This article comes from Garrett Denney’s insightful talk at our 2023 Toronto Product Marketing Summit.
Garrett is now the VP of Marketing at Onit
Ever feel like you're the chief "keep the sales team calm" officer, constantly putting out fires every time a new competitor pops up in a deal? Trust me – I've been in your shoes.
Let's face it: in today's SaaS landscape, staying ahead of the competition isn't just important – it's crucial for survival. That's why we at Crayon have made it our mission to help you track competitors and win more deals. But enough about us – let's talk about the challenges you're facing and how we can tackle them together!
Prioritizing your time and efforts can feel like a constant juggling act, and in the midst of all this, one of the most critical – yet often overlooked – aspects is competitive enablement.
In this article, I'm going to share some eye-opening insights from our upcoming State of CI report. We've been running this survey since 2018, and now we're diving deep into data from over 1,000 product marketers worldwide.
I'll give you a sneak peek into what we're learning and, more importantly, share some practical strategies to make your competitive intelligence efforts more effective and less time-consuming.
So, let’s get started.
The competitive landscape
Let's start with a reality check. According to our latest State of CI report, a whopping 65% of open opportunities involve a named competitor. Yes, you read that right - two-thirds of your sales team's daily grind involves going head-to-head with a rival.
Now, put yourself in your rep's shoes for a moment.
Every time they fire up their laptop, they're not just selling your product; they're fighting for their quota, their commission, and let's face it, their ability to feed their family. It's primal, it's intense, and it's happening in 65% of their deals.
But here's the kicker: despite this high-stakes environment, our sales teams are struggling. When we asked product marketers to rate their sales team's effectiveness in competitive deals, the average score was a disappointing 6 out of 10.
That's barely a passing grade, folks. As the PMM responsible for competitive enablement, this gap keeps me up at night.
Alex Walton
