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How to Leverage Your Competitive Weaknesses

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On the Win Loss Dashboard,Your Competitive Weaknesses shows you the reasons you lost to a specific competitor. The information in this tile comes from interview insights labeled as a disadvantage for you when the selected competitor was the winning vendor. These reasons are determined at the opportunity level—so, if you have multiple interviews for the same opportunity, each criterion will only count once for that opportunity.

 

In This Article:

 

 

Overview

Your Competitive Weaknesses can be accessed from your main dashboard. It is the second tile in the left column, directly below the Outcome Reasons tile, and provides quick, high-level insight into the top reasons you lose to a specific competitor.

Competitive_Weaknesses_1.png

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Note: The Competitive Weaknesses tile is only available for Win Loss programs.
TIP! You can easily export an image of the Your Competitive Weaknesses chart for use in presentations. Simply open the options menu (Options_Menu.png) next to the ‘Go to details’ button on the tile, click ‘Export,’ and an image of the chart will be downloaded to your computer.

 

Leveraging Your Competitive Weaknesses

  1. Your Competitive Weaknesses provides quick insight into your top weaknesses against a specific competitor. This tile provides summary-level information for each competitor as selected in the dropdown, but if you’d like to drill down further, you’ll need to navigate to the Competitive Weaknesses Child View, which can be accessed by clicking the ‘Go to details’ button.

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Note: The ability to drill down on Competitive Weaknesses is not available for Basic Level TruVoice Software subscribers—only Premium Level subscribers are able to see the ‘Go to details’ button used to access the additional features available on the Competitive Weaknesses Child View. If you’d like to upgrade your subscription, please reach out to your Program Consultant, Sales Representative, or submit a support request and we’ll get you in touch with someone that can help you.

 

  1. The Competitive Weaknesses child view provides a greater amount of detail on the top reasons why you lose to a specific competitor. This page shows the same Your Competitive Weaknesses tile that's on the main Dashboard, in addition to a tile for the Insights that drive the calculations, as well as the Most Important Criteria in Losses.

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Click image to enlarge

TIP! Use the Filter Options modal (Filter_Options_Modal.png) to filter the page as necessary, such as to include only interviews within a specific date range or for a specific product or tag. This can also be done from the main Dashboard prior to accessing the Competitive Weaknesses Child View.

 

  1. To change which competitor you’re viewing, simply select the desired competitor from the page control (the dropdown selector directly above Your Competitive Weaknesses). Upon changing the competitor, the information in all three tiles will automatically update to reflect only opportunities in which that competitor is included.

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TIP! The competitor list in the dropdown includes a quick overview of how many deals and how much revenue you’ve won or lost to that competitor.

 

  1. Your Competitive Weaknesses shows a simple chart that displays a quick view of the top reasons why you lose to a particular competitor. Like other charts within TruVoice, you can deactivate and activate the view of certain data by clicking on an item in the legend—for example, clicking to deactivate the Minor impact weaknesses so that the chart only displays the Major impact weaknesses.

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Note: Because this is a static data display, the chart will not re-organize itself as legend items are activated or deactivated.

 

 

 

Insights

Your Competitive Weaknesses is also the controller for the data that appears in the Insights tile. The Insights tile is populated based on which specific criterion you have selected in Your Competitive Weaknesses. By default, the criterion with the most insights will be shown in the Insights tile until you click to view a different criterion.

 

  1. To change which criterion you’re viewing, simply click on the bar in the chart for the criterion you want to dive into and you’ll be able to see the Insights that comprise that criterion’s calculation in Your Competitive Weaknesses.

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  1. After selecting the criterion you want to review, you can now read all of the Major and Minor impact insights that were created for that criterion in any of your losses to the competitor selected in the page control.

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Note: The Insights tile shows both Major and Minor impact insights by default, regardless of if you deactivated one or the other in Your Competitive Weaknesses; however, like Your Competitive Weaknesses, you can click to deactivate and activate the Major and Minor impact insights in the Insights tile as needed.
TIPS:
  • Click the Sorting Button (Sorting_Button.png) to sort the insight list based on date or opportunity name as desired.
  • Use the Search box to locate insights with specific keywords. The search box operates in real-time, so, as you begin typing, it will automatically start searching and highlighting the words within the insights.

 

 

  1. The interview from which each insight is located is annotated right in the Insights table. To review an insight’s full context, use the Options menu to view the evidence used to create the insight or to view the interview in which the insight was created.

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Most Important Criteria in Losses

The Most Important Criteria in Losses tile displays the three most important criteria cited when you lose to the competitor selected in the page control. The criteria shown are the most important decision criteria to your buyers from opportunities where you lost and the competitor shown in the page control won.

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  • Unlike the other two tiles on the Competitive Weaknesses Child View page, this tile is populated by your interviews’ quantitative data—the rankings and ratings for each driver (Solution, Sales, Company, Price, and any custom drivers you’ve built into your program)—instead of the insights created for each interview.
  • In cases where a gap cannot be calculated, you'll see an em dash in its place. There are a few scenarios when a gap may not be calculated, including:
    • A criterion was frequently included in the top three rankings but doesn’t have a rating option (such as Price-related criteria).
    • A criterion was frequently included in the top three rankings but the respondent refused to provide ratings either for you, the competitor, or both.
  • The numbers are colored according to gap value, wherein green indicates an advantage (a gap of +1.0 or higher), orange indicates similar performance (a gap of -0.9 to +0.9), and red indicates a disadvantage (a gap of -1.0 or lower).
  • The Your Gap In Losses column shows your performance gap compared to the competitor when you lost to that competitor, while the Your Gap In Wins column shows your performance gap compared to the competitor when you won against that competitor.
  • This table is ideal for comparing your performance when you win or lose against a given competitor. To get the most from the data, look for inverse gaps and equal/similar gaps.
    • Inverse gaps (gaps in losses and in wins that mirror each other, ie. -2.0 in losses but +2.0 in wins) indicate a tipping point where your losses see that area as a weakness but your wins see it as a strength. This suggests that something about a particular criterion isn’t resonating well in losses. If you come across an inverse gap in your data, be sure to check with your Program Consultant on potential reasons for it and what you can do to improve it.
    • Equal/similar gaps, such as a -3.0 in losses and in wins, indicates a significant weakness in that area, giving you insight into where some additional attention needs to be focused.
TIP! For additional information and assistance with this tile, be sure to open up the Quick Help menu by clicking on the question mark (Quick_Help_Button.png) in the upper right corner of the tile.
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