Studying your Competitors: Studying companies that sell similar products to help you determine if they have a competitive advantage or disadvantage.
Your competition has a strong influence on your sales strategy. In fact, acquiring knowledge about your competitors can actually help develop and increase your overall product knowledge. Prospects often ask about competing businesses, so your answers to those questions could even help you sell your product. An easy way to study your competition is to start by doing an internet search using keywords prospects would use to find solutions to their problems. Visit the websites of the ten most relevant search results and grab your pen and paper. Start noting their areas of speciality, products and services offered, how they’re delivered, pricing, etc. What do they do better and different than you? What do you do better and different than your competition?
Your attitude toward the competition is important. You should avoid criticizing them because it will only make you look unfavorable and make sure you have your facts straight so you remain credible. In fact, it’s often best to avoid making reference to the competition altogether so you can keep the focus away from them and squarely on your business and how you can help. Adding value at every step when dealing with prospects can often neutralize a competitor’s proposal.
Remember, only by studying your competitors can you determine if they have an advantage or disadvantage.
Learn the importance of studying your competitors and learning from them, right here in this video.
In this video:
00:21 Your competition is helping you
01:03 How can you learn from competitors?
01:26 What you must do right now
Hi everyone, it’s Tom Abbott here, founder of Soco Sales Training, sales trainer, coach, keynote speaker and author of ‘The SOHO Solution: 21 Selling Strategies For Growing Your Small Business’ with a tip on how you can increase sales and grow your business.
Your Competition Is Helping You
Your competition is helping you and they don’t even know it. Perhaps you’re thinking, “What do you mean they’re helping me? They’re trying to put me out of business!” Well, here’s some good news. Your competitors are posting information on their websites about their history, products, services, terms and conditions, delivering information, prices packages, frequently asked questions – and sometimes even their suppliers or partners. Your competitors are doing this to try to inform their customers. But this information is available to you as well.
How Can You Learn From Competitors?
To help you learn from competitors, here are some questions worth asking:
What do they do very well?
What don’t they do quite as well as you do?
How are they positioning themselves?
What areas are beyond their expertise?
Are there opportunities for you to fill the gaps?
What You Must Do Right Now
Your task today is to study the competition. Visit the websites of your top competitors and take note of their offerings. This will provide a frame of reference for identifying your position in the market.
- Tom Abbott is the author of 'The SOHO Solution' and 'Social Selling' and the creator of the online sales training platform SOCO Academy. Sales leaders engage Tom for his proven solutions to building high performance sales teams that exceed targets and for motivational keynotes that energise their audiences.
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