Tag: Primary Intelligence

Corporate Visions Acquires Primary Intelligence

Sales Research and Advisory firm Corporate Visions acquired win/loss analytics firm Primary Intelligence.  Primary Intelligence’s TruVoice platform conducts surveys, online interviews, and live phone interviews.  In addition, buyer feedback is displayed in Competitive Intelligence platform Crayon and available in battlecards, newsletters, and dashboards, providing “more depth, context, and insight from the buyer’s perspective.”

TruVoice can also be used for customer experience, competitive analysis, and churn analysis.

Primary Intelligence has collected win/loss intelligence through manual post-mortem deal interviews for twenty years.  Automating the process both lowers the cost of intelligence collection and widens the scope of intelligence collected.  Survey response rates are between 25% and 35% due to the request coming from the sales rep.  Online surveys run ten to fifteen minutes and are dynamically adjusted based on the responses.  TruVoice collects both qualitative and quantitative responses.

Primary Intelligence Buyer Insights provide a roll-up of win/loss insights at an account. Users can drill down to “direct evidence” from the interviews.

“We’ve taken the live interview model that we have honed over our entire existence and turned it into an online experience, where we call it an online interview.  But it really is something that a respondent can do in ten minutes on a mobile device.  There are some quantitative questions for them to record voice responses, which we then transcribe and…publish that data.  And then we still do the live interview.”

“The value of win-loss-no decision analysis at scale is that you have continuous, near real-time feedback on a higher percentage of accounts for improved insights and confident strategy adjustments across all of your revenue teams,” said Primary Intelligence CEO Ken Allred.  “But the biggest breakthrough is having the ongoing rep-by-rep, deal-by-deal intelligence to drive situational training and enablement.  This eliminates the bias of reps providing their own feedback or requiring managers to review hundreds of hours of call recordings.”

Gong and Crayon Partnerships

Primary Intelligence recently partnered with conversational sales platform Gong to integrate in-cycle deal intelligence.  Primary Intelligence delivers a daily log of competitive mentions to sales reps, providing them with battlecard links and links to call transcripts that help them write follow-on messaging that parries competitive statements.  The Gong integration ensures that conversational intelligence from deals is available alongside post-deal analysis, providing a clearer view of why deals are won or lost, comparative strengths and weaknesses versus competitors, and improved messaging.

“Our approach in the last five years or so has been [asking] ‘How can we take the operational lift and automate as much as possible?” explained Primary Intelligence President Nick Siddoway to GZ Consulting.  “Now it’s a process that begins in Salesforce or whatever CRM you’re using.”

The Performance Gaps view displays competitive strengths and weaknesses as seen by buyers and displayed by priority.

Primary Intelligence also recently partnered with Competitive Intelligence Platform Crayon, marrying competitive and win/loss intelligence in a common platform.  The joint solution “helps teams better understand their competitors.”

“In today’s competitive climate, competitive intelligence and win-loss analysis are essential for B2B companies looking to increase win rates,” stated the firms.  “While win-loss interviews and surveys with buyers are filled with critical competitive insights, getting these insights updated into competitive intelligence deliverables, such as battlecards, has traditionally been a slow, manual process — until now.”

Crayon and Primary Intelligence highlight competitor offerings’ relative strengths and weaknesses, providing improved positioning for sales and marketing teams.  A separate pricing module helps debunk sales rep claims that deals are regularly lost on price, providing a more accurate view of deal loss.  By helping differentiate offerings and identify why deals are won or lost, vendor offerings become less price sensitive. 

Primary Intelligence also provides views at the rep level, providing insights into the strengths and weaknesses of reps and where they would benefit from coaching.

“The future of sales enablement is providing custom, rep-specific coaching in the flow of work.  Ideally, those recommendations are based on actual performance feedback from real customers,” said Erik Peterson, Chief Executive Officer of Corporate Visions.  “The acquisition of Primary Intelligence will enable us to make invisible problems visible and then provide personalized coaching to individual reps and revenue teams based on how buyers and customers respond.”

“What better evidence that your strategies and spend are actually working as intended than actual customer feedback connected to wins, losses, and no decisions, as well as renewals and expansion cycles?” Peterson added.

