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1
Do you know your
Universe?Are you facing Hyper-competition?
Assignment• Who are the Top 5 competitive threats in your service area? • Why are they so big a threat?• How do you reduce the threat?
• Set up a team to;• Gather Information• Analyze your space• Evaluate• Measure• Game Plan
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Key sources of information
• Web Sites• Competitive intelligence• Internal data base information• Past Plans• Lost Business• New Business
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Identify the Competition
• Declare your territory
• Is that what you thought?
• How many vendors are in your space
• What kind of enterprises are you competing against?
• Stack Rank the businesses
• Determine market share (You/Them)
Outlining the Competition
SET UP A MARKET PERSPECTIVE• National Presence
• Regional Player
• Niche Market Business
• Product
• Service
• Non-Traditional
• Strategy
KEY COMPETITIVE INSIGHTS• What is their go to market strategy?
• Identify their services, price strategies, unique products
• Map their breath of service
• 1-2 Slides per Vendor
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What are the Results?
• Where have you won?
• Where have you lost
• Who are you going after today?
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How do you reduce the threat?
• Do not under-estimate competition• You can’t rationalize lost work
• Create tactical strategies to go on the offense and create havoc with competitors that are doing the same to you
• Change pricing tactics-raising or lowering prices to be less predictable
• Know your targeted contract expiration dates
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How do we reduce the threat?
• Know your targeted contract expiration dates
• Re-develop your program summary • Make sure you are well versed
•Talk track (Presentation)•Discovery (Sequence to look at all opportunity)•Proposal Outline•Actual field follow-up
• Identify and pursue high-density locations/opportunities
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Protect your base• Improve account ownership• Analyze your frequency of visitation• Log key discussion points • Develop a Business Review proposal document so that you are: • Benchmarking and tracking key performance • Have up date contacts at all levels of management• Insure you are working an agreed upon game plan with your
customer• Deliver what you promise
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Summary
• Improve your process• Get strategic • It is getting to the end of the year,
maybe a good time to review?• Ask yourself if you know your
universe better than your competition
• If you do, you will improve your likelihood of success