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Analysing Your Competition
" -Bruce Henderson Competition is fierce, now more than ever, given today's economy.
If you do not have something unique over your competition, you don't make sales.
Maybe you have noticed your competition having better access to clients, selling more to them than you.
Or maybe now you are ready to place your self in their position, giving yourself the advantage over your competition - so you can be one step ahead of them.
In every industry, or company, certain sales people stand out.
It seems that they have more energy, generating plenty of leads, make a lot of appointments, and also close deals consistently.
Makes you wonder, doesn't it? are they better? smarter? more appealing than you? I bet you, they are not better, smarter or more appealing than you! However, they're doing something right, they have to! What are they doing that you are not? Wouldn't you want to know? Big chance that these top sales people have figured out certain skills and practices and practiced until they mastered these skills and techniques.
Skills and techniques to find prospects and close the sale.
So what have they figured out? They figured out that the need to know your enemy! Find out WHO is you competition! What is their Unique Selling Proposition (USP) and how is this different from Yours? If you know their strengths & weaknesses, you can (re) design your USP to stand out from theirs.
Ask yourself: Why is my product or services better at solving my client's problem or need? How can I present this to my prospective clients so that they will choose my product or service over the competition's? Your competitor determines your levels of profitability and how consistently you sell to them.
in fact, your competitor determines largely your rate of growth and your very survival in the Land of Sales! Everything you do, say, present and offer must be done from the client's point of view, and how they relate to you and your competitor.
First determine what your client's buying motive is.
Once you figured that out then determine why they are buying from your competitor and not from you.
Your question then should be what value does my competitor provide that is above and beyond of what I am providing with my service and/or product? This will give yo insight in why they are buying from your competitor, rather than from you.
* What are your competitor's key strengths? * What is their area of specialization, differentiation, segmentation and where (to who) do they concentrate their selling? * What does the competition have that you don't have? * What does he offer that you are not? * What is he doing better than you? In other words: what is your competitor's Unique Selling Proposition? Always admire your competitor's, they are someone to learn from.
In meetings or presentations, openly and gracefully give credit where credit is due.
They must do something right since they are in business and doing something right! One of the most effective business strategies is to do the above.
Never talk down on your competition, chances are they have relationship with your (prospective) client and talking down on them will give your prospect an impression of you which could do more harm then good.
rather then criticizing, tell your prospect why you think they are good at what, then tell them how your product or service does things different which will provide 'added value' and additional benefits.
Then your client can make an informed decision on why your product or service would be a smart decision to make! Look for ways to offset or neutralize the advantages their customers 'perceives' them to have.
Then knowing what your competitor's weaknesses are you can use that to let your client know what it is that you are doing better than they do.
In what ways is your product or service superior to your competitor's offer? The more time you take to understand how and why your competitor is successful in selling to your market, the more likely it is that you will find an opportunity where you can take over their market share.
"If you know both yourself and your enemy, you will prevail in a hundred battles.
" - Sun Tzu, The Art of War.