B2B DecisionLabs

The acquisition provides Corporate Visions with 100,000 buying decisions spanning twenty years, which will be incorporated into its B2B DecisionLabsresearch and advisory business.  Corporate Visions, which positions itself as a Decision Science company, calls Primary Intelligence its “fourth lab.”  B2B DecisionLabs incorporates behavioral research, brain studies, and field trials, alongside customer feedback.

TruVoice customer feedback is Corporate Vision’s latest B2B DecisionLabs laboratory.

“We will engage our B2B DecisionLabs research director, Dr. Leff Bonney, co-founder of the Florida State University Sales Institute, to effectively leverage the incoming data points into insights using all applicable and appropriate academic research-based approaches, tools, and techniques,” explained Tim Riesterer, Chief Strategy Officer at Corporate Visions and Chief Visionary at B2B DecisionLabs, to GZ Consulting.

“Our expectation is that this steady flow of buyer-driven deal insights will completely distinguish B2B DecisionLabs among other research and advisory firms who rely on their subscriber clients to provide data snapshots and self-reported survey responses to formulate their industry insights,” continued Riesterer.  “This will be in addition to our completely unique brain study lab and ongoing field trials with actual clients.”

The Primary Intelligence dataset provides a deep set of historical and cross-industry data that captures deals both in progress and after closing.  This research complements its other three research laboratories.

“This will give our advisory clients even more confidence in the B2B DecisionLabs recommendations compared to opinion surveys and moment-in-time snapshots of data,” said Riesterer.  “It will also mean we can provide more reliable tools than you otherwise get from peer communities that only curate unexamined personal experiences and unsubstantiated claims of expertise.”

“This ongoing flow of customer-sourced data will also be used to continually expand and enhance our revenue growth services to ensure Corporate Visions’ clients always have access to the industry’s best and most updated intellectual property,” Riesterer added.

Corporate Visions offers science-backed revenue growth services for sales, marketing, and customer success.  Along with hosting conferences and training, Corporate Visions helps firms “articulate value and promote growth” in three ways:

  1. Make Value Situational by distinguishing your commercial programs between customer acquisition, retention, and expansion.
  2. Make Value Specific by creating and delivering customer conversations that communicate concrete value, change behavior, and motivate buying decisions.
  3. Make Value Systematic by equipping your commercial engine to deliver consistent and persistent touches across the entire Customer Deciding Journey.

By April, Corporate Visions plans to combine automated win-loss-no decision customer feedback with automated skills coaching and customer messaging content from Corporate Visions.  Riesterer intends to launch the “first fully automated, situational enablement solution that identifies rep-by-rep weaknesses based on actual customer feedback, to direct specific, custom coaching videos to help address these challenges – in the rep’s flow of work.”

This vision shifts sales rep training from “just-in-case” event-based generic classroom training to “just-in-time” situational coaching and enablement that is customized to each rep and deal.  This training will be “always on, deficit-based situational coaching and enablement” that does not require managers to “listen to a bunch of calls or read a lot of feedback and then formulate a custom coaching plan.”

Data Anonymization

Corporate Visions has already considered which data can be employed for aggregate analytics.  Research protocols are subject to Institutional Review Board (IRB) review and approval.  Data will only be available for aggregate analysis with the consent of customers.  Unique identifiers are stripped from the data and replaced with arbitrary data identifiers, and no individual customer’s data will be published. 

B2B DecisionLabs has “partnered with Florida State University as the primary means of data analysis and have taken the steps as outlined in GDPR protocols regarding ‘Information Processors’ to ensure that data is passed to FSU without any unique respondent identifiers,” explained Bonney.  “To decrease any risk of inadvertent identification of a customer in the data, Primary Intelligence will assign the ‘ID number’ to customer data and then pass [it] to the B2B DecisionLabs and FSU research team, who will have no input or insight into how data ID numbers are assigned.  Additionally, Primary Intelligence will remove any data fields that may be used to ascertain the identity of any one customer.”

The FSU IRB will review Primary Intelligence’s anonymization protocols.

Real-time Coaching

Managerial deal coaching “just doesn’t happen and won’t happen at scale,” remarked Riesterer.  Furthermore, “because the system continues to run and generate customer deal feedback, you will be able to monitor, measure, and modify enablement interventions on the fly to see the impact and make continuous appropriate adjustments.”

Thus, the merged company will combine neural research concerning purchasing behavior and buyer studies, with in-the-moment situational coaching tailored to each rep and deal.

