In a perfect world, you can see the future. You know what your competitors are going to do months before they actually do it.
I wish I could tell you that I have a portal to this alternate universe. I do not.
HOWEVER. There is a very simple habit that you can adopt—a habit that will make it easier to predict your competitors' future product releases/acquisitions.
Talk to customers who switched from your competitors to you.
Like I said: simple. 🙂
By talking to customers who switched, you can identify the major gaps in your competitors' products—AKA the gaps they will probably try to fill with future releases/acquisitions.
See where I'm going with this?
Now, one conversation ain't gonna cut it. This needs to be habitual. Because when 2, 3, 4 customers cite the same shortcoming as a factor in their decision to switch, that's when you know you're on to something.
Here are some tips to help you adopt this simple, invaluable habit:
✅ Stay on top of your sales pipeline. Ask your friends in RevOps to create a CRM report that shows open opportunities with competitors' customers. You want these opps on your radar before they close, so you can reach out to those who switch as soon as possible.
✅ Stay organized. You don't need a fancy tool. A simple doc or spreadsheet will do the trick. Keep track of each competitor's shortcomings.
✅ Create early warning systems. If Competitor X is planning to address Shortcoming Y with a future release/acquisition, they'll probably hint at it in their marketing. Keep a close eye on what they're saying in their social posts, blog posts, webinars, etc.
Oh—and one more thing. It's obvious, but I can't not say it:
✅ Take note of particularly spicy quotes from your competitors' former customers. Your sales reps will thank you. 😁
If this was helpful, I suggest learning the basics of analysis of competing hypotheses.
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