Analysing and learning from the sales processes of your competitors can provide valuable insights into their strengths and weaknesses, enabling you to refine your own sales strategies. By actually purchasing their products or services and taking detailed notes on each step of the buying, delivery, and customer success process, you can gain firsthand knowledge of their approach. This exercise is designed to guide you through this process, allowing you to document and analyse the sales, delivery, and customer success processes of your competitors.
Goal
The goal of this exercise is to gain a comprehensive understanding of your competitors' sales, delivery, and customer success processes. By purchasing their product or service and meticulously documenting each step, you can identify their communication strategies, evaluate the clarity of their delivery process, and assess the effectiveness of their customer success initiatives.
Instruction & Resources
Use the ‘5. Sales’ tab inside the Competitor research Google Sheet to store your findings
Identify Key Competitors:
- Select a list of key competitors within your industry or market segment.
- Focus on competitors whose sales processes, delivery procedures, and customer success initiatives are of interest.
Purchase Competitor's Product/Service:
- Choose one competitor to start with and proceed to purchase their product or service.
- Go through the entire buying process, paying attention to each step and interaction.
Document the Sales Process:
- Take detailed notes on the communication steps involved in the sales process.
- Capture information about initial contact, follow-up communication, and any sales enablement materials provided.
- Note how they present proposals and pricing to potential customers.
Analyse the Delivery Process:
- Evaluate the communication post-commitment, noting any updates or instructions provided.
- Assess the clarity and effectiveness of the timeframes and delivery processes outlined by the competitor.
Assess the Customer Success Process:
- Observe how the competitor encourages repeat purchases and fosters customer loyalty.
- Take note of any offers or incentives provided to existing customers.
- Evaluate the clarity and ease of the competitor's repeat purchase process.
- Assess the frequency and duration of their follow-up and customer touchpoints.
Repeat the Process with Other Competitors:
- Repeat the purchasing and note-taking process with other identified competitors.
- Capture relevant information about their sales, delivery, and customer success processes.
- Compare and contrast the findings to identify trends, strengths, and weaknesses across the competitors.
Analyse and Apply Insights:
- Analyse the compiled notes from each competitor to identify best practices, areas for improvement, and opportunities for innovation.
- Consider how you can enhance your own sales, delivery, and customer success processes based on the insights gained.
- Incorporate valuable strategies and lessons learned into your own business operations.
By actively participating in your competitors' sales, delivery, and customer success processes, you can gain valuable insights into their approaches and learn from their strengths and weaknesses. This exercise empowers you to refine your own strategies, optimise the delivery experience, and establish effective customer success initiatives to enhance your competitive position in the market.