Primary Intelligence’s TruVoice platform

Crayon Integrates Primary Intelligence

Primary Intelligence Buyer Insights provides a rollup of win/loss insights at an account. Users can drill down to “direct evidence” from the interviews.

Competitive Intelligence Platform Crayon announced an integration with win/loss insights platform Primary Intelligence, marrying competitive and win/loss intelligence in a common platform.  The joint solution “helps teams better understand their competitors.”

“In today’s competitive climate, competitive intelligence and win-loss analysis are essential for B2B companies looking to increase win rates,” stated the firms.  “While win-loss interviews and surveys with buyers are filled with critical competitive insights, getting these insights updated into competitive intelligence deliverables, such as battlecards, has traditionally been a slow, manual process — until now.”

Win/loss analysis is conducted after deals close.  Primary Intelligence acts as a third-party collecting data concerning why they selected the vendor, who else was considered, their selection criteria, and how the vendor stacked up against other vendors across the selection criteria.  Historically, this was a human-driven service, making integrating the intelligence into the CRM challenging and restricting availability to the top B2B firms.

“Our approach in the last five years or so has been [asking] ‘How can we take the operational lift and automate as much as possible?” explained Primary Intelligence President Nick Siddoway to GZ Consulting.  “Now it’s a process that begins in Salesforce or whatever CRM you’re using.”

Primary Intelligence reaches out to decision-makers associated with an opportunity as soon as the deal closes.  Primary Intelligence sends an email from the sales rep requesting an online interview.  Automated surveys increase the number of buying committee members that can be interviewed before hitting budgetary caps and make the service available to a broader set of clients.

Survey response rates are between 25% and 35% due to the request coming from the sales rep.  Online surveys run ten to fifteen minutes and are dynamically adjusted based on the responses.

“We’ve taken the live interview model that we have honed over our entire existence and turned it into an online experience, where we call it an online interview.  But it really is something that a respondent can do in ten minutes on a mobile device.  There are some quantitative questions for them to record voice responses, which we then transcribe and…publish that data.  And then we still do the live interview.”

Primary Intelligence President Nick Siddoway

Furthermore, the firm has “democratized” win/loss research for “smaller organizations that can’t budget $1,000 an interview,” said Siddoway.

Primary Intelligence also analyzes Gong recordings during the sales window, providing both in-flight and post-mortem deal analysis.

Primary Intelligence’s TruVoice platform conducts surveys, online interviews, and live phone interviews.  In addition, buyer feedback is displayed in Crayon and available in battlecards, newsletters, and dashboards, providing “more depth, context, and insight from the buyer’s perspective.”

TruVoice can also be used for customer experience, competitive analysis, and churn analysis. It also offers an aggregated Performance Gaps view that displays strengths and weaknesses according to buyer prioritization.

The Performance Gaps view displays competitive strengths and weaknesses as seen by buyers and displayed by priority.

Primary Intelligence battle cards, available with Crayon, rollup feedback on competitive deals.  Reps can see all related deals, outcomes, and competitive insights with quotes.  Siddoway described the battlecards as a frequently used feature by sales reps as they can find direct competitor-related quotes from previous deals and forward them to current prospects.

“Today, every deal is a competitive deal,” argued Siddoway.  “Through our 20+ years of win-loss analysis, we’ve seen the impact competitive intelligence has on win rate.  If you can provide your reps with that insight and help them have confidence when selling against competitors, it makes all the difference.  This integration is going to be game-changing for our mutual customers.”

“Competitive intelligence professionals and product marketers have historically struggled to include critical win-loss insights within the competitive assets their revenue teams use every day to win more business,” stated Crayon VP of Strategy Chris Pope.  “Due to this unique integration, our mutual customers will now be able to solve this problem in an automated way for the very first time.”

Siddoway noted that sales reps are often in the dark about why they lost a deal.  “They’re wrong more than half the time about why they really lost an opportunity.  So, we just stopped asking [them].”

Primary Intelligence offers a separate module for price.  Back when I did competitive intelligence, deal price was the reps’ favorite explanation for lost opportunities, so having third-party win/loss data with comparative prices and decision criteria helps with pricing analysis.

“Here’s your wins and losses, and here’s the percentage of time you are higher, lower, or similarly priced.  Every sales rep’s favorite reason for losing is price.  I love coming in with their data and saying, ‘Yeah, but you actually win half the time as the higher price option,’” said Siddoway.

