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The best practice that we have found is that when it comes to competitive information, buyers needs, value propositions, and your benefits and differentiators, these
need to be organized in a context-sensitive search engine rather than in a marketing encyclopedia full of brochures. The search engine is the key.
A few years ago, Jon Hauck and I met with the company with which we had just been merged.
The manager asked us, “So, what did you guys do about six months ago? All of a sudden, you started turning on a dime. We used to be able to try a new tactic on you half a dozen times before you would finally have a sales meeting and get wise to it. Suddenly you started having an answer ready the very next day. Not only could you handle the objection, but you had set a trap for us and spun it the other way!”
What we had done was use the then-new technology of voice mail to create a clearinghouse of information so that whenever a salesperson discovered something new, he or she passed it through the product and brand managers immediately, and it was back in the field the next day.
The simple use of this technology made millions of dollars for us, but speed was the real issue. Now, with the Internet, this competitive speed should be even easier and faster.
Speed of Feedback Is Advantage
The best practice is to refresh information every 48 hours and to have somebody in charge of each competitor and each industry to keep that information current. You also need a feedback loop where a salesperson in one part of the world who uncovers a competitive trap can spread the word and have the rest of your salespeople ready for it before your competition can use it on you a dozen times.