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FirstRain and The World of Digital Business Intelligence

Tag Archives: competitive intelligence

Have You Done Your Homework Ms. Salesman?

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I must be a horrible target for a sales person. I don’t listen to cold call voicemails, I delete 99% of the spam emails I receive and, if a sales person is lucky enough to get me live, they have about 10 seconds to catch my attention before I tune out.

But I am not unusual. My short attention span and company-selfish interests are typical of the busy exec. And this is something too many sales people don’t take into account. They talk about their products and their needs, not my company’s needs.

In one study:

  • 82% of senior executives said they ”almost always” or ”frequently” experience
    sellers who are uninformed about the executive’s needs and the
    executive’s company — and

and there is simply no excuse for this any more!

In the recent report on Sales Intelligence the Aberdeen Group not surprisingly found that the types of intelligence that are most useful are the higher level ones — company and competitor, not the basic contact data most sales teams get equipped with.

We see this need again and again. If you want to get through to an executive (like me) you need to understand my business. What drives my business, what I am trying to achieve, and what’s impacting my customers decisions.

Having my social profile, while cute, can actually make a salesperson annoying. Just because you contact me on Twitter or send me an Inmail is not going to make me respond— in fact if it is a cheesy message without substance I am not going to pay any more attention just because your message is on social media. On the very rare occasions an email gets through my filter it’s because it speaks to my business needs.

The solutions exist today to equip your sales team with smart customer and competitor intelligence right in their workflow. Within the CRM, tailored to the market the rep is in, configured to make it easy for the rep to review the customer intelligence and so be knowledgeable about how he/she can impact the customer’s business—and so talk about the customers need first!

So if you want to sell directly to executives, do your homework about their business first or you are wasting your time as well as theirs.

FirstRain at the Symantec Vision 2011 Conference

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Last week was a busy week – we held our Q2 sales kickoff at our San Mateo offices – but the day before we were invited to participate on a panel at the Symantec Vision 2011 Conference held at Caesar’s Palace in Las Vegas.

The panel was titled “Competitive Testing Reports Got You Confused?” and it was set up to discuss the technologies and approaches that are best practices to gather competitive intelligence about products. Our panelist was Thomas Lai from our San Mateo office who has been working closely with Symantec on the deployment of FirstRain within SymBrain to provide competitive intelligence to the sales and distribution teams.

The panel tackled a range of best practices to evaluate and report on competing products. Consultants or analysts go through deep exercises to understand competing products – but any technique can be biased so the panel tackled how to be comprehensive enough to get a complete, unbiased picture.

One area that was a surprise to us is how vendors interact with the analysis on their products. For example, an analyst might review a product from McAfee using both engineering and qualitative techniques. They then send the report to McAfee to review, for a sanity check, to potentially correct – and yet many times the vendor (in this case McAfee) does not respond. What does this imply – that the results are reasonable? or not? You can imagine a healthy debate on a panel about the techniques to get to the report and then what the lack of response really means. (No disrespect to McAfee but in this context they are a primary competitor to Symantec).

The thread of the panel, in the end, was what types of techniques can be utilized so that test results and market results — when looked at together — make sense.

Our application is used to build competitive intelligence for the broad sales team (you can see a Symantec exec talk about this here), but also in this type of competitive analysis at the product level and Thomas was speaking about the best practices we see in our customers in this context.

The conference was a lot of fun for Thomas (and I gather not all of the fun was in the panel session – it was Vegas after all!)

How Samantha at XL-Group has an advantage over her competition

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I had the pleasure of meeting one of our customers a few weeks ago at a Selling Power conference – a sales rep called Samantha Barrett – and after she told me how much she loved FirstRain I asked her to describe for me how she uses it every day. It’s always helpful for me to listen to a user’s daily experience and make sure I understand what they like and how we can improve.

XL Group is in Philadephia and they provide sales and marketing solutions to the life sciences and automotive industries. Their products are software packages like SFA, data management, BI etc.

Sam uses FirstRain to both save her time, and help her develop her top prospects. As she says “I use FirstRain to solve four problems: how I stay current on my top 10 prospect’s businesses, how I understand key industry changes, how I find expansion opportunities in my existing customers and how I know what’s new for my competitors”.

Sam goes into FirstRain every morning to analyze what is new with her top prospects, and she also uses email monitors to track her major existing customers, her market and her competition. The unique intelligence she needs, when she needs it, in her daily workflow.

You can read a short case study of how she uses FirstRain here (download the XL Group case study).

As she says “With FirstRain I now save at least an hour a day monitoring the developments which are impacting my prospects, existing customers and competition.”

Fabulous.