in win rate BEFORE AFTER
  17. 17. Driving revenue growth in Product with competitive insight
  18. 18. Develop & Launch Winning Products CAPTURE • Product & service website content • Product details on help sites • Customer reviews & case studies • Pricing & packaging details • Public announcements • Job postings & new hires
  19. 19. Develop & Launch Winning Products Analyze • Strengths & gaps in competitors’ products & services • Strengths & gaps in our solutions • Markets that are underserved, growing markets with similar needs • Mistakes made & lessons learned when serving similar customers • Opportunities to differentiate
  20. 20. Develop & Launch Winning Products ACT • Fill in the gaps: provide product direction based on market gaps • Learn from others: share mistakes to avoid, strategies to copy • Differentiate: identify opportunities to stand out • Incorporate customer feedback: incl. from competitors’ customers • Look ahead: see where they’re investing in product via job openings & new hires
  21. 21. Plus… Share industry trends to inform future product investment Provide persona training with real customer & market feedback Collaborate on product launches with insight from competitor launches
  22. 22. Case Study: Connecting the Dots to stay competitive Website Change #1 Product Functionality Website Change #2 Product Functionality Team Change Company Investment Competitor moving in on a differentiator / company advantage Re-evaluate Product Roadmap to increase gap between competitor’s solutions and stay competitive ahead of product launch announcements
  23. 23. A few Best Practices
  24. 24. Best Practice: know each team’s priorities Sales Marketing Product Management “We want to launch a campaign to attract more of Persona Patty” “We’re expanding in the Enterprise and need to battle new competitors” “We’re developing this feature next, what’s in the market now?”
  25. 25. Best Practice: Multiple levels of outputs 1. Always up-to-date resources (reference) 2. Updates on key changes (digests) 3. Urgent announcements (alerts with takeaways) 4. Long term analyses 5. CI workspace
  26. 26. Best Practice: Set Goals, Measure Impact, Get feedback Top 10 Goals & KPIs for CI 1. Revenue 2. Sales win rate 3. Marketing campaign results 4. Sales usage of CI materials 5. Brand awareness 6. Market share 7. Exec’s market understanding 8. Early warning of market shifts 9. Number of research projects requested & used 10. Competitive differentiation feedback Source: 2019 State of Competitive Intelligence Report
  27. 27. 1. Capture the “what” – each competitor’s every move on & off their website 2. Analyze the “so what” to identify the meaning of each move, connect the dots & spot trends 3. Drive action by providing the “so what now” – recommendations for each department to win Turn Competitive Insight Into Revenue Growth
  28. 28. 1. Help Marketing level-up their campaigns by sharing opportunities to copy or differentiate based on competitors’ campaigns 2. Help Sales win more deals by arming them with real-time intel & up-to-date resources on competitors’ solutions, marketing activities, & win/loss insights 3. Help Product develop the best products by providing context on competitors’ strengths & gaps in the market to serve the market’s needs & stand out Turn Competitive Insight Into Revenue Growth
  29. 29. Thank You Ellie Mirman CMO, Crayon linkedin.com/in/elliemirman @ellieeille @crayon Get the Slides & Related Resources at www.crayon.co/PMC19

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