Know Your Competition
When you look at the landscape that represents your service area, you know you’re not the only one competing for business. The question is, do you and the rest of the organization truly understand what you’re up against? An important component of knowing your market is understanding the competition.
Almost every prospect you see will have the same questions. What can you offer that the competition doesn’t? Why should they do business with you? Like it or not, each sales opportunity is essentially a battle between you and your competition. Only one person is going to win, and it’s usually the person with a solid sales plan based on an understanding of clients’ needs and the ins and outs of the competing sales organization. Today, we’ll focus getting to know your competition.
Collect as much information as possible about your competition
The first step is to develop a list of the top five competitors your salespeople come across in their territories. If you have five salespeople or sales
territories, you should have five lists. Some of your territories may have the same competitors. In that case, have your salespeople work together on researching those competitors. Start off by finding out:
• Is the company national or local?
• How long has the company been in business?
• Who runs the organization?
• What are its strengths?
• Who are its top customers?
• What products or services does the company offer?
• What products or services do you offer that they also offer?
• If you have products or services in common, what makes your offering the best choice for a prospect?
• What are its weaknesses?
• What is its USP?
• How would you rate the competing salesperson(or people)?
The goal is to determine who your competitors are, what they offer, who represents them – and what you must do to defeat them in the marketplace. A word of caution: Know and understand the competition, but don’t focus on your competitors during the sales process. Instead, focus on your clients to understand their needs, develop solid solutions and create value. Once you know both your client and your competition, you’ll be able to show your clients how your company will meet their needs in a way your competitors can’t.
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Related podcast:
SMW 002 Developing your strategic sales plan – Part One
SMW 003 Developing your strategic sales plan – Part Two