A Competitive Analysis
– Beyond the Basics
Clients usually know the differences between their vendors. They know that company A is cheaper than company B and that company C has a better customer service. If sales professionals wish to truly meet the needs of their clients, they should not only know what their clients know about their competitors, but more…
The Competitive Analysis
The purpose of a competitive analysis is to determine the strengths and weaknesses of your competitors, establish strategies that will provide you with a distinct advantage, and discover any of their weaknesses that you can use to leverage during the sales cycle.
Your primary goal when performing a competitive analysis is to identify the key differences between you and your competitors so you can take advantage of those differences when selling your products or services.
How do I Gather Information about My Competitors?
There are several different ways to go about gathering information about your competitors. The following four tips will help you find the right information without a lot of extensive work:
1. The Internet
- Research their website
The information published on their site is likely to include most of the general information you are looking to gather
- Perform a general Internet search
Use a search engine to turn up product reviews, purchasing information, and other details not readily available on the company website
- Use a market intelligence database
A market intelligent database such as Hoovers or D&B will allow you to gain additional information about your competitors if they have a profile listed...
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March 12, 2010 |
