Each vendor conducts their own competitive intelligence, as they should. The critical question is whether this intelligence is truly unbiased?
Competitive Intelligence (CI) is a crucial component in developing, building, and positioning a solution. It helps avoid pitfalls when engaging with customers or presenting to a larger public audience, and it highlights the genuine Unique Selling Proposition (USP).
However, CI is often conducted with a biased perspective, resulting in outcomes that are skewed by the vendor’s view. This lack of objectivity can lead to underestimating competitors’ solutions and diminishing the perceived uniqueness of one’s own solution.
An external, unbiased assessment of your solution relative to competitors can provide valuable insights. Understanding both your real USPs and those of your competitors is equally important.
Over time, I have learned that properly executed CI can produce two valuable assets:
- Battlecard per Competitor: A detailed analysis of each competitor, highlighting strengths and weaknesses.
- Pitch Deck or Playbook: A comprehensive guide for presenting your solution effectively.
Both documents can be utilized internally and externally by indirect channels. When using them externally, ensure they are watermarked with the name of the indirect partner, dated, and saved as protected PDFs.
By incorporating these practices, you can enhance the effectiveness and credibility of your competitive intelligence efforts.