Furthermore, by helping differentiate offerings, vendor offerings become less price sensitive.  Crayon and Primary Intelligence highlight competitor offerings’ relative strengths and weaknesses, providing improved positioning for sales and marketing teams.

Primary Intelligence also provides views at the rep level, providing insights into the strengths and weaknesses of reps and where they would benefit from coaching.

Last June, Crayon announced a partnership with Gong to deliver a daily log of competitive mentions to sales reps, providing them with battlecard and call transcript links that help them write follow-on messaging that parries competitive statements. “Product marketers and competitive intelligence professionals dedicate a tremendous amount of time ensuring sales reps are equipped with the most up-to-date competitive and market intelligence,” stated Crayon CPO Erica Jenkins.  “However, despite these efforts, there’s still friction around the adoption and use of these enablement materials.  The integration between Crayon and Gong gets competitive intel into an account executive’s hands quickly and easily, drastically improving competitive positioning for reps to level up their game.”

Competitive Intelligence Drives Revenue

As a member of SCIP (Strategic & Competitive Intelligence Professionals) and a former CI practitioner (I am more of an industry analyst and market researcher these days, but the skills and tools often overlap), I pay attention to research on the efficacy and ROI of CI. Unfortunately, CI’s role is often diffuse across the organization, providing both strategic and tactical assistance across a broad set of functions. Thus, the impact is often difficult to properly attribute.

Thus, I wasn’t surprised when a Crayon survey on the State of Competitive Intelligence found that only 61% of CI Professionals and Stakeholders believed that CI boosts revenue (26% felt that it did not). And it may be that some of those professionals that hold a dim view of CI worked at companies that lacked somebody in that role or simply assigned a product marketing manager to perform CI along with several other duties.

But the confidence level should be higher. After all, a good CI person or team:

  • Monitors the market for general trends, new product launches, product enhancements, emerging technologies, key events (partnerships, funding, acquisitions, executive changes, filings), and competitors.
  • Briefs senior level management on the market, highlighting opportunities and threats.
  • Briefs product management on product gaps and weaknesses that place the company at a market disadvantage.
  • Performs competitive benchmarking, collects pricing data and market collateral, and monitors competitive positioning.
  • Assesses competitor’s product launches and major upgrades and briefs internal stakeholders.
  • Assists with product launches by briefing marketing and sales on competitive positioning, addressing the question of how new products and features stack up in the marketplace.
  • Supports new hire onboarding, particularly for product management, product marketing, executives, and sales professionals.
  • Trains sales reps in how to position vs. competitors, lay landmines for competitors, parry competitive charges, and stay above the fray (i.e. remain professional and avoid slinging mud).
  • Manages or participates in win/loss analyses (or manages the outsourcing to vendors such as Primary Intelligence.
  • Joins sales calls (usually virtually) when the client wishes to discuss the competitive landscape.
  • Provide on-demand support to sales reps.
  • Review RFPs and RFIs to determine whether they are neutral or one of the competitors has influenced the process.
  • Collects internal competitive data from CRMs and competitive mentions during sales calls. Conversational Intelligence from vendors such as Chorus and Gong is an emerging data collection opportunity and is integrated into Crayon’s and Primary Intelligence’s platforms.

If a CI team is performing these duties in a timely and accurate manner, then there is no doubt that they influence revenue generation both in the short and long term.

Source: Crayon, “NEW DATA: 61% of Businesses Say Competitive Intelligence Directly Impacts Revenue,” March 2021

Crayon also found that the impact to CI was strongly related to the creation of KPIs for the program. Without KPIs, 57% of professionals were unsure about the impact of CI on revenue. When KPIs were in place, 78% of survey respondents were confident that CI helped drive revenue.

The frequency of CI distribution is also strongly related to its impact. 70% of respondents with daily or weekly intelligence distribution said that CI helped increase revenue, falling to 55% monthly and 46% quarterly. The frequency of messaging probably has several effects: it reinforces the role of CI in the organization, it delivers a timelier and more comprehensive work product, and it embeds CI into the knowledge flow and company discussions.

Competitive Intelligence professionals help drive revenue growth through their interactions with sales, marketing, product management, and c-level executives, fostering better planning, messaging, and product development.