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Oct 2

Pricing

16 comments

Does anyone have any ticks or trips for finding out more about competitor pricing? In the software industry (where I work), this information is obviously heavily guarded. We still don't know the exact pricing of some of our major competitors that we go up against in deals, other than hearing vague things like "we are way more expensive than them" or "our pricing is really close to theirs".

Hi Rodney. Our best intel on pricing typically originates from our "trusted relationship" during the sales cycle. Once the business is "won", I have found that people are open to sharing the competitor pricing with just a quick follow up email.

@Rodney Rasmussen - I agree with Ron. Our best pricing intel comes from the close relationships our sales teams have with prospects. There is a lot of trust that is developed and with that, we have been given pricing decks, proposals, etc. We also hear about it often in the closed/lost surveys conducted. Most of the time, if we have lost due to price, the customer has been very upfront about that.

We conduct an active win/loss program for interviewing past prospects (or new clients) once an opportunity is closed. Very often, including the losses, the prospects are VERY candid about telling us pricing of competitors amongst other great insights about product offerings and the rational behind their purchase decisions. This gives us an ongoing pulse on competitor pricing for us vs. they

It sounds like we need to be asking for much more info during these calls! Thanks so much for your ideas, Jonathan.

@Rodney Rasmussen The game changer for us was to get a third-party to conduct the interviews. The prospects were a lot more willing to accept an interview and speak honestly (re: bluntly) about their experience during the buying and evaluation process. This also had the unexpected benefit of helping us clean up our win/loss codes within our CRM

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Josh... our win/loss calling company just got acquired and we are in the market. Do you have a contact there to share with me?

 

Yes... apologies... Will shoot you an email.

 

@Rodney Rasmussen A few things on this subject:

 

1. I work in the software industry as well. Depending on the company, most prices are posted directly on their websites. 3 of the 5 primary competitors we track have a Pricing page that we reference on a regular cadence. (I'm sure you're already doing this today)

 

2. Another way that my team has had success with developing a competitive pricing strategy is by tracking all Won or Lost deals and slicing the data to see if there is a trend in discounting vs certain competitors. You can add multiple variables to determine the trends- competitor, product, region, even rep or RVP! Once you know the discount range you should be in vs a particular competitor, it makes it easier and faster to get a compelling quite out the door.

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Unfortunately most of our competitors don't have prices on their website—I wish! Maybe it's just the industry we're in and the complex deals/deal sizes. But I agree, there's a lot more we should be doing with win/loss analysis and trends. Thanks!

If your competitors serve government agencies, there is a good chance they have a price list posted with the General Services Administration (GSA)--either directly or through a primary contractor.

If your competitors sell to the government by submitting bids in response to RFPs then you can request their bid response with a freedom of information act request. The bids are public except for information they've explicitly marked as confidential and a great deal of the time, pricing information is available. The bids have a wealth of intel and you can often get the evaluation committee's scoring responses too so you know how they viewed all of the bidders.

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