Competitor Analysis for Sales
Four Box Competitor Analysis
You would not go out to play the big game or fight the big fight without first knowing who your opponent is, would you? Would you, as a player or coach, want to know the opponent's strengths and weaknesses? Why?
Selling is no different. If you're going to sell against the
competition and leverage their strengths and weakness to your advantage, then
you'll need to conduct this specialized competitor analysis – at least until
you get the patterns for each classification of competitors. Then, just minor
tweaks are all that will be necessary for each sales opportunity.
Four critical areas you must address when analyzing the
competition:
1. Competitor's Strengths: This is where your objections come
from against this competitor.
2. Neutralize their Strengths: How you neutralize those
strengths with something as good or better.
3. Competitor's Weakness: All products, services, companies,
and people have them. Dig.
4. Your Corresponding Strengths: Counter each of their weaknesses to find your
Unique Selling Points (USPs).
Competitor Analysis in More Detail
Competitor's Strengths: Look at them as the customer would. Part of what makes this so important is that many of the objections that you encounter will come from the areas that are perceived to be your competitor's strengths.
Neutralize or offset Competitor's Strengths: How can you
neutralize their strengths with something similar or better? If their strengths
are going to cause you objections, you must know what you offer that can neutralize
those strengths. If you can't, then you must use your Unique Selling Points to
counter-balance and offset their strength. We'll get to that in a moment.
Competitor's Weaknesses: When you look at the areas where
they are weak, you are beginning to develop a strategy for selling against this
competitor. Areas where they are weak, and you are strong become the basis for
what you sell to the customer. Look not only at their product and service, but
also, their company, and how they do business.
Your Corresponding Strengths: The primary strengths you are looking
specifically for are those that directly correspond to their weaknesses. The
reason for this is, if you are selling a strength that is also a strength of
your competitor, it will not differentiate you in the customer's eyes.
Your strengths to their weaknesses become your Unique
Selling Points in this sales opportunity.
Sales Strategy
Your competitive sales strategy then is to focus on where
you are strong, the competitor is weak, and the customer has needs. By focusing
on your strengths, it makes the customer look for those strengths in the
competitor. And, if they are not there, then you've just created an objection
for your competitor.
By investing a little bit of time analyzing the competition,
you will be better prepared for the objections created by your competitor's strengths.
You'll have the information you need to neutralize them. And, you are better
able to differentiate yourself from your competitors.
When you're a buyer, one of your primary jobs is to make
comparisons. You want to know how one product is different from the others. If
you search for similarities and differences, then know that your buyers do too.
Use that insight to your advantage to create more sales.
Resources
Select this link to preview and buy the 99-cent eBook "Competitor Analysis" to get more information on how to use this unique to sales competitor analysis.
Select this link to view the Bestselling Books by Robert P DeGroot
Select this link to connect with Bob on LinkedIn
Robert P DeGroot, M.Ed., DCH
Author of 22 Best Selling eBooks
Sales Training International
https://www.saleshelp.com for more information
© 2020 Robert P DeGroot
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