Knowing how you compare to your competition is one of the most vital aspects of the sales process. You need to know how you compare to your competition and how your competition compares to you. When you know your competition you can better understand their positioning, pricing strategy, etc.
Once you know your competition, you need to effectively communicate how you stand out from said competition. Examine the situations you have been successful in. Are there patterns to your success? Do you provide specific solutions? Are you more successful when timetables are tight or when the solutions are more complex?
Just as important as knowing your strengths against your competition, you need to know your weaknesses. Being objective about your competitors’ strengths can help you improve in those areas. It also helps analyze what you should leave to your competition and what you should focus on to best appeal to your customers.
In order to be the best alternative for your ideal customer, you need to know your competition and how they position themselves. When you know your competition well enough you can better understand areas where your solutions win and where to improve your positioning. Research your competitors’ core message to understand the value they are creating. Another way to know your customer better is to analyze their pricing strategy. Identify how your competitions’ pricing strategy compares to the market to create your optimal pricing strategy.
Know your competition and their market share is another way to better understand their positioning.
- If your competition is the market share leader, you should learn how or why.
- What is contributing to their success?
- What matters to their customers and why.
Being honest with yourself is crucial to improve your sales process and to better know your competition. An objective win-loss analysis is a key to understanding which aspects of the sales process succeed or fail. You learn what it is your customers are looking for and how to optimize your sales process for increased conversions. Great sales experiences are based on the human aspect of selling. Yes, brand positioning and pricing are important, but a sales representative who is more than a transactional facilitator increases the perceived value of your solution. By acting as a trusted advisor it is easier to differentiate yourself and drastically increase your value to your customer.
This is an excerpt from the Kalabra e-book. Download here