New price reporting, competitive gap analysis and more
Our TruVoice release today brought new price reporting tools, competitive gap analysis and numerous updates to our research tools. Take a look at what’s new this month and see what improvements are planned for the summer.
Price Position Reporting and Filtering
Our release included a new Dashboard tile that describes your overall price compared to the competition. This win loss tile exposes your price relative to your strongest competitor (in deals where you win) or relative to the winning vendor (in deals where you lost).
We coupled this tile with a new Dashboard filter as well, so you can now filter any page on the Dashboard based on your price comparison. For example, you can filter your outcome reasons to see why you win when you’re priced higher than competitors. This filter can help reveal how you keep a strong value proposition and win–even when you’re more expensive than competing solutions.
We’re just scratching the surface with our price reporting. While this new tile and filter utilize our core interview question about overall price position, TruVoice will soon be showing detailed pricing comparisons by competitor. Check back later this summer to see how you compare to competitors in your custom and specific price criteria, such as subscription fees, total cost of ownership, etc.
Competitive Gap Analysis
One of the most insightful datapoints we capture are performance gaps between you and competitors. But, the context of each gap is one of the most important (and sometimes overlooked) details when comparing your performance to competitors. This is why we’ve nested competitive gap analysis within our Competitive Weakness reporting.
If you’re looking for competitive intelligence, here are the layers we evaluate:
First, find out why you’re losing to the competitor. Finding out why competitors win is certainly interesting and revealing of market perceptions, but here’s the thing: While you can come up with blunting campaigns or counter-measures, you can’t fundamentally change why a competitor wins. You can, however, change why you’re losing to a competitor. You can fix weaknesses that prompt you to lose. This is why we start by framing competitive intelligence in terms of your reasons for losing to the competition.
Second, once you have the story-line or hypothesis explaining why you lose, find out how different your performance is. This is where gaps come into play. Take a look at our example below. You can see that, “Understanding your business needs” is a top reason this client is losing to the competitor, Andem. This is part of our story-line or hypothesis.
Look further to see how far off our client is from Andem in performance gaps. You can see that our client maintains a -1.9 gap in understanding needs when they lose to Andem. But when our client wins, their gap is significantly higher (3.0).
What conclusions can we make? Understanding needs is low-hanging fruit for our client to correct: This area is most often a minor impact reason for losing, and our client has the ability to do really well here (again, look at the 3.0 gap). Our client could easily review why they performed so well in wins and bring those behaviors into all deals.
What Else is New?
Dashboard: Add option to export certain Dashboard tiles into Excel, add definitions on hover for criteria shown in Importance vs. Performance
Data Export: Add ability to export secondary information, including custom fields, buyer role and buyer type
Framework: Add communications settings and allow programs to accept automatic updates to their templates or manage them solely through their own program
Next up: We’ll be adding more price reporting, including competitive price analysis. We’ll also be enhancing the Experience Drivers functionality for customer experience programs. And, we have a handful of improvements planned to boost your conversion rate and maximize the number of interviews completed from the sample you provide.