Our New Competitive Advantage Score: How we’re benchmarking your interviews against our repository of data
Over the years, Primary Intelligence has collected oodles of data across numerous industries. To give you a sense, we typically analyze thousands of deals annually, and we’ve been doing this a while. We love data. But one thing we love more than data is turning that data into something meaningful for you. This is why we’ve updated our Competitive Advantage Score.
Let me back up and recap. Our Competitive Advantage Score is a quick summary of your relative advantage or disadvantage compared to competitors in a particular deal. This score has served as a foundational piece in our win loss reporting and has been widely used by our clients as an indicator to understand competitive position.
Today, our Competitive Advantage Score looks at your performance data within a single interview. That is, your buyer tells us how you performed and how your competitors performed in a deal, and we use that information to summarize your advantage.
Our new score takes that summary and then benchmarks you against our vast performance data. As a result, we’re not only able to describe how you performed in a single deal, but we’re able to tell you to what extent your performance is typical or atypical of competitive deals.
We’re able to give you a much more accurate description of what your performance advantages and disadvantages mean because we’re analyzing it in the context of every competitive deal we analyzed over the past two years. (For the data junkies out there, this equates to comparing your performance to the insights we gleaned from analyzing over 94,000 performance data points).
Competitive Advantage Score will now factor in price position
There’s one other thing. We also augmented our Competitive Advantage Score by factoring in your price position. Our current score focuses solely on the main decision drivers: Sales, Solution, and Company. Our new score accounts for your performance in these decision drivers in addition to your price advantage or disadvantage in the deal.
How does the new Competitive Advantage Score work?
Step 1: We find your average performance gap in each driver. Then we find your price position compared to the competition.
We look across all criteria within each driver (including custom drivers, if you have one). Next, we find your average gap compared to the competition. We also utilize price comparison information provided by your buyer to determine if you had a price advantage or disadvantage.
Step 2: We average the gaps from each decision driver and price position. This gives us a baseline score.
Step 3: We compare your baseline score to our known distribution of gap scores, and we find the probability of your baseline occurring.
Step 4: We take into account both your baseline score and the probability of your baseline happening, and we convert it to a final score. This score runs on a -10 to +10 scale.
The final score explains how rare or common your performance differences are compared to competitors. It tells us what your competitive advantage was in a deal and how significant that advantage was compared to our repository of data.
How can I interpret my score?
From our performance data study (referenced above), we learned how often gaps tend to occur and what makes a gap significant. Here are the ranges we uncovered. You will know to what extent you had an advantage or disadvantage in a deal:
Visit the TruVoice web page to learn more about what you can expect.